Non payment of Self Assessment Tax after filing ITR is not an offence : High Court The 1st petitioner company filed return of Income-tax admitting the tax liability of Rs. 38,00,170/-, but failed to make payment. However, on receiving notice dated 9-6-2016, in reply, the petitioners enclosed a challan for an amount of Rs. 50,55,310/-… Read More »
Income Tax on debt mutual funds from FY 2023-24 / AY 2024-25 Income Tax on debt mutual funds from FY 2023-24 / AY 2024-25 will be taxed based on whether Mutual Funds are i) Specified Mutual Funds ii) other than Specified Mutual Funds Capital Gains from Specified debt mutual funds will be taxed as short… Read More »
New Income Tax Relief , Income to be Taxed above 7 Lakh only in New Tax Regime The government has given a big relief to the taxpayers who have opted for the new tax regime. For this, amendments have been made in the Finance Bill. In the amendment, it has been provided that persons earning income slightly… Read More »
Power of commissioner of income tax Power of commissioner of Income Tax are defined in Income tax Act of India . [This article is written by CA satbir Singh (Contact us Taxheal@gmail.com )] The Commissioner of Income Tax is an important income tax authority which has executive and judicial powers. The Commissioner exercises the power… Read More »
Know your Member (KYM) Form FAQs by ICAI released Members & Students Services (Grievances Handling and e-Sahaayataa) Directorate The Institute of Chartered Accountants of India 23rd March, 2023Announcement Implementation of Know your Member (KYM) Form The ICAI has launched “Know Your Member (KYM)” Form which is to be filed annually through Self-Service Portal (SSP) of the ICAI.… Read More »
New Change in GST for Non Filer of GST Returns I CA Satbir Singh Amendment to Finance Bill 2023 Download
Amendment to Finance Bill 2023 Download Amendments to the Finance Bill, 2023 (as introduced in Lok Sabha). The Lok Sabha is scheduled to take up the Finance Bill on Friday, March 24, 2023 a list of business shows. The list of business for March 24, says: “Finance Minister Nirmala Sitharaman to move that the (Finance) Bill… Read More »
Date of Linking Aadhaar Card extended till 31.03.2024 MINISTRY OF LAW AND JUSTICE (Legislative Department) NOTIFICATION New Delhi, the 21st March, 2023 S.O. 1359(E).—In exercise of the powers conferred by sub-section (5) of section 23 of the Representation of the People Act, 1950 (43 of 1950), the Central Government hereby makes the following amendment in… Read More »
Assessee eligible for sec. 54F relief even if he own house in foreign country : ITAT IN THE ITAT COCHIN BENCH Smt. Maries Joseph v. Deputy Commissioner of Income-tax, International Taxation, Kochi N.V. VASUDEVAN, VICE PRESIDENT AND MS. PADMAVATHY S., ACCOUNTANT MEMBER IT APPEAL NOS.613 AND 566 (COCH.) OF 2022 [ASSESSMENT YEAR 2015-16] JANUARY 2, 2023… Read More »
Advisory for the taxpayer wishing to register as “One Person Company” in GST 21/03/2023 As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member. Some issues have been raised by the persons registering as ‘One Person Company’ while they… Read More »