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Income Tax department extended the last date for filing this special form
The Central Board of Direct Taxes (CBDT) has extended the deadline for filing Form 10A/Form 10AB under the Income Tax Act 1961 to June 30, 2024. This extension is part of ongoing efforts by the CBDT to ease challenges faced by taxpayers. Previously, this deadline had been extended multiple times, with the most recent extension set at September 30, 2023.
In a recent circular issued by the CBDT,…
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Fortis Healthcare Faces Income Tax Assessment Order: What Investors Need to Know
Fortis Healthcare Ltd, a prominent player in the healthcare sector, recently disclosed that its subsidiary, Fortis Hospitals Ltd, has received an income tax assessment order amounting to ₹89.53 crore, inclusive of interest charges amounting to ₹9.54 crore.
In a regulatory filing with the stock exchange, Fortis Healthcare stated, “This is to inform you that Fortis Hospitals Limited, a material…
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#ARPOB#EBITDA#fiscal year#Fortis Healthcare#Fortis Hospitals Ltd#income tax assessment order#investment decisions#investor update.#market update#net profit#revenue growth
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How to get Udyam Registration
Deciphering the Classification of Enterprises
Enterprises play a pivotal role in the economic landscape, driving growth, innovation, and employment opportunities. Understanding how enterprises are classified based on their size and scale is fundamental for availing various benefits and support mechanisms. Here’s a breakdown of the criteria for classifying enterprises as micro, small, or…
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#micro enterprises#MSME advantages#MSME classification#MSME criteria#MSME registration#Udyam documents.#Udyam process#Udyam registration process
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A Step-by-Step Guide for Responding to Income Tax Notices :Tax Compliance
As a responsible taxpayer, receiving notices from the Income Tax Department can be an intimidating experience. However, responding to these notices promptly and accurately is crucial to ensure compliance with tax regulations and avoid any potential penalties or legal consequences. In this comprehensive guide, we’ll walk you through the step-by-step process of replying to notices received from the…
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#e-Filing Account#Income Tax Assistance#Income Tax Department#Income Tax Notices#Tax Compliance#Tax Compliance Guide#Tax Notice Assistance#tax regulations#Taxpayer Response#Taxpayer Support
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TDS Rate Chart for FY 2024-25 (AY 2025-26)
TDS Rate Chart for FY 2024-25 (AY 2025-26)
SectionNature of PaymentThresholdTDS Rate (with PAN)TDS Rate (without PAN)194CPayments to Contractors and Subcontractors, AdvertisingSingle payment > Rs. 30,000 or Aggregate > Rs. 1,00,0001% (Individual/HUF) 2% (Others)5% (Individual/HUF) 20% (Others)194-I (a)Rent on Land, Building, Furniture & FittingsRs. 2,40,000 per annum10%20%194-I (b)Rent on Plant…
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#assessment year#financial year#income tax#Tax Compliance#tax deduction#Tax Liability#Tax Planning#Tax Rates#tax regulations#taxable income#taxation#TDS#TDS Calculator
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Top Essential Terms In Taxation
Taxation is an integral part of our financial lives, influencing everything from business decisions to personal finances. However, navigating the complex world of taxes can be daunting without a solid understanding of key terminology. In this comprehensive guide, we’ll demystify taxation by exploring the top essential terms you need to know.
1. Tax: A compulsory financial charge imposed by the…
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#capital gains tax#estate tax#excise tax#income tax#property tax#sales tax#Tax Audit#tax basics#tax credit#Tax evasion#Tax Liability#Tax Planning#tax refund#tax terminology#taxation#value-added tax (VAT)
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Upholding Legal Rights: Gujarat High Court's Stance on Income Tax Department's Seizure
In a recent development at the Gujarat High Court, a division bench comprising Justices Bhargav Karia and Niral Mehta has taken a firm stance regarding the seizure of “non-incriminating” data from a lawyer’s office by the Income Tax department. Refusing to accept the department’s undertaking on sealing the data, the bench has decided to delve into the matter on its merits.
The petition before…
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#court hearing#data seizure#fundamental rights#Gujarat High Court#Income Tax Department#judicial process#lawyer&039;s office raid#legal case#legal challenges#legal counsel#legal integrity#legal justice#legal principles#Legal Proceedings#legal resolution#legal rights#legal safeguards#legal scrutiny#Natural Justice
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The Delhi High Court has shed light on the extended review period for Income-Tax (I-T) assessments
In a landmark ruling, the Delhi High Court has shed light on the extended review period for Income-Tax (I-T) assessments, offering clarity to taxpayers and practitioners alike. Justices Rajiv Shakdher and Girish Kathpalia emphasized that the 10-year review period applies only in cases where the estimated undisclosed income exceeds Rs 50 lakh. They clarified that in “normal cases,” no notice…
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#Assessing Officer#Delhi High Court#Finance Act 2022#High Court petition#income concealment#Legal Proceedings#Legal Ruling#objection filing#reassessment process#Section 148#tax evasion cases#tax experts#tax law#Taxpayer Rights
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Top Essential Accounting Terms You Need to Know : the Language of Business
In the world of business, understanding accounting is paramount. Whether you’re a seasoned entrepreneur, a budding startup founder, or simply an individual looking to manage personal finances more effectively, grasping key accounting terms is essential. These terms serve as the language of business, providing insights into financial health, performance, and strategy. Here, we’ll unlock the top 20…
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#accounting#accounting basics#accounting terminology#accrual accounting#assets#audit#balance sheet#business#cash flow statement#Depreciation#EBITDA#expenses#finance#financial literacy#financial terms#GAAP#income statement#liabilities#revenue#ROI
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Deductions which can be claimed under the New Income Tax Regime
Are you navigating the complexities of tax planning under the new income tax regime? Are you looking to maximize your savings by leveraging all available deductions? Look no further! In this definitive guide, we’ll walk you through the myriad deductions offered under the Income Tax Act of 1961 in the new regime, empowering you to make informed financial decisions and optimize your tax…
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#Financial Planning#Income Tax Act 1961#Section 80D#Section 80E#Section 80G#Standard Deduction#Tax Benefits#tax deductions#Tax Planning#tax savings#Tax Savings Investments#Tax Savings Schemes
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The Goods and Services Tax (GST) Changing Environment: New Advancements and Consequences
The Goods and Services Tax (GST) changes yearly, bringing to light unexpected rulings that affect taxpayers and reshape the structure of the tax system. This piece explores the latest happenings in the GST domain, illuminating noteworthy modifications, court rulings, and the changing function of oversight organisations.
Recent Developments:The GST landscape has witnessed notable transformations,…
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Government Monitors GST E-Way Bills Analytics in Real Time Amid Demand Surge
In response to an unexpected surge in demand for certain goods and services, the Election Commission of India announced on March 16 that the government is closely monitoring Goods and Services Tax (GST) e-way bills analytics in real time.
“GST e-way bills analytics will be tracked real time to track unusual spikes seen in the demand for some goods and services,” stated Chief Election…
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#Business-to-Business#compliance#Data Privacy#Demand Surge#E-Way Bills#Election Commission#Goods and Services Tax#Government#gst#Insights#Market Trends#Real Time Monitoring#Regulatory Considerations#Supply Chain Optimization#Tax Compliance
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Regulatory Challenges: Maruti Suzuki's Recent Tax Disclosures
In a recent disclosure to regulatory authorities, Maruti Suzuki, a leading automotive manufacturer, shed light on its encounter with tax-related challenges for the fiscal year April 2019 to March 2020. The company revealed that it received a show cause notice (SCN) from the Rajasthan GST department, citing discrepancies in tax return reconciliations amounting to INR 3.1 lakh. Maruti Suzuki has…
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#Commissioner of Customs#compliance#fines#fiscal year 2019-20.#GST department#import process#Maruti Suzuki#Nhava Sheva#penalties#Rajasthan#regulatory challenges#Show Cause Notice#tax discrepancies
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Zomato Limited Faces GST Demand: A Closer Look at the Recent Development
In a recent disclosure, Zomato Limited revealed receiving a significant GST order from the Deputy Commissioner of State Tax, Gujarat, concerning the fiscal year 2018-19. The order, demanding a substantial GST payment along with penalties and interest charges, has sparked attention and raised questions about compliance in the digital marketplace.
Overview of the Order:
According to Zomato’s…
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#Accountability#Adjudication Order#CGST Act#compliance#Corporate Governance#Fiscal Year 2018-19#GGST Act#GST order#legal advice#legal compliance#regulatory scrutiny#Transparency
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Landmark Decision by Karnataka High Court: Exclusion of Time Spent in Filing Appeal Before Wrong Authority#KarnatakaHighCourt #Appeal #LegalRuling #CBICNotification #TaxAdjudication #LegalPrecedent #JudicialDecision #ExclusionofTime #LegalCommentary
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Landmark Decision by Karnataka High Court: Exclusion of Time Spent in Filing Appeal Before Wrong Authority
In a significant ruling, the Hon’ble Karnataka High Court delivered a verdict in the case of Sree Krishna Hot Dip Galvanizers v. State of Karnataka [Writ Petition No. 25648 of 2023 dated January 16, 2024], shedding light on the exclusion of time spent in preferring an appeal before the wrong authority while computing the limitation period.
Key Facts:
Sree Krishna Hot Dip Galvanizers (“the…
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Attention:CBDT Directs All Income Tax Offices to Remain Open on March 29th, 30th, and 31st, 2024 #CBDT, #IncomeTaxOffices, #incometax , #Section119, #IncomeTaxAct1961, #OfficialOrder,#tax
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