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The Ahmedabad income tax appellate tribunal (ITAT) Bench, arranging the appeals furnished via both the taxpayer and the revenue, ruled that the interest income from the staff loans and advances along with the fixed deposits and the advances would be treated as the income of the business. The tribunal sees that when seven appeals out […]
The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) in a ruling quashes the disallowance u/s 36(1)(iii) of the Income Tax Act, 1961, on interest-free advances provided to the assessee’s sister concern. For the case when the taxpayer Deccan Charters Pvt. Ltd., a company in the aviation services business based in Bengaluru […]
The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) supported the Commissioner of Income Tax (Appeals) ‘s judgment to organize Rs. 129.03 lacs, including income from staff loans and miscellaneous income, as business income instead of income from other sources, affirming that this income was related to the business. Gujarat Urja Vikas Nigam […]
The surplus liquidity in the banking system experienced a significant decline of 42.9 per cent, reaching Rs. 1.04 lakh crore on June 18, down from Rs. 1.82 lakh crore on June 11, primarily due to advance tax payments. Following the advance tax payment deadline of June 15, the surplus liquidity absorbed by the Reserve Bank […]
COVID 19 outbreak has done a huge financial loss to hotel businesses such as marriage and banquet bookings, amidst this financial calamity hoteliers have urged the government to postpone the payment of interest on bank loans taken by them as they are unable to pay off their liabilities. Adding on to this cordial demand they […]
Penal Interests can be excruciatingly painful. Not only do they increase the burden on the borrower, but they can also trigger a host of secondary financial burdens on an individual/family.
On 28/10/2020 income tax investigation has started investigating a real estate business located in Bijnor. They have alleged with huge security premiums along with high liabilities of loan and advances have taken from his concerned parties and others, indeed they have taken advance loans from others. The shown sales reports were not relevant to the […]
During the lockdown, some issues related to Special Economic Zones (SEZs), Export Oriented Units (EOUs), and some general policy have been put forward by stockholders and now on May 15, 2020, the Director-General of Export Promotion (DGEP) clarified all of them in a circular released by the Ministry of Commerce. The circular clarified several issues […]
A Salary slip has its own significance, which shows the income of the employee, the taxes and other deductions related to it, and their take-home amount. As each company has its own method to compute salaries and benefits, the layout of a salary slip often needs to be tailored to meet its specific criteria. Here, […]
