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An income tax calculator is simply a tool that calculates reliable income tax for the Assessment Year 2024-25 (i.e. on the income earned during F.Y. 2023-24). When the last date of income tax return e-filing arrives nearest then we think, about how to calculate income tax. This is a big issue in determining taxable income. […]
The notice intimating the payment of the agreed-upon instalment sum of tax, which was due as the assessee failed to fulfil the Goods and Service Tax (GST) liability under the Amnesty Scheme, has been upheld by the Kerala High Court. The petitioner in this case is Farooque Construction, a partnership firm registered under the Central […]
An employer usually refers to your initial base salary when discussing your pay. To form your complete ‘salary package,’ they incorporate different elements on top of this figure. These additions consist of extra perks or incentives such as housing allowances, phone reimbursements, car allowances, and bonuses. Taking a closer look at these perks reveals that […]
The majority of the people as well as firms noticed it easier to claim income tax refunds and suffer the shortage of waiting durations for obtaining that which shows the private survey of more than 3500 respondents. More than half the respondents in the survey performed via the industry body Confederation of Indian Industry (CII) […]
The Delhi High Court ruled that the seized cash was furnished via the taxpayer, beneath the same regime that was enduring then, to be considered as the advance tax and therefore there was no default in the advance payment. But its payment or adjustment was triggered because of the search action. The applicant has proposed […]
GST Liability for Transfer of Business U/S 85 According to Section 85 of the tax law, if a person who is liable to pay tax under this Act transfers their business, either wholly or partly, through sale, gift, lease, hire, or any other means, both the person transferring the business and the recipient of the […]
In the case of M/s. Caterpillar India Pvt. Ltd. v. The Assistant Commissioner Chennai [WP No. 28092 of 2023 dated September 25, 2023], the Madras High Court granted the writ petition, affirming that recovery based solely on variations between Form GSTR-1 and Form GSTR-3B is impermissible without adherence to the prerequisites outlined in Rule 88C […]
The Indian income tax system has provisions for individuals and businesses to claim relief when they have paid taxes in a foreign nation. This relaxation is given under Section 90 of the Income Tax Act. To seek this assistance, Form 67 is used. This article explains the concept of relief under Section 90, emphasizes the […]
The Income Tax Department (ITD) uses various methods to assess income. Initially, taxpayers must declare their income, providing accurate and comprehensive information from different sources like salary, business, house property, capital gains, etc. This declaration facilitates the income tax assessment process. After the taxpayer completes and confirms their return, the Income Tax Department (ITD) takes […]
