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In the particular act providing benefits to the Life Insurance Corporation of India (LIC), the Income Tax Appellate Tribunal (ITAT), Bangalore bench the organization does not need to cut the tax with respect to the cash payment of cash medical advantage to its employees similar is in the fact of mere compensation outside the confines […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) comprising of M. Balaganesh (Accountant Member) and Anubhav Sharma (Judicial Member) has ruled that the payments made to doctors shall be covered by TDS provisions under Section 194J and not Section 192 of the Income Tax Act. Section 194J of the Income Tax Act is pertinent […]
The Hon’ble Madras High Court in the case of K.S. Janarthanam v. Deputy State Tax Officer [W.P. No. 1848 of 2024 on January 31, 2024] disposed of the writ petition, hence holding that, a 100 per cent penalty could not get levied if an SCN is issued under Section 73 of Tamil Nadu Goods and […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that payments to consultant and retainer doctors are exempt from Tax Deducted at Source (TDS) under Section 192B of the Income Tax Act, 1961. The assessee, a leading integrated healthcare provider in India, operates hospitals, diagnostics, and speciality daycare facilities. Based in Gurugram, Haryana, […]
The Central Board of Indirect Taxes and Customs (CBIC) dated September 30, 2023, has provided the Circular No. 24/2023-Customs, informing the circular about the implementation of Section 16(4) of the Integrated Goods and Services Tax (IGST) Act. This circular pertains to restrictions on the export of specific goods with IGST payment obligations and their inclusion […]
According to a statement made on Wednesday by the Income Tax Department, businesses must ask workers specific questions regarding their preferred tax structure for the current fiscal year in order to properly calculate TDS deductions. According to the new, updated tax system presented in Budget 2023–24, if an employee does not provide information to their […]
The Central Board of Direct Taxes (CBDT) has released a circular concerning Tax Deduction at Source (TDS) and income tax deduction on salaries for the year 2021-22. The circular provided today comprises the rates of the deduction of the income tax via payment of the income chargeable beneath the head salaries in the FY 2021-22 […]
The Finance Act, 2000 has incorporated numerous amendments along with introductions. One such example is the introduction of the new tax regime. Though it seems chaotic, in essence, it is one of the revolutions in the area of tax. The Finance Minister has announced the new tax slab rates for the: Latest Update 23rd June […]
The Finance Bill 2021, has inserted two sections in Income Tax Act 1961, one is Section 206AB and the second is Section 206 CCA. The aforesaid section has provisions for the higher rate of TDS/TCS that is to be executed for the non-filers of the income tax return. Section 206AA and 206CC are already applicable […]
