By Chirag Nangia * I have sold a flat a few months ago and will invest some amount in buying another flat next month. What will be the tax treatment and do I have to show the amount in my ITR? —Aman Dixit While selling a capital asset (the residential house property in this case), …
Sale proceeds from flat have to be disclosed in ITR ? Read More »
ITR Filing Rules: Many times due to non-availability of necessary documents, or due to non-updation, people’s income tax return remains stuck in half and people may forget to file their return. The Income Tax Department is taking special steps for such people. There is important news for those who pay income tax. Now you are …
Under Section 195 of the Income-tax Act (‘IT ACT’), any payment incur to the non-resident or to the foreign company in which the tax would need to be deducted. This article discusses the issues in dealing with the concern. Critical Points Related to Non-residents Taxation Conditions in Which the Non-resident Does Not Furnish the Return …
Employees Provident Fund Organisation (EPFO) website suggests accountholders to wait for some time to get a new job and transfer their PF money to a new account with the new employer. In case you fail to get a new job, you should apply for withdrawal before the end of the 36-month period from leaving the …
Revoking the Order of Cancellation of Registration on Payment of Interest & Penalty Adjudicating Authority cancelling the registration of the petitioner for non-filing of return and imposing penalty and interest as a condition for revoking the order of cancellation of registration Petitioner has challenged the impugned order of the Appellate Authority dismissing the appeal of …
Revoking the Order of Cancellation of Registration on Payment of Interest & Penalty Read More »
MGT 3, MGT 14 are revised. What is MGT-14? This is the first question in our mind. The Ministry of Corporate Affairs (MCA) regulates all the administrative work of the corporate sector of the country. There are various rules and regulations for all the companies, whether private or government, and the firm follows those rules …
Having regard to the legal position that when investigation has already commenced prior to the filing of application, the ARA shall not admit the application as per proviso to sub-section (2) of Section 98, we are of the view that the ARA should not have admitted the application in the instant case and issued its …
“Investments in Public Provident Fund (PPF) and other tax savings schemes should be allowed as deductions and the threshold for 30% tax should be raised to ₹20 lakh under the concessional income tax regime in Budget 2023-24 to make it attractive for middle-income taxpayers,” experts said. The government in Budget 2020-21 brought an optional income …
The authority, under section 171 of the Central GST Act 2017, has directed Larsen & Toubro Parel Project LLP and Omkar Realtors Developers Private Limited to refund ₹30.76 crore with interest to 850 investors in Parel’s Crescent Bay project. It has also asked the director general of anti-profiteering (DGAP) to investigate profiteering in other projects executed …
Supreme Court recently set aside an order of the Punjab and Haryana High Court which dismissed a writ petition filed by an assessee against a notice issued under Section 148A of the Income Tax Act 1961 for reopening assessment. The High Court had dismissed the writ petition on the ground of availability of alternative remedy. Taking …
General extension of due date for 45 e-forms under transition from V2 to V3 Portal
Income Tax on payment for notice period: In case the employee pays for the notice period, no deduction of such amount is allowed to him/her. Getting a job is not easy these days. Even leaving it comes with certain tax implications. While it has become common for employees to change jobs frequently, switching from one …
Income tax implications on YouTubers and influencers The income earned by YouTubers and influencers is chargeable to income tax under the head profits and gains from business and profession. For individual influencers, the income is chargeable at the slab rates in force. YouTubers and influencers earning a gross total income in a financial year that …
YouTubers need to pay income tax? Rate on income earned by YouTubers and bloggers Read More »
Total Individual Registered Users : 10,80,76,823 Total ITR Filed : 7,51,60,865 Highest per month filing July 2022 : 5,13,17,536 Highest per day filing 31/07/2022 : 72,42,156
Online application from Chartered/Cost firms Accountant for Empanelment as Stock Auditors FY 2023.24 Online application from Chartered /Cost Accountant firms for Empanelment as Stock Auditors FY 2023-24 How to Register 1. The eligible Chartered /Cost Accountant Firms are required to apply ON-LINE through bank’s website. No other means/ mode of Application/Registration will be accepted. Click …
The Hon’ble Gujarat High Court in Dee Cubes Diamonds Pvt. Ltd. v. State of Gujarat [R/Special Civil Application No. 22875 of 2022 dated December 16, 2022] has held that the Show Cause Notice (“SCN”) that does not contain reason to justify the cancellation of registration therefore, is violative of principles of natural justice and needs to be quashed. …
1. Buy Tata Chemicals Motilal Oswal has recommended investors to buy Tata Chemicals with a target price of Rs 1250 apiece. If you buy the stock now, you will get potential 33% return. The stock’s 52-week high is Rs 1214 apiece and 52-week low is Rs 773 apiece, respectively. The company has a market capitalisation of …
Motilal Oswal Sees 3 Tata Stocks Offering Upside Potential, Initiates Buy Read More »
E-filing of Updated ITR has been enabled on Income Tax Portal for AY 2022-23 (FY 2021-22) All ITR forms (ITR 1 to ITR 7) Utility & JSON Schema also released for Updated ITR
The TDS collection process is managed and controlled by the Indian Revenue Service under the Department of Revenue. The Indian Revenue Service is a part of the Central Board of Direct Taxes (CBDT). This department is extremely important for the government or legal boards in conducting audits. In this case, the source can be employers, …
TDS Details filed using form 26Q TDS Return Filing, Due Dates & Penalties Read More »
GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the Finance Ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier. The …
Rule Change: Government has changed the GST rules for claiming input tax credit Read More »
The last date for filing GSTR 9 form is 31st December for businessmen whose annual turnover is more than Rs 2 crore. The government has urged the people to file this form before the 31st. According to the instructions issued by the government, it is necessary to fill GSTR 9 form for taxpayers having a …
GST registration could not be suspended and cancelled on basis of direction of Head Office without assigning any reason; High Court sets aside cancellation order HIGH COURT OF TELANGANA S.B.Traders v. Superintendent UJJAL BHUYAN, CJ.AND C.V. BHASKAR REDDY, J. W.P.NOS.39498 & 39502 OF 2022 OCTOBER 28, 2022 Registration – Cancellation of registration – Show cause notice …
[ORDER UNDER SECTION 98(4) OF THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 AND UNDER SECTION 98(4) OF THE TEALANGANA GOODS AND SERVICES TAX ACT, 2017.] 1. M/s. Shree Constructions, 10-60/E, Shasthri Nagar, Near Razvi Chaman, Bommakal, Karimnagar, Telangana – 505 001 (36AJGPD3553L1Z5) has filed an application in FORM GST ARA-01 under Section 97(1) of …
Let us tell you that this time interest will be available at the rate of 8.1 percent. According to the information received so far, the Employees’ Provident Fund Organization has calculated the interest received in the PF account in the financial year 2022. Soon it will be transferred to the account of the account holders. This time a …
PF Account: Good News! 81,000 rupees will come in the account of EPFO subscribers Read More »
Central Board of Indirect Taxes & Customs (CBIC) is inviting offline applications for the posts of Inspector, Executive Assistant, and Tax Assistant in the Zonal Campus of the National Academy of Customs, Indirect Taxes & Narcotics. There are 6 open positions available for this post. The last date to apply for this recruitment is 11.12.2022. So, interested …
New Delhi: While the calendar 2022 is approaching its end, there is ample action left for the domestic primary market, which has been busy with new issues and listings lately. In the upcoming week, three initial public offerings (IPOs) are set to knock at Dalal Street to mobilise funds about Rs 1,830 crore via primary. …
3 IPOs to garner Rs 1,830 crore next week; Uniparts India to make debut Read More »
Nifty touches new highs and then consolidates, some sectors are making a comeback across market cap categories. The interesting point, sectors which have under performed for more than a decade are witnessing some interest. The only difference, select stocks from those forgotten sectors have been able to make a comeback. Stock Reports Plus, powered by …
The company is yet to decide the price and size of the cashback. Buyback price is usually at a premium to prevailing prices, giving a lucrative exit route to exiting shareholders. Shares of One 97 Communications, the parent company of Paytm, surged over 5 percent in the morning trade on December 9 after the company said …
Paytm spikes 5% as traders lap up shares on buyback announcement Read More »
The company’s management said December quarter will see higher-than-expected furloughs Share price of IT firm HCL Technologies opened 4 percent lower on December 9 after the management indicated that FY23 revenue growth will be at the lower end of earlier guidance. At its investor day held on December 8 in New York, the company said revenue …
HCL Tech biggest index loser after management indicates lower growth in FY23 Read More »
The S&P BSE Sensex rose by 160 points while the Nifty50 closed above 18600 levels. Stocks that were in focus include names like Bank of India which was up nearly 8%, Canara Bank NSE 0.46 % gained over 3% and Bank of Baroda NSE 0.96 % was up more than 6% on Thursday.Here’s what Amol Athawale, Deputy Vice President – …