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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 […]
By January, the ministry of corporate affairs hopes to convert all business forms to the revised V3 platform, which has received migration of all the company’s forms to the new portal. There are nearly 56 forms that shall be migrated to the new portal in the subsequent month in 2 stages. Since there are 10 […]
The CBIC stated on Monday that there was no suggestion before the government to decrease the threshold for the required creation of e-invoices beginning January 01st 2023. Businesses having revenue of Rs 10 crore or more are already required to create electronic invoices for all B2B transactions. At this time, there is no suggestion well […]
To double the income tax exemption limit to Rs 5 lakh in the coming budget so that the economy would obtain a rise in consumption, said the Industry body Assocham. Rs 2.5 lakh is the max amount up to which no tax is levied at present. The exemption for people of age between 60 to […]
The Income Tax Appellate Tribunal (ITAT), Kolkata bench refused the revisional order issued under section 263 of the Income Tax Act, 1961, not specifying the Document Identification Number (DIN), violative of the circular furnished via the Central Board of Direct Taxes (CBDT) in 2019. The taxpayer, Mr. Mahesh Kumar Surekhahas take part in the validity […]
From the forthcoming budget, the salaried people secure much more expectations, and taxes relief is a major concern. In India, from 5% the personal income tax has been started and then goes to 42.74% along with the surcharge and cesses. As compared to other countries like Hong Kong (15%) Sri Lanka (18%), and Singapore (22%), […]
Real estate companies would have much more financial data for monitoring such as rental income, property sales, commission payments, etc. Ineffective accounting management leads to emerging issues. The major step in handling the finances is to ensure that all the income along with the expenses would be recorded precisely. It renders that posing a system […]
The ITAT Delhi Bench stated that the department does not permit travel apart from the issues engaged in limited scrutiny cases. The two-member bench of Pradip Kumar Kedia (Accountant Member) and N.K. Choudhary (Judicial Member) has seen the taxpayer was chosen for limited scrutiny along with the sum in hand shall not derive from the […]
