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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 […]
In an effort to combat the pervasive issue of fake GST registration, the Central Board of Indirect Taxes and Customs (CBIC) is considering the implementation of biometric authentication and geo-tagging for high-risk entities operating under the GST system. Additionally, tax authorities are contemplating the reinforcement of regulations within the GST return filing framework to restrict […]
The Gujarat High Court has asked the Central Government and Directorate General of GST Intelligence to clarify what compelled DGGI to issue several show cause notices in the past and recoveries under these cases that are outside of its territorial jurisdiction. The Gujarat High Court, on June 22, issued a notice to the North Block […]
The Income Tax Appellate Tribunal (ITAT), Pune bench has ruled that according to the Central Board of Direct Tax Circular 2019, passing an assessment order without Document Identification Number (DIN) is a violation of the said Circular. Thus, the order was declared void ab initio by the bench. The appeal, opposing the assessment order, was […]
