"08 August 2022" Archive - Page 3

Appeal For TAR CL. 16(d) Income Adjustment In Section 143(1) Intimation

Recently in cases of large no. of tax payers an intimation U/s. 143(1) of the Income Tax Act, 1961 has been issued, wherein an adjustment has been made regarding income reported in clause 16(d) of the tax audit report ...

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Posted Under: Income Tax |

Steps taken by Government to achieve target of 5 trillion dollar economy

Towards becoming a five trillion dollar economy & beyond, Govt increased its capex budget by about 35% in 2021-22 & by another 35% in 2022-23....

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Posted Under: Income Tax |

No recommendation by GST Council for change in existing GST rate slabs

CHANGES IN GST SLAB - At present, there is no recommendation from the GST Council for change in the existing GST rate slabs....

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Posted Under: Income Tax | ,

Income Tax Exemptions to District Mineral Foundations

All eligible bodies including District Mineral Foundation Trusts can apply for exemptions as per Section 10(46) of Income-tax Act, 1961...

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Posted Under: Income Tax |

6 recent measures taken by Govt to check tax evasion through fake firms

Government takes several steps from time to time to check GST evasion including Using robust data analytics and artificial intelligence to identify and track risky taxpayers and detect tax evasion....

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Posted Under: Income Tax |

GST on Wet Grinders

Whether the Government proposes to consider reducing the Goods and Services Tax (GST) rate of 18 per cent on wet grinders...

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Posted Under: Income Tax |

Tax on domestically produced Crude Petroleum & export of Petrol, Diesel & ATF

Govt has wef 1st July 2022 imposed duties/cesses on domestically produced Crude Petroleum & export of Petrol, Diesel and Aviation Turbine Fuel...

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Posted Under: Income Tax |

No provision to re-seal property already auctioned by nationalized banks

There is no mention of the term re-sealing of property in SARFAESI Act, 2022 and the Recovery of Debts and Bankruptcy (RDB) Act, 1993...

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Posted Under: Income Tax |

No provisions to print commission to agent on Insurance policy

IRDAI has clarified that they have not taken any decision with regard to disclosure of commission on Insurance policy document....

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Posted Under: Income Tax |

Rent Concession on house provided to assessee by employer is perquisites

Perquisites includes the value of any concession in the matter of rent respecting any accommodation provided to the assessee by his employer....

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Posted Under: Income Tax |

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