FinanceMonk

Fake GST Summon: Why In The News? Last week, the Central Board of Indirect Taxes and Customs (CBIC) issued a warning regarding the issuance of fake GST summons by fraudsters.…

Impressive Growth in Net Direct Tax Collection According to recent reports from the Central Board of Direct Taxes (CBDT), net direct tax collection has surged by 20% year-on-year, amounting to…

Using Data Analytics and AI to Identify GST Evasion Cases GST officers in India are increasingly relying on data analytics and artificial intelligence (AI) tools to identify risky taxpayers suspected…

Penalties for Unregistered Packing Machinery of Tobacco Products Under GST Manufacturers of pan masala, gutka, and similar tobacco products will now face penalties if they fail to register their packing…

Unlocking Tax Benefits: Understanding the National Pension System (NPS) NPS (National Pension System) is a voluntary, long-term retirement savings scheme regulated by the Pension Fund Regulatory and Development Authority (PFRDA)…

GST Collection Soars by 12.5% in February 2024 According to an official statement released on Friday, Gross Goods and Services Tax (GST) collection in February 2024 reached Rs 1,68,337 crore,…

Income Tax Department Sets Ceiling for Small Tax Demands Withdrawal The Income Tax department has prescribed a ceiling of Rs 1 lakh per assessee for withdrawal of small tax demands…

Old Tax Regime vs New Tax Regime: Understanding the Differences In the ever-evolving landscape of taxation, the introduction of the New Tax Regime has brought significant changes for taxpayers. While…

The Importance of PAN Card in India A Permanent Account Number (PAN) card is a unique, 10-character alphanumeric identifier issued by the Income Tax Department of India. It serves as…

Income Tax Department Identifies Mismatches The Income Tax Department has discovered disparities between third-party information regarding interest and dividend income and the Income Tax Returns (ITR) filed by taxpayers, as…