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This post will examine the major issues and their solution faced by salaried persons while job changing. Switching jobs at a time of a rapidly changing world is a common career decision in distinct industries and at distinct phases towards the professional journey, be it entry-level, mid-phase, or retirement. Behind such transitions are goals to […]
On the 23rd of January 2024, the Central Board of Direct Taxes issued Circular No. 01/2024, elucidating the modifications to the Income Tax Act, 1961, introduced by the Finance Act of 2023. The Finance Act, 2023, approved by Parliament, obtained the President’s assent on March 31, 2023, and is now enacted as Act No. 8 […]
On 1st February, the interim budget 2024 will be presented by Finance Minister Nirmala Sitharaman, the electric vehicle (EV) industry is advocating for a series of tax and subsidy adjustments, as well as favorable policies, to support the ongoing growth in the sector. The primary appeal from players in the electric vehicle (EV) sector is […]
The Income Tax Department has notified ITR Form 1 and Form 4 for the assessment year (AY) 2024-25. These forms are used by individuals and entities with an annual total income of up to ₹50 lakh. The notification for these forms was issued by the IT Department on Friday. As per a tax expert, the […]
Payroll management is an important part of the operational procedures of any organization. Payroll entails the calculation and distribution of employee wages and perks. The precision of payroll management is paramount for ensuring employees are satisfied with what they have earned for their efforts at the end of the month. It assists in adhering to […]
The employer of the applicant or taxpayer who has looses to perform his duty to deposit the deducted tax with the dept could not be penalized, Delhi High Court ruled. The same shall always be open for the revenue to move forward against the applicant’s employer for the recovery of the deducted tax. The bench […]
The Income Tax Appellate Tribunal (ITAT) in Ahmedabad, in a recent ruling, determined that Tax Deduction at Source (TDS) under Section 194C of the Income Tax Act, 1961, should not be applicable to purchase expenses that were categorized as “contract expenses.” The taxpayer in question, Shubh Infra JV, operates as an Association of Persons (AOP) […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has removed the additional scrutiny of cash deposits made during the demonetization period related to the sales of petrol, diesel, and other petroleum products. The panel, consisting of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant Member), has determined that these cash deposits are […]
Form 26QB has significant importance in the process of deducting tax at source (TDS) for property sales. However, occasional errors and mistakes may occur during the submission of this form. If you come across any inaccuracies in your Form 26QB, there’s no need to worry, as you can rectify them. This article has been written […]
