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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 retail industry plays a major role in supporting the Indian economy. In former 10 years, the need for online platforms would have surged at the speed of the sector, and offline retail would successively see a fall. But the sudden covid-19 has impacted the industry, the industry would have recovered almost from its impact […]
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 […]
Before the Union budget, a suggestion has been incurred by the banking sector via the Indian Banks’ Association (IBA), to the Union finance ministry on direct tax along with the elimination of Section 194N of the Income Tax Act. Tax deduction at source (TDS) as per section 194N is needed to be executed when the […]
The TDS Credit was permitted for the assessment year in which income is assessable by the Delhi bench of the Income Tax Appellate Tribunal (ITAT). In addition to operating and maintaining a nursing home, the assessee, Prakash Sunrise Healthcare Limited, has been providing medical treatment to different government workers, including military personnel, on behalf of […]
In order to increase India’s competitiveness in cash-strapped Western markets, the government is expected to propose changes to the tariff structure for the $200 billion Indian clothing and textile sector in the Union budget next month, according to a senior government official. According to textile producers, the high cost of cotton has pushed them to […]
“It is saddening to note that tax evasion has been mushrooming in our State / Country day-by-day, which is purely illegal, and such evasion includes hiding true income and portrayal of false income, not reporting cash flow, etc” In a recent decision, a Division Bench of the Madras High Court expressed its sadness about the […]
In the present geopolitically unstable times, India is projected to become even more appealing as an investment location with the Union Budget 2023-24 announcements on February 1. The development of the information technology industry will probably play a significant role in achieving this objective. In 2023, information technology investment in India is expected to increase […]
Dealers cannot be forced to carry forward Input Tax Credit (ITC) from the current system to the Goods and Services Tax (GST) Regime if they opt to claim a refund instead, according to a recent ruling by a single bench of the Madras High Court. On behalf of the revenue, Amirta Dinakaran said that the […]
