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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 over ₹5 lakhs. Notably, This rebate is available as per Section 87A. Let us discuss how this section works […]
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 […]
Recently, The Orissa High Court has directed the Commissioner, GST to give clear instructions to all the tax officers for “no more notices to be sent to practising advocates” for imposing services tax/GST on legal services. The Bench of Chief Justice BP Routray and Justice Dr. S Muralidhar also commented that as per the notification […]
This time, due to the lower tax deducted at source (TDS) of many individuals for FY20, Income Tax authorities have sent notices to several taxpayers. The reasons cited in notices is that while some taxpayers have not paid the apt tax on interest that is earned by them others have paid lower tax on credit […]
A tweet of TMC MP Mahua Moitra created chaos across the media and general public as to whether the income of non-resident Indian citizens working in Gulf Countries is subject to Income tax or not. Thereafter, Finance minister Nirmala Sitaraman clarified the issue with her tweet that amendment in the Finance Act, 2021 “liable to […]
The Companies (CSR Policy) Amendment Rules 2021 has overhauled India’s Corporate Social responsibility (CSR) mechanism. The new rules have initiated new prerequisites like impact assessment of CSR contribution, the involvement of International Organisations for the purpose of CSR Projects in a limited manner, and so on. Concepts included within the domain of 2014 Rules, such […]
