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The makers of the policy would be investigating the forecast to rise the tax-free slab to Rs 5 lakh in the 2-year-old alternative personal income tax regime for making it effective to attract attention. Currently, the assessees do not pay income tax when their income is Rs 2.5 lakh or less than that. Surging the […]
To prevent litigation the Income tax department diminishes the time duration required for the tax officers to decide on the refunds adjustments against outstanding tax dues to 21 days. The notice circulated by the Directorate of Income Tax (Systems) that the time limit has been reduced to 21 days, which was 30 days for the […]
The Directorate of Income Tax (Systems) furnished the Instruction No. 06 of 2022 on November 28, 2022, to the Assessing Officers to answer for the intimation under tax section 245 issued by CPC, Bengaluru for a reduction in the time limit for furnishing the response to intimation under income tax section 245 by Assessing Officers. […]
With the new technology upgradation, the income tax department upgraded its systems, and the assessee in the country pays their tax online from their homes or offices. Through the start of the e-pay tax feature, the council makes the process easier. The same utility supports the assessees to incur their payments via the internet through […]
A day prior to the central Finance minister Nirmala Sitharaman starting the customary pre-budget meets with the stakeholders, the confederation of Indian Industry (CII) asked for a reduction in the personal rates of the income tax for reviving the demand. The same can provide the advantage to nearly about 5.83 cr people who become part […]
Investing in the property would be defined as a safe choice for regular income via renting. But on the income made from rent, there are some tax implications. The rental income of the landlord would be levied to tax under the subjected tax slab rates beneath the head income via house property. The article describes […]
The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT), denied the assessment order as void ab initio since there was no deviation in income returned by the taxpayer Super Brands Ltd [UK]. On the furnished tax return by the taxpayer, the assessing officer has assumed the jurisdiction, and legal notices were provided and […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that any sum filed to the employee as a bonus or commission for the services furnished required to be permitted as a deduction. The bench of Saktikit Dey sees that the reasonableness of the payment or the sufficiency of services provided by the employee […]
In the current times, Clause 44 of 3CD become the ‘Buzz word’ for every professional. People are giving their views recognizing the aspect of reconciliation with indirect tax records. Form 3CD of Tax Audit Report (TAR) was revised in July 2018 via Notification No. 33/2018 on 20.07.2018 to include Clause 44 on reporting of GST […]
