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The Central Board of Direct Taxes (CBDT) has released a circular concerning Tax Deduction at Source (TDS) and income tax deduction on salaries for the year 2021-22. The circular provided today comprises the rates of the deduction of the income tax via payment of the income chargeable beneath the head salaries in the FY 2021-22 […]
A division bench of the Delhi high court reused the income tax notice and the assessment order on the basis of the personal hearing was not granted to the taxpayer. In the confrontation with the high court, the taxpayer as a single person challenged the assessment order on the date 07.06.2021 provided beneath section 143(3) […]
Recently the ministry of corporate affairs has rolled some important and major MCA amendments under the companies act 2013. Here in this post, we will entail all the relevant changes and amendments in 3 steps for a better understanding to all the tax experts. Check out the MCA amendments under the company act in the […]
A Delhi High court division bench has mentioned the software licensing of Microsoft products within the Indian region are not applicable with the taxes as per the Indian royalty section 9(1)(vi) of the Act read with Article 12 of the Indo US DTAA. The Revenue dept contended the decision of Tribunal in the High court […]
Gujarat High Court held with Justices JB Pardiwala and Nisha M Thakore ordered that no coercive action is needed to be taken with respect to the lawyers to notices provided to them through the Central Goods and Service Tax Department (CGST Department) asking for the payment of service tax/ GST. On hearing the appeal by […]
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 […]
The last date to furnish the ITR for the AY 2024-25 is 31st July 2024 for taxpayers. Tax Evasion in Knowledge Section 276C gives punishment for the matter of wilful trying to evade tax, penalty or interest or under-reporting of income. Under section 276C when the individual willfully tries to evade tax, income tax penalty, […]
Definition of Section 80P for Co-operative Society A cooperative society is not being found out, particularly for the intention of section 80P. But section 2(19) of the Income Tax Act, 1961, defined the co-operative Societies Act, 1912 or beneath the additional law of controlling the enrollment of the co-operative societies in any state. Note: “The […]
Form 10B is to be filed via a trust or institution that holds the enrollment u/s 12A or that submits an application for enrollment via furnishing of the Form 10A. Form 10B poses an audit report that is furnished by a CA on the assessee’s nomination. Income tax form 10B would be accessed and submitted […]
