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Search results for: income tax laws

Must Read: Major Changes in Income Tax Laws from FY 2017-18

Finally, Lok Sabha which passed the Finance bill completed the budget session which is an important exercise for this year 2017-18 in order to get the best out of economic agenda. As the finance bill is a depiction of the Money bill, it must pass through the Lok Sabha and after all, these, starting from April 1, 2017

Delhi ITAT's Order for GSR Industries

Delhi ITAT: Taxation Should be Calculated As Per Actual Income Rather Than Theoretical

In a ruling that has captured the attention of tax professionals and businesses alike, the Income Tax Appellate Tribunal (ITAT) in Delhi furnished its verdict on the case between GSR Industries and the Deputy Director of Income Tax (DDIT). This case judged dated 26 December 2023, rotates about diverse problems related to income tax assessment […]

CBDT Waives Off Old Tax Demands of Upto INR 1 Lakh

CBDT Will Exempt Old Tax Demands of Upto INR 1 Lakh for Assessees

The Income Tax (IT) department will exempt the old tax demand of up to R1 lakh for any assessee under the Income Tax Act wealth Tax Act or Gift Tax Act, as per the notification. In the interim budget speech, Finance Minister Nirmala Sitharaman announced the withdrawal of petty tax demands of R10,000 a year […]

GST Council May Clarify on Expat Salary Taxation Soon

GST Dept May Resolve Disputes Over Taxation of Expat Salaries Soon

A circular via the GST department might be furnished to address the dispute of the spate of notices sent before the Indian arms of the foreign firms asking for the tax salaries filed to immigrants via the local unit. As per the circular input tax credit (ITC) must not be held back from 2017 to […]

Know Expectations for Income Tax and GST in Interim Budget 2024

All Expectations in Interim Budget 2024 for GST and Tax

Till after the 2024 general elections’ major announcements may be held. The forthcoming interim union budget shows the chance to address the lingering subjects and set the phase for the coming economic growth. This budget seems to prioritize fiscal discipline and prevent populist measures. In the domain of the personal income tax, there is optimism […]

How to Protect from Phishing Scams in Tax Season

How to Easily Protect from Phishing Scams in Tax Season

The realm of cybercrime is rapidly expanding, posing a significant threat in today’s digital age. With nearly every individual equipped with a mobile phone or gadget, the vast array of possibilities also exposes them to malicious activities perpetrated by those who exploit technological advancements. You are eligible for an I-T refund of INR 15,490/-. The […]

Five Common Habits for Your Tax Planning Strategies

5 Essential Habits to Refine Your Tax Planning Strategies

Learn how can you improve your tax planning strategies with these important 5 essential habits. By using these habits, you can get a better understanding of all your income tax laws and regulations, optimize your tax deductions and credits, and reduce your tax burden. If you believe that tax planning solely revolves around settling taxes […]

Ahmedabad NCLT's Order for Sunil Kumar Agarwal

NCLT Orders Dept to Refund Tax to the Particular Corporate Debtor; IBC Section 53 Supersedes 194-IA

The National Company Law Tribunal (NCLT) in Ahmedabad, India, recently made a decision. The bench comprised of Mrs Chitra Hankare (Judicial Member) and Dr Velamur G Venkata Chalapathy (Technical Member), stated that when a company is being liquidated, the income tax paid by the buyer in an auction should be considered as a recovery of […]

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