“Expenditure incurred in relation to income not includible in total income.
14A. (1) For the purposes of computing the total income under this Chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this Act.
Our endeavor is to comprehend the underlying structure of
tax identification numbers such as PAN, TAN, and GST, and explore the methods
to extract pertinent information from these numbers.
Cash flow is the amount of money that flows in and out of a business or individual's bank account over a certain period. It is an important financial metric that indicates the amount of cash a business or individual has available to meet its financial obligations, such as paying bills, salaries, and taxes.
Key amendment include the changes to the way in which the distribution component “Amortisation of SPV debt” by REITs/INVITs will be taxed. At a high level, the changes proposed are extremely friendly.
Given below is the list of 10 proposals from the government which is actually Anti investment.
1. Grandfathering introduced
2. Flat LTCG introduced
3. Dividend taxation at tax slab
4. All tax saving sections nullified in new regime
5. Structure Products taxed at STCG retrospectively
6. Insurance proceeds taxed incl ULIP and Traditional
7. Debt Funds getting taxed at STCG
8. NPS is of no use
9. PF already taxed for higher contributions
10. Tax increased on FnO selling by 25%
The Finance bill 2023 has been passed in Lok Sabha yesterday
with few new proposals which were not there in bill presented on February 1,
2023. The important points are summarized below for your reference.
This Tax Alert summarizes the Maharashtra Settlement of Arrears of Tax, Interest, Penalty or Late Fee Bill, 2023 introduced in Maharashtra Legislative Assembly.
The Government had proposed an amnesty scheme for various taxes levied before
the introduction of Goods and Service Tax (GST) in the State Budget 2023-24
presented on 9 March 2023.
The scheme shall apply to all pending dues under specified state legislations
for the period upto 30 June 2017, i.e., before the introduction of GST.
Duration for submission of application under the scheme shall commence on 1 May
2023 and end on 14 November 2023. Option for payment in instalments has been
made available in cases where arrears are in excess of INR50 lakhs.
The payment of dues under the scheme is summarized below:
In an important update, the Government has proposed amendment to Finance Bill 2023 to deny duty deferment benefit of Integrated Tax (‘IGST’) and Compensation Cess on import of goods.
As you may already know, in order to claim treaty benefits, a non-resident would need to provide Form 10F along with the Tax Residency Certificate (TRC) if all the necessary details were not available in the TRC. However, on July 16, 2022, the Directorate of Income Tax (Systems) introduced a list of various forms that must be filed electronically, including Form 10F.
We wish to bring to your attention the recent government update regarding the maintenance of an audit trail for all transactions by companies starting from 1st April 2023. This new rule has been introduced to enhance transparency in financial reporting and prevent any tampering with accounting entries.
This note pertains to the time limit available for revising an Income Tax Return (ITR) that has already been filed within the statutory time limit as specified under Section 139(1) of the Income Tax Act or within the time limit specified for belated return under Section 139(4) of the Act.
If you are a taxpayer, there is some good news. The Income Tax Department has released a new app called the AIS App for getting Annual Information Statement (AIS). Taxpayers will receive detailed information about each transaction through this app.
.1 What is foreign contribution?
Ans. As defined in Section
2(1)(h) of FCRA, 2010, "foreign contribution" means the donation, delivery or transfer
made by any foreign source,
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Assessee in the present case had inadvertently reported supplies to a particular recipient as B2C supplies instead of B2B in its GSTR-1 return. This error resulted in recipient holding up the running bill amount of the assessee.
Assessee requested Revenue to permit it to correct its GSTR-1 return, but the
same was rejected on the ground that the timeline to apply for rectification
was over. Aggrieved, assessee filed a writ petition before the Orissa HC.
·
In 2023 at Portugal, companies must print ATCUD and QR
codes on all their invoices. They will need valid codes from the government and
tax authority-certified software before they can start generating the invoices.
· From July 2024 to January 2026, France will implement mandatory B2B e-invoicing, as well as an e-reporting obligation. This mandate impacts all companies operating in France.
1.
Interest paid under section 234B and 234C of the Income Tax
Act is not Tax Expense under AS 22
2. Advance paid for import purchases is non-monetary item under AS 11
The Foreign Exchange Management Act, 1999 (FEMA) came into force by an act of Parliament. It was enacted on 29 December 1999. This new Act is in consonance with the frameworks of the World Trade Organisation (WTO). It also paved the way for the Prevention of Money Laundering Act, 2002 which came into effect from July 1, 2005.
What is ODI ?
Overseas Direct Investment or ODI stands for investments, by way of contribution to the capital or subscription to the memorandum of a foreign entity, or by way of purchase of existing shares of a foreign entity, either by market purchase or private placement or through stock exchange but does not include Portfolio Investment.
· Mumbai ITAT held that to opt for concessional tax rate Form 10-1C has to be filed within the due date.
Do you know what lies behind those impressive CTC packages? Let me reveal the truth about inflated salaries and actual take-home pay.
E-commerce operators facilitating electronic platforms for the sale of goods and services shall comply with Section 194O. This provision mandates the deduction of TDS on payments made to e-commerce sellers. It applies to e-commerce operators with an annual gross turnover of over Rs. 10 crores.
The Transfers of Undertakings Directive 2001/23/EC is a European Union law that protects the contracts of employment of people working in businesses that are transferred between owners It replaced and updated the law previously known as the Acquired Rights Directive 77/187/EC
The Reserve Bank of India (RBI) has implemented its own Foreign Investment Reporting and Management System (FIRMS) to track foreign investments in the country. The system is an online portal that enables foreign investors to report their investments in compliance with regulations and allows the RBI to monitor and analyze foreign investment data.
