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Rs 73,500 crore has been successfully recovered by the income tax department in the pending dues for the FY 2023-24 up to March 15. The same recovery shows a rise as compared to the former fiscal year’s collection of Rs 52,000 cr. The corporate tax dues amounted to Rs 56,000 crore, and personal income tax […]
The Revenue Authorities needed to tax the correct person accurately and will not disallow the eligible deductions on mere technicalities, New Delhi ITAT stressed. The Bench of M. Balaganesh (Accountant Member) and Yogesh Kumar U.S (Judicial Member) followed that “the Revenue has rejected the plea of the Assessee based on mere technicalities and it is […]
A network of 232 fake money-changing companies has been excavated by the Income Tax Department and detected tax evasion amounting to ₹1,000 crore via fraudulently generated Input Tax Credits under the Goods and Services Tax (GST) regime. Furnishing the information of the bogus process, the Chairman of the Central Board of Indirect Taxes and Customs […]
In response to an appeal made in the case of Sanjay Kukreja versus ACIT against the rejection of the claim for deduction u/s 80IA by the Income Tax department, the New Delhi ITAT, on Tuesday, reversed the decision, directing the assessing officer to allow claimed deduction on the grounds that filing of audit report with […]
On 7th March 2024, Income Tax issued Circular No. 4/2024 for an Ex-post facto extension of the last date for filing TDS Return Form No. 26QE which was needed to be filed at the time of 01.07.2022 to 28.02.2023 (about F.Y. 2022-23). The said individuals who deducted tax under section 1945 of the Act in […]
The income tax department permitted the trusts and institutions, which filed audit reports for the AY 2023-24 in wrong forms, to file documents in valid forms by March 31. As per section 119 of the IT act, the income tax department has extended the due date for filing audit report forms 10B/10BB such as trust, […]
The finance ministry is thinking about changing a new tax rule. As per this rule, businesses must pay small and medium-sized companies within 45 days. Some businesses want this rule to start later, while others want more time to pay, they say it needs to be extended more than 45 days. Read Also: New Rule […]
Paying employees is the process of payroll. It comprises opting for a payroll schedule, calculating salaries, wages, and taxes, and ensuring that everything gets finished precisely and within the stipulated time. Payroll management could facilitate your legal compliance obligations under local, state, and federal laws. All business owners should comply with the payroll since overtime, […]
The advantages of the slum policy 2021 approved via the state govt could not be claimed by those who have commercial buildings in slum areas, the Lucknow bench of the Allahabad High Court said. “Such persons cannot be put at parity with the term ‘slum dwellers’. Therefore, the court would identify and consider the case […]
