Powerd By SAG INFOTECH
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There should be a Tax deduction at source (TDS) on the interest exceeding a specific level earned on the fixed deposits. W.e.f 1 June 2015 recurring deposits have also been brought under the net of TDS. However, no TDS is there on interest made from a savings account of an individual or a Hindu Undivided […]
The Delhi ITAT has removed the AO addition in the absence of any related proof, which was only based on the assumption and not on any material recovered in the investigation. ITAT mentioned that the taxpayer/employee undertaking overtime after the finish of working hours may be counted as a breach of banking rules, however, it […]
Amendments have been announced for Income-tax Rules through Notification No. 111/2024, dated October 15, 2024, by the Central Board of Direct Taxes (CBDT). These amendments effective from 1st October 2024 have the motive to facilitate the registration process for charitable institutions, trusts, and non-profit organizations under sections 12A and 80G of the Income-tax Act. Introduced […]
Discovering that the loans were nothing, however, the accommodation entries along with the repayment are indeed nothing only the return of accommodation entries, the Mumbai ITAT ruled that the money has been drawn in getting the unsecured loan is nothing but the unaccounted money of the taxpayer and is to be added under section 68. […]
As per Bombay HC, no tax is to be charged on the transit rent as it is not to be deemed as a revenue receipt. Consequently, no question of tax deduction at source (TDS) is there from the amount leviable via the developer to the tenant. The bench of Justice Rajesh S. Patil has marked […]
The matter of Sri Rajaa Store vs State Tax Officer came before the Madras High Court regarding an assessment order on 29th December 2023. The order was contested by the petitioner stating a violation of natural justice principles. The applicant is a business functioning on slim margins and argued that their whole tax liability was […]
India’s Finance Minister, Smt. Nirmala Sitharaman has presented distinct new income tax rule modifications in the budget 2023. There will be certain significant modifications with the start of the new fiscal year (FY 2024-25). From April 1, 2024, such revisions shall be implemented. From April 1, 2024, the corresponding changes, will add new regulations or […]
The Patna High Court ruled that differentiation between government employees and other employees for leave encashment exemption is neither discriminatory nor violative of Article 14 of the Constitution of India. The bench of Chief Justice K. Vinod Chandran and Justice Rajiv Roy noted that the legislature must have the freedom to select and classify persons, […]
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, […]
