Powerd By SAG INFOTECH
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The due date for filing Income Tax Return (ITR) changes based on the category of taxpayer i.e. whether a taxpayer is an Individual or HUF or Firm or other entity. Although the last due date for filing the Income Tax Return Get all due dates of income tax return and payment of advance taxes for […]
The Income Tax Department, yesterday, stated that the news published on the web portal along with the headline ‘IT goes after hospitals over unaccounted cash is unsupported and unsubstantiated. Previously, the portal announced that the Finance Ministry has given direction to the income tax officials to further investigate those cash transactions that have been done […]
According to the Limit in section 269ST of IT Act relaxed, from 01.04.2021 to 31.05.2021. PAN AADHAAR required the hospitals or medical facilities that are giving treatment to covid-19 patients can take cash payments exceeding Rs 3 lakh. Latest Update 01st January 2023 Co-operative societies and the definition of dealership/distributorship for the purposes of clause […]
Here in this case the Assessee, Texas Instruments India, had acquired on “lease financing” a couple of motor vehicles from the financial leasing company. These vehicles had to be allocated to the employees of the Assessee for the purpose of office use. Moreover, the lessee applied for the tax deduction for the sum paid to […]
You cannot complain to the Income Tax Department every time if you have not received interest on refund. There are certain facts and circumstances wherein you cannot claim interest on a refund of Income Tax. Meanwhile, it is important to start from scratch and understand the entire mechanism. Whenever liability of tax of an assessee […]
In the wake of the second wave of Covid-19 pandemic that has critically hit the economy (by dampening production along with demand)in addition to disturbing day to day life and consequently created emergency situation, the entire mechanism of tax filing and payment has been shaken by low production, low sale, and procrastination of nearly all […]
Similar to Tax Exemption, Every budget and every successive government proposes a rebate of tax for a certain level of income. At Present, the rebate of tax is accessible for those individuals whose income is not in excess of ₹5 lacks. Notably, This rebate is available as per Section 87A. Let us discuss how this […]
The Karnataka Authority of Advance Ruling passed an order that no GST shall be levied on the rent received from the ‘Backward Classes Welfare Department, Government of Karnataka’. The reason attributed for the aforesaid precedent is that the hostel (rented to the ‘Backward Classes Welfare Department, Government of Karnataka’) is working for the welfare of […]
Here is an interesting fact – Residential Status and not citizenship is the sole determining factor for imposing the tax. In other words, foreign citizens who have earned income in India are also subject to tax. However, the domain or criteria of residential status of India keeps on changing from Budget to Budget usually. As […]
