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The Central Board of Direct Taxes (CBDT), provided the conditions to process the returns furnished through the digital economy firms which would be obligated for the equalization levy, simplifying the administration of India’s digital economy tax. Scheme for the Centralized Processing Equalization Statements The modalities have been set by the Centralized Processing of Equalization Levy […]
Overview of the Direct and Indirect Tax Proposals in Budget 2023 (Finance Bill 2023) presented by Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs. Key Highlights of Finance Bill 2023 for Direct Tax In Budget 2023, the Finance Minister announced a number of changes to personal income tax, including a rise in the […]
Under section 115BAC of the Income-tax Act, 1961, the concessional/New Tax Regime (NTR), which was introduced in the Union Budget 2020, gives individuals and HUF taxpayers the opportunity to pay income tax at reduced rates in exchange for giving up some exemptions and deductions. The NTR was developed to streamline the filing of income tax […]
The income of the assessee could not be assessed under the heading salary, as the taxpayer is a company, the Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled. The bench of K. Narasimha Chary (a judicial member) restored the problem to the Assessing Officer’s file in order to confirm the existence of brought-forward […]
Simple to Understand PAN Card For the purpose of uniquely identifying taxpayers, the Indian Income Tax Department issues PAN cards. Every taxpayer has access to this 10-digit alphanumeric code. The Permanent Account Number card makes it simple for taxpayers to conduct a variety of financial transactions while also assisting the Income Tax Department in tracking […]
The TDS Credit was permitted for the assessment year in which income is assessable by the Delhi bench of the Income Tax Appellate Tribunal (ITAT). In addition to operating and maintaining a nursing home, the assessee, Prakash Sunrise Healthcare Limited, has been providing medical treatment to different government workers, including military personnel, on behalf of […]
The income tax department has extended the deadline for a variety of compliances linked to the long-term capital gains tax exemption till March 31, 2023, which will be helpful to many taxpayers. In order to claim any exemption under the terms of Section 54 to 54GB of the Income-tax Act, 1961, the Central Board of […]
Here’s what you should do if you work from home for a foreign firm and are unsure if you need to pay income tax. To ascertain your tax due, first examine your resident status in India, any tax deducted at source (TDS), and the Double Taxation Avoidance Agreement (DTAA). Submit Form 67 (foreign tax information), […]
A Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that domestic companies must file form 10-IC within the prescribed timeframe if they wish to claim a deduction under section 115BAA of the Income Tax Act. The appellant was represented by Counsel Nihar A. Mehta, and the department was represented by Chetan M. […]
