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The upcoming interim budget slated for announcement on February 1 might include an increase in the tax rebate to Rs 7.5 lakh from the existing Rs 7 lakh in the new income tax regime, as per a report from Mint citing sources familiar with the discussions. If implemented, individuals earning Rs 7.5 lakh, after a […]
As India awaits Finance Minister Nirmala Sitharaman’s 6th Union Budget, to be presented in Parliament dated February 1, 2024, the nation’s real estate sector, certainly for the affordable housing segment, is poised in expectation. To realize the vision of the government for ‘Housing for All,’ experts and industry leaders have shared their thoughts asking for […]
In response to a longstanding request from Haryana’s traders and business community to resolve pre-GST tax liabilities, Chief Minister Manohar Lal Khattar officially announced the One Time Settlement-2023 (OTS) Scheme on Sunday. Commencing from January 1, 2024, to March 30, 2024, the scheme offers businesses the opportunity to settle their pre-GST tax liabilities. The OTS-2023 […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) clarified that failing to deposit long-term capital gains (LTCG) into a capital gain account scheme does not warrant disallowance of deduction under Section 54 of the Income Tax Act. Saktijit Dey (Vice President) and M. Balaganesh (Accountant Member) took a meticulous approach in addressing the matter. […]
Most of India’s employed individuals selected the traditional tax structure when filing their returns in the 2023-24 fiscal year, favouring long-term investments over the immediate cash benefits provided by the new system. According to a Policybazaar.com survey, 63% favoured the old tax regime, while 37% opted for the new one. Individual taxpayers can opt for […]
The notice intimating the payment of the agreed-upon instalment sum of tax, which was due as the assessee failed to fulfil the Goods and Service Tax (GST) liability under the Amnesty Scheme, has been upheld by the Kerala High Court. The petitioner in this case is Farooque Construction, a partnership firm registered under the Central […]
The Haryana Government in a bid to recover the left dues amounting to approximately Rs 30,000 cr from the traders is set to introduce the one-time settlement (OTS) scheme focused on solving the incompleted VAT cases from the pre-GST era. According to the insiders, the scheme is expected to be discussed at the time of […]
Tax regulations often prove intricate, occasionally necessitating court involvement to align Assessing Officers’ conduct. Recently, the Delhi High Court clarified that the extended 10-year review period for Income Tax assessments is applicable only when the estimated undisclosed income surpasses Rs 50 lakh. Justices Rajiv Shakdher and Girish Kathpalia stressed that, in “ordinary cases,” no notice […]
The Punjab Government has launched a one-time settlement (OTS) initiative aimed at winning over traders and resolving approximately ₹6000 crore in outstanding GST dues. This move, as per the government, aims to alleviate the burden of past cases, allowing traders and industrialists to better comply with the Goods and Services Tax (GST). Harpal Singh Cheema, […]
