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Once again, most of you all might have filed in the Income Tax returns but still at the back of the mind wished that you could have paid less taxes or to save more for the upcoming year. People falling in the high income group often miss out on some of the lesser known tax planning strategies which could substantially reduce their tax liability.
Ministry of Railways approves digital Aadhaar and Driving Licence from Digital Locker as proof of identity of passengers for undertaking journey by Train The issue regarding accepting Aadhaar and Driving Licence as valid proof of identity when presented from digital locker account of the passenger has been examined by Ministry of Railways and it has […]
Lots of issues pertaining to GST are resolving day by day, but still some grey areas exist, one of which is How to find out taxable Jurisdiction of the assessee.
Life insurance policies can be used as tax planning tool as premium paid on Insurance Policies is eligible for tax benefits under Section 80C of the Income Tax Act 1961 (Act) and Maturity Proceeds are also eligible for exemption under section Section 10(10D) and Section 10(10A)(iii).
Jul 06, 2018 Continuous efforts being made to simplify GST system: Finance Secretary Hasmukh Adhia -Work on to make GST refund process fully automatic FICCI GST Survey: 76% respondents say GST had a positive impact on their business NEW DELHI, 6 July 2018: Finance Secretary Dr. Hasmukh Adhia today said that continuous efforts are being made […]
CBIC amends Rule 125, 129, 130,131 and 132 and renamed ‘Directorate General of Safeguards’ as ‘Directorate General of Anti-profiteering’ under Central Goods and Services Tax Rules, 2017 vide Notification No. 29/2018–Central Tax dated 6th July, 2018.
As the end of financial year draws near, many of my friends who were least bothered about tax saving investments throughout the year, have started hunting down options to park their surplus funds and consequently save up on taxes.
Income tax laws allow you various benefits in respect of amounts spent or invested. Primarily these tax benefits are available for amounts spent or invested on yourself but for certain items, the benefits are available for amounts invested or spent on family members.
This intra-court appeal is directed against an order dated 28.08.2017, wherein and whereby a learned single Judge of this Court had dismissed a writ petition in which a notice dated 16.08.2017, issued by the Commissioner of Income Tax, under Section 263 of Income Tax Act, 1961, was assailed. To be noted, order of the learned single Judge is a common order in two writ petitions, but this judgment deals with the order in W.P.No.22978 of 2017 alone.
M/s. Indus Best Hospitality & Realtors Pvt. Ltd. Vs PR. CIT (ITAT Mumbai) We have considered rival contentions and carefully gone through the orders of the authorities below and found from record that CIT has invoked his power u/s.263 to examine the land development charges paid by the assessee to Smt. Sumitraben Chauhan. From the […]
