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The Income Tax Appellate Tribunal (ITAT), Chennai ruled that simple interest received for late payment will not be recognized as income made through the business operations, entitled for deduction. Via taxpayer owner of M/s NLC India Ltd appeal for the assessment, years is the disallowance of the additional income for calculating the deduction under section […]
The difficulty which is faced by the NRIs as it is nowhere mentioned in the budget and the issues that the firms might run into the subsequent urging to refuse the Income Tax Settlement Commission (ITSC) have triggered court cases. The Supreme court has asked the tax council Central Board of Direct Taxes (CBDT) to […]
The Finance minister shows the first budget in the digital form in the parliament. Also, there is no amendment which has been urged to the personal tax rates the budget consists of several advantages methods and proposals to directed the simplicity of the agreement for the assessees. The budget indeed urges the taxation of particular […]
Partha DeSarkar, Global CEO, Hinduja Global Solutions towards the upcoming budget 2021 declared: Allowing the impact from the Covid-19 pandemic, businesses and people seek high expectations from the union budget for high growth, which focuses on financial improvement and reliability. The world is aware that due to coronavirus the income of the government gets reduced […]
The amount furnished in the deposit account or some specified account to utilize the amount for the particular period is permitted as a deduction under section 33AB. Beneath section 33AB of the Income Tax Act, the deduction is open to taxpayers who are engaged in businesses in India like cultivating and manufacturing tea, coffee, or […]
The government declares upon the tax residence rules for FY 21 providing relaxation to the non-resident Indians (NRIs) along with others who come to India and need to prolong their stay because of the suspension of international flights. It is implemented to give the assistance on which duration will be eliminated besides calculation of the […]
New changes and some additions have been implemented inside the goods and services tax plan through the 14th GST amendment rules 2020. The article concentrates on the important rule inserted with respect to the input tax credit which has effected from 1/01/2021. A new rule has been inserted in 86B which reveals that the division […]
It is expected that the forthcoming budget i.e. Budget 2021 may unveil a unique and continuous framework for the speedy resolution of all the disputes concerned to direct taxes. As per online sources, a person familiar with pre-budget discussions revealed that The government is thinking on all the available options which include arbitration or a […]
Gujarat Authority of Advance Ruling (AAR) has mentioned that the Selling of machinery to bring 18% GST on commission income from Japan in foreign currency. The petitioner is the owner of Dharmshil Agencies where the agreement has done with Tsudakoma Corporation, Japan to sell the machinery with respect to the specific services, they are collecting […]
