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Non-resident Indians (NRIs) who used to purchase property in India might reveal the same toughness to follow all the complaints because of their unawareness of the Indian laws. The taxation would be an additional problem for them. The Foreign Exchange Management Act (FEMA) permits Indian citizen who lives outside the country to invest in Indian […]
A GST expert CA Sunil P Jain mentioned that the traders and the tax consultants are suffering from the issues in CGST departmental audit as towards the GST law various discrepancies are there, and in other cases, it is found even in the departments. Various meanings are assumed, and the business found it difficult to […]
The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that Section 147 is not an option to Section 263 and suppresses assessment order u/s 147 with no jurisdiction. The petitioner, M/s. Plaza Cable Industries Ltd. furnished its ITR showing a loss of Rs.7,06,97,714 and the assessment was chosen for the investigation. Beneath section 143(3) […]
In this post, we aim to clear up any confusion or doubts surrounding income tax return filing and other tax-related queries. We have provided answers to some commonly asked questions to give taxpayers a better understanding of the process and potential tax benefits. Query: A person is in the Indian Army. Till last year, we […]
Ministry of Road Transport and Highways executed the program Vahan i.e a National register. It acts as the principal repository for the essential data which is concerned with the enrolled vehicle. You could search for the information concerning your related enrolled vehicle through the below-mentioned parameters: Engine Number Chassis Number Your Vehicle’s Registration Number Big […]
The Income Tax Appellate Tribunal (ITAT), Jaipur bench refused the penalty order on the basis of the notice asking that was not given to the taxpayer because of the address change. On the grounds of the data in possession of the department and post to recording the causes to believe the assessment would be reopened […]
Under section 271B of the Income Tax Act, 1961, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has deleted the tax penalty with respect to Air India Air Transport Services Ltd, a subsidiary of Air India. The taxpayer possesses the Public sector company act and needs to submit its audit report in Form […]
In a recent order by the Agra bench of the ITAT, it was clarified that the failure to file TDS/TCS return prior to 1st June 2015 will not lead to a late fee penalty under section 234E of the IT Act, 1961. The IT Act Section 234E says that a late fee of Rs. 200 […]
Tax Calculation on CTC of Salaried Employees There are several parts of the CTC of a salaried employee in a private company. This comprises of Basic Salary, House Rent Allowance (HRA), Dearness Allowance, Conveyance Allowance, medical allowances, Provident Fund, food allowance, Entertainment Allowance, and others. From firm to firm the CTC parts differ upon the […]
