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The country’s tax base is being estimated by Finance Minister Nirmala Sitharaman, who also listed that the government has implemented a new income tax system with lower tax rates. The FM emphasised that numerous measures are being taken in order to widen the tax base. It is a parallel and simplified new income tax regime […]
The income tax rates have undergone some noteworthy adjustments this year, according to the Finance Ministry. The income tax slab for FY 2023–24 as well as information on the old and new tax regimes can be found on this page if you’re looking for information on the rates and slabs of income tax that will […]
The late return could not get submitted post lapse of 1 year from the finish of the assessment year (AY), the income tax appellate tribunal (ITAT), Jodhpur Bench. The stated observation was made by the Jodhpur ITAT at the time when the petition was preferred before it via the taxpayer as against the order of […]
As online services are becoming more efficient day by day, scammers have also found new ways to scam people. Scams happening in online banking are not new. Scammers loot people by sending them alert messages or texts about KYC, credit cards, or bank updates. They target people who have ongoing issues or updates regarding their […]
What is Section 16 Under CGST Act? Section 16 of CGST ACT 2017 is concerned with the Input Tax Credit mechanism, which permits the assessee to offset the GST Input Tax Credit with the GST Output Tax Liability. The same shall assist in preventing the cascading effect of taxes and promote a seamless flow of […]
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, […]
Recently, an appeal was filed by the Chennai Bench of the Income Tax Appellate Tribunal (ITAT). The bench appealed, arguing that when disapproval is made on an estimated basis, an income tax penalty cannot be imposed under Section 270A of the Income Tax Act, 1961. The study and analysis of the scenario were conducted by […]
The Pune bench of Income Tax Appellate Tribunal (ITAT) would rule that the waiver of loan would not be a business income and hence the same does not get taxed under section 28(i) of the Income Tax Act 1961. Section 28(i) Income Tax Act, of 1961 is concerned with the profit and gains of any […]
