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Reduce the personal income tax rates is been suggested to FM Nirmala Sitharaman, in the Union Budget 2023-24 for raising the consumption in the economy, however, there are two options one is a lower income tax regime with some exemptions and the other is a higher income tax regime with all exemptions provided to assesses. […]
Form 15G for the provident fund (PF) withdrawal would be the self-declaration form which confirms the petitioner that there shall be no TDS deduction when they withdraw their provident fund prior to the provided fiscal year. Under the norms of income tax, when the employee withdraws via provident fund prior to completing 5 years with […]
The Finance Act 2020 inserted Sub Section (1H) in Section 206C for furnishing the tax collection via a seller through the amount obtained as consideration for the goods sale when the same would surpass Rs. 50.00 Lacs in any former year. With identical references, the Finance Act 2021 inserted a TDS section 194Q for furnishing […]
The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that the taxpayer could not be stated to maintain the stock enrolled along with the books of accounts on the basis of not uploading the same on the income tax portal which does not permit the bulk uploads and permit the manual […]
Discussion about section 54B of the Income Tax Act, 1961 w.e.f. AY 1970-71 Capital gain on the land transfer utilized for agricultural purposes does not get levied in some cases. Latest Update 54B. (1) (w.e.f. AY 1974-75) as per the provisions of sub-section (2), (w.e.f. AY 1988-89) in which the capital gain has produced through […]
The Income Tax Appellate Tribunal (ITAT), Chandigarh Bench ruled that Assessing Officer was unable to furnish the opportunity for cross-examination of witnesses and removes the addition on the basis of additional net profit. The petitioner M/s. DSG Papers Pvt. Ltd., is involved in the business of manufacturing paper and paper products. The PCIT started revisionary […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) ruled that there shall be no tax implications on the profits of the businesses which is earned on the basis of the reinsurance business in the lack of the fixed place permanent establishment (PE) in India. The two-member bench, Pramod Kumar (Vice President) and Anikesh […]
The Uttar Pradesh government declared a uniform rise in its tax collections that attained Rs 97,807.89 crore in the first 7 months of 2022-23 (April 1 to October 31, 2022) against Rs 77,655.04 crores realized in the identical period in 2021-22. The tax collections of the state government would be approximately 26% more than the […]
The Central Board of Indirect Taxes and Customs (CBIC) provided guidelines on pre-deposit payment methods in central excise and service tax cases. Some Commissioners (Appeals) have dismissed pleas for non-compliance with pre-deposit needs mandated under Section 35F of the Central Excise Act, 1994, read with Section 35F of the CEA. Payments were made through Form […]
