TDS and taxability on net winnings from online games

By | February 2, 2023

TDS and taxability on net winnings from online games BUDGET 2023-24 MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL, 2023 Section 194B of the Act provides that the person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle or card game and other game of any… Read More »

Preventing misuse of presumptive schemes under section 44BB and section 44BBB

By | February 2, 2023

Preventing misuse of presumptive schemes under section 44BB and section 44BBB BUDGET 2023-24 MEMORANDUM EXPLAINING THE PROVISIONS IN THE FINANCE BILL, 2023 Section 44BB of the Act provides for presumptive scheme in the case of a non-resident  assessee who is engaged in the business of providing services or facilities in connection with, or supplying plant… Read More »

ECONOMIC SURVEY 2022-23: HIGHLIGHTS

By | January 31, 2023

ECONOMIC SURVEY 2022-23: HIGHLIGHTS Indian economy staging a broad based recovery across sectors, positioning to ascend to pre-pandemic growth path in FY23 Retail inflation is back within RBI’s target range in November 2022 Direct Tax collections for the period April-November 2022 remains buoyant Enhanced Employment generation seen in the declining urban unemployment rate and in… Read More »

SUMMARY OF THE ECONOMIC SURVEY 2022-23

By | January 31, 2023

SUMMARY OF THE ECONOMIC SURVEY 2022-23 INDIA TO WITNESS GDP GROWTH OF 6.0 PER CENT TO 6.8 PER CENT IN 2023-24, DEPENDING ON THE TRAJECTORY OF ECONOMIC AND POLITICAL DEVELOPMENTS GLOBALLY ECONOMIC SURVEY 2022-23 PROJECTS A BASELINE GDP GROWTH OF 6.5 PER CENT IN REAL TERMS IN FY24 ECONOMY IS EXPECTED TO GROW AT 7… Read More »

Interest on borrowed funds for Earnest Money Deposit is Allowed as Revenue Exp : High Court

By | January 31, 2023

Interest on borrowed funds for Earnest Money Deposit is Allowed as Revenue Exp : High Court HIGH COURT OF KARNATAKA Principal Commissioner of Income-tax v. Prestige Garden Estates (P.) Ltd. P.S. DINESH KUMAR AND C.M. POONACHA, JJ. IT APPEAL NO. 841 OF 2018 OCTOBER  10, 2022 E.I. Sanmathi, Adv. for the Appellant. Sudheendra B.R., Adv. for the Respondent. JUDGMENT P.S.… Read More »