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Simple Definition of LLP Form No. 3 LLP Form 3 is used for filing the Limited Liability Partnership Agreement in the case of a newly formed Limited Liability Partnership and for making changes to an existing Limited Liability Partnership. In order to submit Form 3, an LLP agreement must be signed. It is required that […]
Delhi High Court seeks to answer the income tax department on the strange case, in which the man claiming his PAN is indeed being provided to another individual for which he obtained the notices from the bank to clear the credit card bills of that particular individual. The person, who seeks advice from the authorities […]
Reduce the personal income tax rates is been suggested to FM Nirmala Sitharaman, in the Union Budget 2023-24 for raising the consumption in the economy, however, there are two options one is a lower income tax regime with some exemptions and the other is a higher income tax regime with all exemptions provided to assessees. […]
Idea Behind the Income Tax Portal New Co-browsing Feature The activities concerned income tax, filing tax, filing returns, answering tax notices, etc could be performed online via the 2.0 website of the department www.incometax.gov.in. What would emerge, stuck with the website attempting to file the tax returns? You either could email them specifying your issue […]
The recent provision permitting the assessee to update their tax return would be seen nearly 5 lakh re-filing with approximately Rs 400 cr additional tax incurred. A new concept has been made for the updated returns by the Finance act of 2022 allowing the assessee to update their Income tax returns within 2 years of […]
The IT giants like Infosys, Wipro, and TCS question moonlighting. Moonlighting has increased amid covid-19. Simple to Understand Moonlighting It is described as taking another job in addition to primary employment. The other job has been chosen without taking any permission from the primary job. Some tax implications might interrupt through moonlighting IT heads cautioned. […]
The Income Tax Appellate Tribunal (ITAT), Chennai has deleted the penalty of Rs 1 Lakh as there was proper income return filing including a tax audit report. Under section 133A of the act, a survey was performed on the taxpayer’s M/s. Saravana Foundation business premises, it is revealed that the taxpayer has obtained the gross […]
Recently the Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) stated that the equalization levy is not eligible to be payable on the payments of advertising when the target audiences, as well as the advertisers, are located outside of India. The bench of Dr S. Seethalakshmi (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) […]
The rise in the tax collection of goods and services is higher because of the higher inflation compared to the higher consumption mentioned by the India Ratings and Research. A private final consumption expenditure, with respect to the first quarter of 2019-20 there is a rise in the consumption which would have increased by 9.9% […]
