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Archive: 08 August 2022

Posts in 08 August 2022

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

August 8, 2022 10863 Views 0 comment Print

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

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

August 8, 2022 2379 Views 0 comment Print

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.

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

August 8, 2022 2142 Views 0 comment Print

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

Income Tax Exemptions to District Mineral Foundations

August 8, 2022 498 Views 0 comment Print

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

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

August 8, 2022 1608 Views 0 comment Print

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.

GST on Wet Grinders

August 8, 2022 3096 Views 0 comment Print

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

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

August 8, 2022 531 Views 0 comment Print

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

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

August 8, 2022 681 Views 0 comment Print

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

No provisions to print commission to agent on Insurance policy

August 8, 2022 387 Views 0 comment Print

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

Rent Concession on house provided to assessee by employer is perquisites

August 8, 2022 1572 Views 0 comment Print

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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