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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 […]
Just one thing that now the salaried class looks forward to when it comes to the budget is the income tax incentive. When delivering Union Budget 2023-24 on 01st February, Finance Minister Nirmala Sitharaman adjusted the slabs to offer some relief to the middle class. During the presentation of Budget 2020, FM Sitharaman said that […]
According to the Goods and Services Tax Act of 2017, the Delhi High Court’s Division Bench recently ordered the return of the money the GST officers had taken into their possession, along with interest. The authorities discovered and seized custody of cash totaling Rs 1,22,87,000 during the course of the search at the petitioners’ home. […]
On February 1, 2023, Finance Minister Nirmala Sitharaman will begin delivering the Union Budget 2023-24. Middle-class taxpayers are anticipating for big tax reduction from Finance Minister this time, despite high prices and a global slump. Some of the requests of Indian income taxpayers include an increase in the basic income tax exemption level, a bigger […]
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 Tax Appellate Tribunal (ITAT), Mumbai has permitted the deduction under Section 11(1)(a) of the Income Tax Act, 1961 since there was the subsequent filing of the audit report including the Income Tax Return. The taxpayer, The Dadabhai Kavasji Tata School Trust is a charitable trust registered with Charity Commissioner, under the 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 […]
Section 80TTB Income Tax exemption limit for senior citizens: The exemption is there on the Interest income of up to Rs 50,000 on savings accounts, fixed deposits, and recurring deposits from income tax for senior citizens under Section 80TTB of the Income Tax Act. SBI Research recommended in its recent report that this limit must […]
Under Section 195 of the Income-tax Act (‘IT ACT’), any payment incur to the non-resident or to the foreign company in which the tax would need to be deducted. This article discusses the issues in dealing with the concern. Critical Points Related to Non-residents Taxation Conditions in Which the Non-resident Does Not Furnish the Return […]
