Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
In India, Income tax forms 60 and 61 serve specific roles in financial transactions. Form 60 is utilised when an individual lacks a Permanent Account Number (PAN) and engages in specific transactions necessitating a PAN. It functions as an affirmation of identity and location. For instance, if someone intends to open a bank account without […]
The main purpose of this blog post is to explain how to easily use the Pay Income Tax Later option on the new ITR filing 2.0 portal. On the income tax e-filing website the income tax department would have incorporated a new feature that permits a person to file the income tax subsequently. It directed […]
The Commissioner of Income Tax (Appeals) erred in reclassifying the rental income as business income and unilaterally disallowing income tax deduction without any justification, according to the Delhi Bench of the Income Tax Appellate Tribunal. Hence restore the case to the file of the Assessing Officer for redetermination of taxable income under the proper head. […]
The rate of exchange for the purpose of deducting tax at source (TDS) on the income liable to get paid in the foreign currency, the Central Board of Direct Taxes (CBDT) notified. The board has inserted Rule 26 in the Income-tax Rules, 1962, through notifying the Income-tax (Seventeenth Amendment) Rules, 2023. Under the revised rule […]
The new guidelines would have been furnished by the Central Board of Direct Taxes (CBDT) on how the tax exempted maturity amount via the life insurance policy shall get computed in the fiscal year when the premium filed would be more than the particular level. Under the new rules, the maturity amount via the life […]
The Calcutta High Court has rejected the appeal submitted by the Income Tax Department concerning low tax effects. A two-member bench comprising Chief Justice T.S. Sivagnanam and Justice Ajay Kumar Gupta has noted that the aggregate tax was below Rs. 1 crore, which the Central Board of Direct Taxes (CBDT) sets the threshold limit. The […]
The Kerala Authority for Advance Ruling (AAR) has issued a ruling stating that the construction of affordable residential apartments is subject to a 1.5% GST rate, while non-affordable residential apartments are subject to a 7.5% GST rate. For construction services, the Goods and Services Taxes (GST) will be calculated by deducting one-third of the value […]
The deduction under Section 80P of the Income Tax Act, 1961 must not be permitted on interest made through the nationalized banks the Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench stated during upholding the Commissioner of Income Tax (Appeal) order. The taxpayer Gujarat State Co-op Agriculture and Rural Development Bank Ltd is stated as a […]
The Income Tax Department has introduced an investigation operation against particular social media influencers and content creators who make content using various platforms such as YouTube and Instagram. The move was launched because they are not disclosing their income and profits corresponding to their earnings, according to the sources. The department started taking action last […]
