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The Bombay High Court accepted an unconditional apology rendered via officers of the Goods and Services Tax (GST) Department, under their arrest of the Petitioner while his opportunity to record a statement had been scheduled at a later date. A Writ Petition has been formed by the Petitioner Mishal J. Shah Hindu Undivided Family (HUF) […]
The Delhi High Court has stated that individuals accused alongside a company or a Hindu Undivided Family can independently request to resolve the legal issues or offences related to taxes under the Income Tax Act of 1961. A division bench of Acting Chief Justice Vibhu Bakhru and Justice Tushar Rao Gedela ruled that the co-accused […]
There should be a Tax deduction at source (TDS) on the interest exceeding a specific level earned on the fixed deposits. W.e.f 1 June 2015 recurring deposits have also been brought under the net of TDS. However, no TDS is there on interest made from a savings account of an individual or a Hindu Undivided […]
A second chance has been furnished to the applicant by the Delhi High Court to prove the payment of the inward supplies, concerning the GST income tax credit (ITC) refund on the export of zero-rated supplies claimed. The applicant, Rajiv Sharma HUF Proprietor of M/s Sagar Scooter Syndicate via its Karta Rajiv Sharma, a Hindu […]
Individuals who are accountable for making payments like salary, commission, interest, professional fees, rent, and other specified categories are mandated to deduct TDS (Tax Deducted at Source) before making the disbursement under the norms mentioned in the Income Tax Act. Also, it is obligatory to ensure the remittance of the TDS amount deducted to the […]
The addition was removed by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) under Section 69A of the Income Tax Act 1961 which states that the books of account and vouchers are not needed in returns filed under Section 44AD of the Income Tax Act. A search and seizure operation was conducted on the […]
According to recently released time series data from the Income-tax department, the combined number of income tax returns (ITRs) submitted by personal income tax filers (PIT), which includes both individuals and Hindu Undivided Family (HUF), experienced a substantial 94% increase during the initial nine years of the Narendra Modi government, spanning from FY15 to FY23. […]
Soon the start of ITR e-filing for FY 2022-23 is anticipated. The experts would have anticipated that the assessees could initiate filing their returns from the former week of April or May first week. A new FY 2023-24 would get started from 1st April 2023. The assessees are obligated to file their ITR by 31st […]
People working in a company who have chosen the old tax regime, reside in rented houses, Under section 10(13A) of the Income-Tax (I-T) Act, 1961, and possess the house rent allowance (HRA) elements included in their salary shall be qualified for the exemption of the HRA tax given that they would shall able to fulfil […]
