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Section 80TTB Income Tax exemption limit for senior citizens: The exemption is there on the Interest income of up to Rs 50,000 on savings accounts, fixed deposits, and recurring deposits from income tax for senior citizens under Section 80TTB of the Income Tax Act. SBI Research recommended in its recent report that this limit must […]
In order to increase India’s competitiveness in cash-strapped Western markets, the government is expected to propose changes to the tariff structure for the $200 billion Indian clothing and textile sector in the Union budget next month, according to a senior government official. According to textile producers, the high cost of cotton has pushed them to […]
In the present geopolitically unstable times, India is projected to become even more appealing as an investment location with the Union Budget 2023-24 announcements on February 1. The development of the information technology industry will probably play a significant role in achieving this objective. In 2023, information technology investment in India is expected to increase […]
To double the income tax exemption limit to Rs 5 lakh in the coming budget so that the economy would obtain a rise in consumption, said the Industry body Assocham. Rs 2.5 lakh is the max amount up to which no tax is levied at present. The exemption for people of age between 60 to […]
Real estate companies would have much more financial data for monitoring such as rental income, property sales, commission payments, etc. Ineffective accounting management leads to emerging issues. The major step in handling the finances is to ensure that all the income along with the expenses would be recorded precisely. It renders that posing a system […]
Discussion about section 54B of the Income Tax Act, 1961 w.e.f. AY 1970-71 Capital gain on the land transfer utilized for agricultural purposes does not get levied in some cases. Latest Update 54B. (1) (w.e.f. AY 1974-75) as per the provisions of sub-section (2), (w.e.f. AY 1988-89) in which the capital gain has produced through […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that there shall be no tax implications on the profits of the businesses which is earned on the basis of the reinsurance business in the lack of the fixed place permanent establishment (PE) in India. The two-member bench, Pramod Kumar (Vice President) and Anikesh […]
The Uttar Pradesh government declared a uniform rise in its tax collections that attained Rs 97,807.89 crore in the first 7 months of 2022-23 (April 1 to October 31, 2022) against Rs 77,655.04 crores realized in the identical period in 2021-22. The tax collections of the state government would be approximately 26% more than the […]
Usually, companies take the risk of losing the tax credits (TDS and TCS) because of a lack of regular reconciliation between books of accounts and government records Form 26AS. The year-on-year TDS credit lock-up directed to inefficiencies in the working capital which would be the major subject to think about for CFOs and tax heads […]
