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A non-compete fee related to a profession is only taxable with effect from the A.Y. 2017–18, according to a decision made by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). Moreover, a professional’s non-compete fee for periods prior to AY 2017–18 would be considered a capital receipt. The assessee-doctor won the case after […]
It was held by the Supreme Court that there will be no penalty imposed on a mere delay in the settlement of the TDS (tax deducted at source) after it has been deducted by the assessee under Section 271C of the Income Tax Act. The bench of two judges, Justices M.R. Shah and C.T. Ravikumar, […]
There are various queries that might be in the minds of various assessee for the subject of ITR filing particularly the new taxpayers as the season of ITR filing would be about to initiate. Here the question emerges is what the term TAN or Tax deduction and collection account number stands for and what would […]
The GST department will start examining the Income tax returns furnished through the business and professionals, indeed MCA filing to find out if the entities are enough to release their GST liability and broaden the base of the assessee. At present, there would be 1.38 cr enrolled businesses and professionals beneath the GST that was […]
The income tax department launched a new AIS app for the assessee. There is good news if you are an assessee. The income tax department would have started the new mobile app known as the AIS to obtain the Annual Information Statement (AIS). For each transaction, the assessee shall obtain detailed information via the same […]
According to a recent ruling by the Income Tax Appellate Tribunal (ITAT) Amritsar Bench, cash deposits of agricultural income are not taxable. The assessee’s case was reopened under Section 148 of the Income Tax Act on the basis of reasons recorded after receiving joint commissioner of income tax approval, to sum up, the situation briefly. […]
New Income Tax Regime, Income Tax Calculator: To help individuals calculate their taxes and choose a tax regime that they are comfortable with, the Income Tax department has made a “tax calculator” available. The new income tax structure was put out in the Budget 2024 by Nirmala Sitharaman, the finance minister. According to a tweet […]
Governments all throughout the world deal with the serious problem of tax evasion. From the beginning of the liberalization and globalization of the Indian economy, it has grown more and more typical in India. Any action intended to conceal, understate, or fraudulently report income to reduce one’s tax burden is referred to as tax evasion. […]
The income tax department produced a “tax calculator” on Monday to assist taxpayers in determining whether the new income tax regime introduced in the Budget is best for them or if the previous one is preferable. The income tax department’s portal has a live version of the tax calculator. As per the tax department, “Tax […]
