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A Delhi High court division bench has mentioned the software licensing of Microsoft products within the Indian region are not applicable with the taxes as per the Indian royalty section 9(1)(vi) of the Act read with Article 12 of the Indo US DTAA. The Revenue dept contended the decision of Tribunal in the High court […]
Gujarat High Court held with Justices JB Pardiwala and Nisha M Thakore ordered that no coercive action is needed to be taken with respect to the lawyers to notices provided to them through the Central Goods and Service Tax Department (CGST Department) asking for the payment of service tax/ GST. On hearing the appeal by […]
Tax Calculation on CTC of Salaried Employees There are several parts of the CTC of a salaried employee in a private company. This comprises of Basic Salary, House Rent Allowance (HRA), Dearness Allowance, Conveyance Allowance, medical allowances, Provident Fund, food allowance, Entertainment Allowance, and others. From firm to firm the CTC parts differ upon the […]
The last date to furnish the ITR for the AY 2022-23 is 31st July 2022 for taxpayers. The previous year’s last date to furnish the ITR was 31st December 2021, it was extended by the government of India. Tax Evasion in Knowledge Section 276C gives punishment for the matter of wilful trying to evade tax, […]
Definition of Section 80P for Co-operative Society A cooperative society is not being found out, particularly for the intention of section 80P. But section 2(19) of the Income Tax Act, 1961, defined the co-operative Societies Act, 1912 or beneath the additional law of controlling the enrollment of the co-operative societies in any state. Section 80P […]
Form 10B is to get filed via trust or institution that holds the enrollment u/s 12A or who submits an application for enrollment via furnishing of the Form 10A. Form 10B poses an audit report that is furnished by a CA on the assessee’s nomination. Income tax form 10B would be accessed and submitted online […]
The Pune bench of the income tax appellate tribunal ITAT mentioned that there would be no income tax subjected to pay on the software licence sale, support, maintenance because of being a non-royalty beneath the India-Singapore tax pact. The taxpayer is the owner of BMC software Asia pacific Pte ltd the company that has been […]
Know About Statement of Financial Transaction Statement of Financial Transaction (SFT) poses the report of the mentioned financial transactions by the particular individual along with the stated reporting financial institutions. These people who enrol, maintain or record these particular financial transactions are compulsory to submit SFT to the income tax authority or these people authority […]
Budget 2022 is all about to be presented on 1st February 2022 with lots of expectations to be projected on common people demand. The economic survey has defaulted on multiple schemes earlier and now the union finance minister is set to present the same. There are multiple expectations from the budget 2022-23 which will be […]
