Income Tax Updates: The Government has increased the interest income exemption limit on bank and post office deposits from Rs. 10,000 to Rs. 50,000. TDS (Tax Deducted at Source) for senior citizens will not be trigged if interest income is up to Rs. 50,000. Dividend distribution tax on dividends from equity mutual funds which were earlier …
INCOME Tax Updates: The Assessment is reopened simply on the basis unclear information received from the Director of Income Tax by the Assessing without independently applying his own mind to form any belief, it is not justify by the reason for reopening of the assessment. CBDT has ordered a fresh cadre review and restructuring of …
Generated E-invoice and applicability with Exception of E-invoicing Compulsory E-invoicing generation limit further reduces from Rs. 100 Cr to 50 Cr You needed to aware the E-invoicing is mandatorily applicable from April 1st, 2021. CBIC reduced the mandatory e-invoicing threshold from 100 crores to 50 crores in a notification dated March 8, 2021. From April …
Income tax Updates: Direct tax collection has risen up by 15.7% for the period of April-November as compared to previous year. Collections added to Rs 6.75 lakh crore while refunds amounting to Rs 1.23 lakh crore have been issued during April-November, that is 20.8% higher than refunds issued during the same period. The income tax …
GST on Housing Societies & Resident Welfare Associations. supply of service by RWA (unincorporated body or a registered non- profit entity) to its own members by way of reimbursement of charges or share of contribution up to an amount of five thousand rupees per month per member for providing services and goods for the common …
When is compulsory GST registration required? A person registered under the Pre-GST law (i.e., Excise, VAT, Service Tax, etc.) Casual taxable persons rendering taxable supplies A person who is required to pay tax under section 9(5) Those paying tax under the reverse charge system. Persons make a taxable supply of any kind between States Input …
CBDT clarifies extension validity of lower or nil TDS/TCS certificate CBDT issued order an explanation/ clarification U/s 119 on 9-04-2020 on questions arising from orders issued on 31 March and 3 April 2020, The above said Orders extended the timelines for the application and issuance of Certificates for Lower or Nil Tax Deducted at Source/ …
CASE UPDATES: It is explained by the Central Board of Direct Taxes (CBDT) that the limited scrutiny cases referred under CASS cycles in 2017 and 2018 where the issues referred to by the law scope enforcement/ intelligence/ regulatory authority or agency. In CASS cycles 2017 and 2018, few cases were selected for scrutiny in form of …
Direct Tax:- CBDT has issued a clarification regarding taxability of the compensation received by the land owner for the land acquired under the right to fair compensation and transpereancy in land acquisition , rehabilitation and resettlement act, 2013 vide Circular No. 36/2016 dated 25/10/2016.Compulsory acquisition of non-agricultural land is also tax-free under new Land Acquisition Act. …
Direct Tax: Gujarat High court held that tax cannot be levied on gain from sale of agricultural land based on intention of buyer to use the land for business purpose. Principal CIT Vs Heenaben Bhadresh Mehta (Gujarat High Court) ITAT Jaipur held that interest on income tax refund not eligible for deduction under section 80IE. M/s. OMIL …