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A report released on Thursday tagged a genuine exporter as ‘risky‘ and informed that it will affect India’s exports and the inter-ministerial board including representatives from commerce and finance ministries is needed to determine its detailed outlook before stigmatising them in such a category. Merely based on certain risk factors of customs, GST, income tax, […]
At present, natural gas is not included in the GST regime. It should either be taken under the GST regime or it would be considered for getting the input tax credit (ITC) upon the tax paid on its purchase even if it is under the VAT regime. Senior tax consultant Amit Dave, speaking at a […]
For the financial year 2022-23 from 31st July 2023 to 31st August 2023, the Tax Advocates Association of Gujarat has urged the Finance Ministry to prolong the last date of ITR Filing. Before the Union Finance Minister Nirmala Sitharaman, CBDT Chairman, and Principal Chief Commissioner of Income Tax (PCCIT) of Gujarat the representation was addressed. […]
Approx 70% of taxpayers who filed income tax returns in FY23 reported zero tax liability, Finance Minister Nirmala Sitharaman presented the data to the Parliament in writing in response to a question. According to the data, 74 million people submitted income tax returns in FY23, while 51.6 million declared zero tax liability. This accounts for […]
For managing the projects the tools of project management are used, it is generally performed by the project manager. Compared to simple projects which take lesser things complex projects need proper planning, assigning tasks, and setting deadlines, which confirms that everyone would comply with it and monitor the spent duration. The requirement for quantifying, objectifying, […]
Various prominent social media influencers would come under investigation from the income tax department concerning tax fraud, as revealed in the list. Although the identities of these people are kept a secret, it is clear that tax officials are taking action against influencer tax avoidance. To prevent any legal repercussions, it is essential for social […]
Sanjay Malhotra, Revenue Secretary in an Interview said that the due date for filing income tax returns (ITRs) is July 31, 2023, and the government has no intention of extending it. As of July 2023, the Income Tax Department has already claimed that more than 2 crore ITRs had been filed. As per the announcement […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai Bench ruled that under Section 54 of the Income Tax Act, 1961, the claim of capital gain exemption on construction of a residential house completed within 3 years is approved and removed the penalty levied under Section 271(1)(c) of the Income Tax Act. Hemant Shridhar Phatak, the […]
The disallowance of ocean freight charges paid to Korean-associated enterprises (AE) would have been deleted by the Chennai Bench of the Income Tax Appellate Tribunal (ITAT). According to Article 8 of the DTAA (Double Taxation Avoidance Agreements) of India-Korea, the ship’s rentals would be counted in the profit type from the ships or aircraft operated […]
