Powerd By SAG INFOTECH
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Do you have any questions about the updated new tax regime’s potential benefits for your salary income? To improve the appeal of the new tax structure to taxpayers, changes have been proposed in Union Budget 2023-24. The low-to-mid-income earners (annual income up to Rs 15 lakh) and those with incomes of Rs 5 crore and […]
The finance minister went above and above to entice taxpayers to join the concessional tax scheme, collectively known as the new tax regime. Since the new concessional tax regime’s implementation in budget 2020, only some taxpayers have switched to it. The majority of people are still using the previous tax system. Changes Announced in Union […]
The Income Tax Appellate Tribunal (ITAT), Mumbai has permitted the deduction under Section 11(1)(a) of the Income Tax Act, 1961 since there was the subsequent filing of the audit report including the Income Tax Return. The taxpayer, The Dadabhai Kavasji Tata School Trust is a charitable trust registered with Charity Commissioner, under the Income Tax […]
The most effective word in the world would be Free and the another closer would be Discount. Since people like to feel that they had saved money while doing a purchase of goods or claiming services at a discount and would go with a good deal. You too felt good when you bought the food […]
What is GST Rule 88C? The Achilles’ heel of GST has always been the mismatch in GSTR-1 and 3B. There have been several cases when ITC was transferred by the supplier via GSTR-1 even though taxes had not yet been refunded via GSTR-3B. While some of the discrepancies in GSTR-1 and 3B relate to tax […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), held that Capital gain exemption could not be refused when an investment is made within the due date of filing Income Tax Returns (ITR). The taxpayer, Munish Babaji Sawant sold a residential flat, but the capital gain that comes from the flat sale was not […]
The Chhattisgarh Authority for Advance Ruling (AAR) ruled that the supply of vaccines over the counter through a separate pharmacy run by a hospital is subject to GST. Anju Parakh, the petitioner, requested a preliminary judgment about the application of Goods and Services Tax to vaccinations administered by doctors at their clinic (OPD). The applicant […]
The Delhi Bench of the Income Tax Appellate Tribunal permitted the capital gain exemption under section 54 of the Income Tax Act on the basis of the amount identical to the capital gains that would be utilised for the acquisition of the new house. The two-member bench of Yogesh Kumar US (Judicial Member) and Dr. […]
Individuals seek methods to reduce their income taxes. The illegal income tax savings would be drawn into the light. But the national government gives various ways to diminish taxes. All are counted under statutory compliance and are available for every assessee. The Income Tax Act of 1962 comprises various procedures which permit assessees to diminish […]
