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Recently, the Income Tax Appellate Tribunal (ITAT) disallowed capital gains tax exemptions on the sale of land in two separate cases heard by its Chennai and Pune benches. The cause was that no agricultural work had been done. A capital gain on the transfer of agricultural land may be exempt from taxation under section 54B […]
What are Technology-Enabled Services? Technology is transforming how businesses work in today’s ever-changing business environment. Technology has fundamentally changed every business, including accounting and compliance, by improving processes and customer service. Chartered Accountants (CAs) and Company Secretaries (CSs) in India are now facing fresh difficulties as a result of evolving technology, regulations, and reforms. It’s […]
In a recent instance, the High Court (HC) of Madras ruled that the ruling made in accordance with section 74 of the GST, 2017, without taking the assessee’s response into account, is invalid. Engineering aids, on 5/04/2022, the applicant questioned the impugned order issued under section 74 of the goods and services tax act 2017 […]
Analysis of New Clause (H) of Section 43B The Finance bill 2023 would include a new insertion of clause (h) to section 43B of the income tax act 1961. To assure on-time payments, the stated clause would have been inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies. […]
Smartphone manufacturers are optimistic about a recovery in demand, driven by tax relief in the budget 2023-24 that should encourage middle-class customers to purchase more gadgets. Experts in the market predicted that shipments, especially in the entry-level market, might increase by as much as 3%. Tax experts stated that Consumption demand and industrial growth across […]
The Supreme Court has stated that judgments taken by higher authorities should be followed in order to prevent complete anarchy in the administration of tax legislation. It was stated that failure to abide by the rulings of higher authorities would also result in excessive harassment of assessees. The Bench of Justice S. Ravindra Bhat and […]
What is Income Tax Rule 132? Rule 132 was implemented by the Central Board of Direct Taxes (CBDT) on October 1, 2022. Anyone who earns income from a company or profession and has filed for a cess/surcharge deduction is impacted by the new regulation. Importance of Rule 132 in this Situation Must be Understood The […]
The tax relief given in the Budget, according to Sanjay Malhotra, revenue secretary in the Ministry of Finance, was founded on the idea of a relationship built on trust. “The effort in the taxation part of the budget is how we simplify and build a trust-based relationship and increase revenues, but without increasing the rates,” […]
Finance Minister Nirmala Sitharaman made the announcement when introducing the Union Budget 2023, making electric vehicles (EVs) more affordable in India by extending the subsidies on their batteries for another year. Finance Minister Nirmala Sitharaman said that “I propose to continue the concessional duty on lithium-ion cells for batteries for another year”, The government introduced […]
