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All eligible individuals are required to file their income tax returns in compliance with the regulations. The 2023-24 financial year has brought new modifications to the Income Tax Rules, which will be implemented from April 1, 2023. The new fiscal year (FY) 2023-24 begins on April 1, and the pronouncements made by Union Finance Minister […]
Paying income tax is the responsibility of salaried taxpayers in order to avoid the IT-Department follow. But, many taxpayers find some ways through which they can hide their original taxable income and pay fewer taxes.
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 […]
The Central Board of Direct Taxes (CBDT) has introduced modifications in the income tax regulations concerning the assessment of benefits related to employer-provided rent-free or discounted housing for employees. These amendments, effective from September 1, 2023, will result in reduced tax liability for employees receiving rent-free accommodations, which will be subject to higher take-home pay. […]
Under the GST act, an assessee would need to reverse the ITC that was claimed by 30th November for the case when his supplier could not deposit the dues the taxes via 30th September. PAN-linked mobile along with the email could be used with biometric authentication or GST Registration. The Central Board of Indirect Taxes […]
Non-resident Indians (NRIs) who used to purchase property in India might reveal the same toughness to follow all the complaints because of their unawareness of the Indian laws. The taxation would be an additional problem for them. The Foreign Exchange Management Act (FEMA) permits Indian citizen who lives outside the country to invest in Indian […]
The Central Board of Direct Taxes (CBDT) has notified the Income Tax (17th Amendment) Rules, 2021 that further amends the Income Tax Rules, 1962. As per the notification, the deductor while preparing statements of tax deducted at source shall provide facts and figures related to the amount paid or credited on which tax has not […]
In response to several representations received by The Central Board of Direct Taxes (CBDT) for seeking clarification on the ‘search case’ mentioned in the Vivad Se Vishwas Act 2020, CBDT has examined the aforesaid provision and issued proper clarifications on the same. As per CBDT, search case includes within its purview either assessment or reassessment […]
The government declares upon the tax residence rules for FY 21 providing relaxation to the non-resident Indians (NRIs) along with others who come to India and need to prolong their stay because of the suspension of international flights. It is implemented to give the assistance on which duration will be eliminated besides calculation of the […]
