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A meeting on the comprehensive review of the Income Tax Act 1961 has been chaired by the Union Finance Minister Nirmala Sitharaman. Revenue Secretary Sanjay Malhotra, Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal, and other senior CBDT officials also attended the meeting. A comprehensive review of the Income Tax Act 1961 in the […]
Within the specified six-month timeframe, the review of the Income Tax Act of 1961 is set to be completed CBDT Chairman Ravi Agrawal cited. In the Budget speech last month, Union Finance Minister Nirmala Sitharaman announced that the direct tax law of the country would be examined to make it easy, and the job would […]
Coimbatore District Small Industries Association (Codissia) has requested the Union govt to revise income tax and GST for small businesses. A memorandum has been provided by Codissia to Union finance minister Nirmala Sitharaman, asking for petrol, diesel, and electricity to be drawn under the GST. It has been wished by the organization that the finance […]
Section 69A of the income tax act could merely be invoked in which the books of accounts are been maintained, Delhi High Court mentioned. The bench consisting of Justice Rajiv Shakdher and Justice Girish Kathpalia noted that the individual in question, a non-resident Indian, derives income in India from bank interest and income tax refunds […]
“The law of income tax is enriching. As intriguing as it is, the more one learns, the more he seeks to learn” In the former articles, we discussed the income tax law and now wrote an article concerning the ancillary provisions as included in the Income Tax Act, of 1961 itself. The same act consists […]
The taxpayer who has disputed within the provision of the income tax act 1961 shall be subjected to file the penalty. The penalty will be imposed on the levied amount and is distinct from the tax that is needed to pay. The fines and penalty shall be imposed on the taxpayer who performs unwanted deeds […]
To counter the recession which Indian Company is going to face, Government has opted for an alternative path of kickstarting the economy by relaxing tax measures on companies that are bringing huge Foreign Direct Investment in the Infrastructure of the Indian Economy. One such decision has been taken by the government by providing tax exemption […]
ITAT Jaipur in a recent matter announced that the imposition of the late fee as per section 234E of the Income Tax Act 1961 is obligatory, authentic, and consequential in nature and even after having “reasonable cause” represented from the assesses side for such default, it can’t be removed. Latest Update 11th July 2022 ITAT […]
When a person reaches court seeking a legally required court order in a notice against another party or parties that may affect them and also deliver the same notice to other parties in a permitted way then the complete process is known as service of notice under GST (Goods and Services Tax) . A court […]
