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In accordance with Notification No. 13/2017, Central Tax (Rate), dated June 28, 2017, which provides details on the services liable for tax under the Reverse Charge Mechanism of the CGST Act, services rendered by directors of a company or a body corporate situated in a taxable area to the said company or body corporate will […]
Providing great relief to property buyers, the Gujarat High Court has ruled stating that the costs associated with land are not subject to Goods and Services Tax (GST). The court clarified that only the expenses involved in construction are taxable. According to the observation of the bench of Justice J.B. Pardiwala and Justice Nisha M. […]
In a significant decision, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has dismissed the addition made towards the short deduction of Tax Deducted at Source (TDS). The tribunal emphasised that the relationship between a professional doctor consultant and a hospital cannot be considered an employer-employee relationship unless explicitly stated in the appointment […]
Simple to Understand TDS Interest You would be required to file the interest Under Section 201(1A), in case of a late deposit of TDS after deduction. A 1.5% per month interest would be computed from the date on which the TDS was deducted to the actual date of deposit. The same would be computed on […]
Simple Intro About the Depreciation Depreciation is a concept that is used to write off the cost of an item over its usable life. Depreciation is a necessary deduction in an entity’s profit and loss statements for depreciable assets, and the Act enables deduction using either the Straight-Line technique or the Written Down Value (WDV) […]
The insurance industry, which is now facing penal actions by tax officials for violating input tax credit rules for the goods and services tax (GST), and the finance ministry had refused to mediate in the plea made for relief in this matter. According to those with knowledge of the situation, the ministry has sent the […]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has ruled in response to an appeal that if Income Tax Form 15G/ 15H is submitted by the assessee before year-end, no TDS default can be levied on interest payments. The ITAT Chennai bench has made this observation where the assessee filed an appeal with the Chennai […]
Deciding between the old and new tax regimes is crucial when thinking about taking a mortgage. Home loan holders can take advantage of deductions under Sections 24 and 80C of the Income Tax Act. It describes that they may deduct up to Rs. 4,00,000 in deductions, including Rs. 2 lacks in interest, Rs. 1.5 lakh […]
In a recent decision, the Income Tax Appellate Tribunal (ITAT), Jodhpur Bench, ruled that TDS under Section 194IA is only applicable when the consideration for transferring immovable property is greater than Rs. 50 lacs. When the assessee filed an appeal against the judgement of the CIT(A), National Faceless Appeal Center, Delhi, dated 20-10-2021, for the […]
