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The Bombay High Court has quashed a show cause notice issued in a standardized printed format, which only included the period, date, and time, but lacked any specific details regarding the information or documents required from the petitioner to be presented. The bench, consisting of Justices K. R. Shriram and Jitendra Jain, observed that before […]
Fees collected from nurses and psychologists for ‘imparting practical training’ are levied to GST, Karnataka Authority of Advance Ruling (AAR) held. The bench of M.P. Ravi Prasad and Kiran Reddy T. has marked that ‘healthcare services’ can be described as a service via diagnosis, treatment, or care for illness, injury, deformity, abnormality, or pregnancy. The […]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has noted that income derived from educational activities is eligible for exemption under section 10(23C)(vi) of the IT (Income Tax) Act, 1961. The Durgapur Society of Management Science, a registered educational entity under Section 10(23C)(vi) of the Act, underwent scrutiny for the Assessment Year 2018-19 […]
An employer usually refers to your initial base salary when discussing your pay. To form your complete ‘salary package,’ they incorporate different elements on top of this figure. These additions consist of extra perks or incentives such as housing allowances, phone reimbursements, car allowances, and bonuses. Taking a closer look at these perks reveals that […]
In its recent ruling, the Income Tax Appellate Tribunal (ITAT), the Visakhapatnam Bench has said that according to Section 80P of the Income Tax Act, a deduction is available for the interest income generated from deposits or investments made with cooperative banks. The panel consisting of Duvvuru Rl Reddy (Judicial Member) and S Balakrishnan (Accountant […]
The income tax (I-T) department recently uncovered tax evasion amounting to approximately Rs 10,000 crore over a span of three years. The evasion is believed to have been carried out by online merchants who sell products through social media platforms like Instagram and Facebook. Such 45 online retailer brands have been issued with notches by […]
The current uncertainty about the categorization of Snacks and Namkeens for Goods and Services Tax (GST) rates is once again causing confusion. The snacks industry is now seeking absolute consideration from the government regarding the status of namkeens, fryums, and snacks, following a series of notices issued by the Directorate General of GST Intelligence (DGGI), […]
Simple Intro About the Depreciation Depreciation is a concept that is used to write off the cost of an item over its usable life. Depreciation is a necessary deduction in an entity’s profit and loss statements for depreciable assets, and the Act enables deduction using either the Straight-Line technique or the Written Down Value (WDV) […]
Easy to Understand ITR Filing Status When you file and validate your ITR then the income tax department shall execute functioning your tax return. At the time of processing the tax department shall verify if there would be any differences between the shown income in the Income-tax return via the person with the available data […]