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Revenue from direct tax collection, amidst fiscal stress provided relief to the government. It is moving nearby to the amended Budget target for 2020-21 and might receive a stimulus from the final installment of the payment of advance tax. Its deadline ended on Monday. The revenue from net direct tax declined to 5 percent year-on-year […]
From FY 2020-21 onwards, taxpayers can have the choice within the double income tax scheme i.e. the newer and the old one and the latest concessional. This choice is synonymous with shopping in the market where we have the option to purchase one product or the other from our pocket/budget of shopping. If the taxpayer […]
It’s a great setback to the Bank of India(BOI) and a lesson for other banks operating overseas. The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has issued orders not to refund foreign taxes aggregating to Rs. 182.64 crore paid by the Bank of India (BOI) as the bank suffered financial loss and does not […]
The Bangalore Bench of the ITAT ruled that “the income of the assessee should be estimated at 8% of the gross turnover if books of accounts are not maintained by the assessee.” The income of the assessee, Atul Dinesh Seth, was estimated at 10 percent of gross turnover. The assessee contended that the rate imposed […]
Through the present FY, a series of tax notices and summons has been sent to the assessee from the indirect tax council in Mumbai and some other tax zones in the country. The problems via letters and summons have related to the cases in which the assessee has chosen for the solution beneath the Sabka […]
Towards the issue of the Indian economy, the people who have to earn up to Rs 50 lakh the majority of the salaries shrank in the Fiscal year 2020 despite prior to the pandemic has activated the recession income tax return filing data so far this year had posted. Towards furnishing the returns for FY […]
The Central Board of Direct Taxes (CBDT) directed that the Indian Laws and the double tax avoidance treaties give enough security to NRIs and expats who were helpless in India because of Covid-19 from the possibility to furnish taxes in 2 countries on a similar income in FY21. CBDT told in the circular provided on […]
Under section 50C of the Income Tax Act the Income Tax Appellate Tribunal (ITAT) Bangalore, has eliminated the addition performed by the revenue department. The taxpayer Ayi Vaman Narasimha Acharya has furnished the income return Easy guide to file income tax return for the FY (financial year) 2019-20. Also, we added the document checklist related […]
Beneath section 10(46) of the Income Tax Act 1961, the Central Board of Direct Taxes (CBDT) declared the income of the Haryana state pollution control board is privileged. The central government has a permit beneath section 10(6) for the income tax act declared ‘Haryana State Pollution Control Board’ (PAN AAAJH0446F), a board controlled through the […]
