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There are various amendments in the tax rules effective from 1st April 2022, where I would discuss the new tax rules on EPF interest, Taxation of Virtual Digital Assets, Filing of Updated IT Return, and Tax relief on Covid-19 treatment expenses and compensation. Updated ITR Filing Before that, one will have a window of 5 […]
With effect from date FY 2020-21, a person has the choice to carry on with the existing income tax regime and claim the existing tax deductions and exemptions, or opt for the new tax regime and let go of 70 tax deductions and exemptions like sections 80C, 80D, tax exemption on HRA, LTA, and others. […]
Under the Central Board of Direct Tax (CBDT), there are nearly 5.89 cr people furnished their ITR on the new e-filing portal as of 31st December 2021. But the number, on comparing with the total population of 1 billion people, seems minute, however seeing the structure of Indian tax, the income of the proper number […]
The Central Board of Direct Taxes (CBDT) has released a circular concerning Tax Deduction at Source (TDS) and income tax deduction on salaries for the year 2021-22. The circular provided today comprises the rates of the deduction of the income tax via payment of the income chargeable beneath the head salaries in the FY 2021-22 […]
A division bench of the Delhi high court reused the income tax notice and the assessment order on the basis of the personal hearing was not granted to the taxpayer. In the confrontation with the high court, the taxpayer as a single person challenged the assessment order on the date 07.06.2021 provided beneath section 143(3) […]
Recently the ministry of corporate affairs has rolled some important and major MCA amendments under the companies act 2013. Here in this post, we will entail all the relevant changes and amendments in 3 steps for a better understanding to all the tax experts. Check out the MCA amendments under the company act in the […]
A Delhi High court division bench has mentioned the software licensing of Microsoft products within the Indian region are not applicable with the taxes as per the Indian royalty section 9(1)(vi) of the Act read with Article 12 of the Indo US DTAA. The Revenue dept contended the decision of Tribunal in the High court […]
Gujarat High Court held with Justices JB Pardiwala and Nisha M Thakore ordered that no coercive action is needed to be taken with respect to the lawyers to notices provided to them through the Central Goods and Service Tax Department (CGST Department) asking for the payment of service tax/ GST. On hearing the appeal by […]
Tax Calculation on CTC of Salaried Employees There are several parts of the CTC of a salaried employee in a private company. This comprises of Basic Salary, House Rent Allowance (HRA), Dearness Allowance, Conveyance Allowance, medical allowances, Provident Fund, food allowance, Entertainment Allowance, and others. From firm to firm the CTC parts differ upon the […]
