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Search results for: Income tax Act

No Investment-linked Discount If No Audit Report

No Discount if No Audit Report Submitted with Tax Returns

If the assessee will not submit the audit report along with the income tax return then tax deduction and the advantages like investment associated deduction will not be given, said the Delhi Tax Tribunal. There are various investment-associated deductions which are concerned with an agreement through several conditions given by the Income Tax law Get […]

New Mobile App for Tax Related Services

IT Dept Planning to Launch a Mobile Application for All Tax-Related Services

In the near future, the income tax officials soon have the gesture which permits all assessments to correct their automatic generated financial statement via e-portal independently. For the filing tax services, the department indeed launches the mobile application like tax credit information, effective demands, IT return verifications Get to know about top 6 quick methods […]

New Tax Rates for Companies

New Tax Rate U/S 115BAA &115BAB for Domestic & Manufacturing Companies

Recently the Ministry of Corporate Finance along with a discussion with the government, made some of the latest tax rate amendments in the company of a domestic nature. The updated corporate tax rates were introduced in the Income Tax Act 1961. Latest Update 03rd January 2023 Applicable tax rates for specific domestic companies (Section 115BAA) […]

Tax only Indian Income of Foreigners

Industries to FM: Tax Only on Foreigners Domestic Income

Assocham, CII, FICCI, and the US India Strategic Partnership Forum (USISPF) comes under the industry forms who propose the Finance ministry sought the privilege on the personal tax of individuals who are NRIs for 3 years. The motive is to develop India as an attractive destination for refugees handling foreign direct investments (FDI) for the […]

No Royalty Tax on Fee for Database License Access

ITAT: No Royalty Tax on Fee for Access of Database License

The Income Tax Appellate Tribunal (ITAT), Mumbai Bench removed the sum on account of presumed authority taxable under section 9 (l)(vi) of the Income Tax Act, 1961 “Get to know complete guide of TDS provisions under income tax act 1961 at here. Also, we include several topics as TDS returns, TDS due dates, penalt. Read […]

No LTCG Tax on Indirect Transfer of Assets

ITAT Said LTCG Tax will be not Imposed on Indirect Transfer of Indian Assets

The Income Tax Appellate Tribunal (ITAT) Delhi ruled that long-term capital gains tax The Income Tax Appellate Tribunal (ITAT), Jaipur, has ruled that the previous water and electricity bills can not be provided as proof of construction. read more will be not imposed on the Indirect transfer of Indian assets. It came up in a […]

CBDT - Survey After Permission of Higher-Ranked Officers

CBDT: Tax Survey Will be Done Only After Approval of Higher-Ranked Officers

The Central Board of Direct Taxes (CBDT) has said that an income tax survey will be conducted to collect information for scrutiny by Tax Deducted at Source (TDS) directorate only after approval from the Principal Chief Commissioner or the Chief Commissioner level officer. The board by releasing directed the officers that where any survey action […]

Tax officials to Enhance the Debate

Council of Income Tax Gazetted Officers Association to Enhance the Debate

A joint council Income Tax Employees Federation and Income Tax Gazetted Officers Association, will debate from Thursday defining they had not been told about the faceless assessment and appeal For the faceless assessment, the board will set up a national faceless appeal centre for providing services through e-appeal petitions, which is used to tackle the […]

TDS Exempted on Rent If Services on Casual Basis

ITAT: Act for Non-deduction of TDS on Rent If Accommodation Services

The Income Tax Appellate Tribunal (ITAT), the Bench of Mumbai judged that TDS should not be deducted on the rent if the accommodation services were considered on a random basis. The taxpayer Dadiba kali Pundole Esplanade House has the business auction fine promoting, publishing, documenting, executing, decorative arts, and selling arts. Under section 143(1) the […]

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