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Section 286 and 271GB of the IT Act Under section 286 of the Income Tax Act, certain entities are obliged to file a report regarding the international group. Any failure to furnish the reports with valid information and on time will lead to penalties. The penalties are mentioned under section 271GB of the Income Tax […]
During judgment of a recent case, the Customs Excise and Service Tax Appellate Tribunal (CESTAT), Bangalore has stated that Service Tax Refund paid are not applicable to subsequent GST invoices In a recent announcement, the Finance Ministry has said that no GST invoice will be required for the goods that were taken abroad for exhibitions […]
What is Corporate Tax? Corporate tax is a direct tax applicable to all the companies registered under the Companies Act of India and they are required to pay the corporate tax as per the rate decided by the Ministry of Corporate Affairs. The Corporate Tax rate cut was one of the sensational happenings of 2019. […]
As mandated by the constitution of India, Income tax return filing is a foremost requirement by all registered taxpayers in India. Thanks to the outbreak of technology in India, the ITR filing can now be done via both Online and Offline modes. E-filing or electronic filing is the newly inaugurated process for filing online Income […]
Paying heed to the current analysis given by the Income Tax Department on Thursday only 1.46 crore people in the country are under tax-paying net. The said analysis is the affair of the day following the statement of country’s Prime Minister Mr. Narendra Modi who said that out of 130 crore people only 1.5 crore […]
Budget 2020 had many surprises but one thing which is getting most of the attention is that It now allows a taxpayer to choose between the existing income tax regime and a new tax regime every year as per their convenience. While the existing income tax regime features availing benefits of tax exemptions and deductions, […]
The industries were on the verge to broke as they were sincerely pleading for the reduction in the tax amount of direct taxes at par with the indirect tax rate cut from the previous budget. The union finance minister Sitharaman met the industry representatives in order to convince them to deposit their due taxes on […]
It has been revealed that income taxpayers will lose exemptions and deductions in nearly 70 or more categories for the current Income Tax slab in FY 2024-25. These include investment exemptions of INR 1.5 lakh on section 80C, premium payment deduction of section 80D on health insurance and interest on saving done in 80TTE. Also, […]
Non-compete agreements between sellers and buyers are now under the tax levy net. Such agreements come into effect when the seller assures the buyer that it will not come in competition with the buyer for a designated period of time. Already received by several private equity firms, strategic investors and others who have purchased businesses […]
