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This article elaborates on the income tax, the administrative framework of Income-tax, the Return Filing Period, who is subjected to furnish the tax, what is the method to furnish the tax, precautions in tax payment, when to furnish the tax, advance tax computation, Income Tax Challans, Exempt Income Taxable, Income, Form 26AS under income tax, […]
People used to invest in several tax schemes and avail the of tax deductions to diminish the overall tax payout. But the union budget 2020-21 has shown a new tax regime that provides the concessional rates with seven slabs with no tax exemptions, the old tax regime would be left popular because of several exemptions, […]
Rent or leave and license fees to obtain via the owner of a residential flat, despite when these flats are let out to the corporate entities towards the user via the news employees shall not be levied with GST. the same ruling was being given by the Authority for Advance Rulings (AAR), Maharashtra. Residential flats […]
The Central Board of Direct Taxes (CBDT) has allocated a circular in which rules for Form No. 10AC beneath the income tax act 1961 are stated along with some additional compliance. Finance act 2022 has inserted sub-section (4) in section 12AB of the Income-tax Act, 1961 permitting the Principal Commissioner or Commissioner of Income-tax for […]
The Pune bench of the Income Tax Appellate Tribunal (ITAT) ruled that tax penalty u/s 271 would not be imposed in the absence of applicable records for the incorrect particulars. The company of the petitioner is engaged in the business manufacturing and the sale of the chemicals. The income tax return was furnished on the […]
In the present times, teenagers have various job opportunities which assist them to get into the workforce and the essential thing is to provide them with an effective environment. These jobs bring a good amount of money to the minors. When the child is beneath the age of 18 and is called a minor and […]
The Income Tax Appellate Tribunal (ITAT), Pune bench consists of Shri Inturi Rama Rao, Accountant Member, And Shri S.S. Viswanethra Ravi, Judicial Member has ruled that oversight to submit the data for the income shall not draw the tax penalty beneath section 271(1)(c) of the Income Tax Act, 1961. The taxpayer, Anmole Singh Ghuman is […]
In the current times, the reduction in the time limits towards furnishing the belated or amended income tax return (ITR) gives assessees a short duration to amend the accidental glitches or meet these timelines in the difficult positions. Until now, the former day to furnish the amended or belated return was Dec 31 of the […]
The revenue department has initiated the search beneath anti-tax avoidance law, General Anti-avoidance Rule (GAAR), for companies and entities who uses bogus methods to prevent furnishing the taxes. A Hyderabad-based firm, Ekge retail has obtained a notice where the department has applied section 96(1)(d) of the Income-tax Act, which is concerned with prohibited agreements undertaken […]
