Notification No. 31/2023-Income-Tax, [S.O. 2276(E).] -
24/05/2023
CBDT has issued Notification No. 31/2023-Income-Tax and Increased limit for tax exemption on leave encashment for non-government salaried employees The Income-tax Act, 1961, previously allowed a tax exemption on leave encashment for non-government salaried employees. This exemption was applicable to the period of earned leave they ha...
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Notification No. 30/2023-Income Tax [S.O. 2275(E).] -
24/05/2023
Notification under clause (ii) of the first proviso to clause (viib) of sub section (2) of section 56 of the Income tax Act CBDT issued Notification No. 30/2023 under the Income Tax Act. The notification states that the provisions of clause (viib) of sub-section (2) of section 56 shall not apply to consideration received by […]...
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Notification No. 29/2023-Income-Tax- [S.O. 2274(E)] -
24/05/2023
CBDT issued Notification No. 29/2023- Income-Tax specifying certain classes of persons for the purpose of sub-clause (ii) of the first proviso to clause (viib) of sub-section (2) of Section 56 of the Income Tax Act. The notification includes government and government-related investors, banks or entities involved in insurance business s...
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Siddhi Vinayaka Graphics Pvt Ltd Vs ADIT, CPC, Bengaluru and ACIT (ITAT Kolkata) -
Disallowance made by CPC on account of delayed deposit of employees’ contribution to PF/ESI u/s 36(1)(va) rws 2(24)(x) of Act u/s 143(1) of Act is correct.-ITAT Kolkata...
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As per the Indian Income-tax Act, income arising from the sale of a capital asset is taxed under the head ‘Income from Capital Gains’. Under section 48, capital gains are calculated by deducting the followings from the full value of the consideration arising from the sale of property: i) the cost of acquisition, ii) the [&hell...
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Encumbrance is defined under Regulation 28(3) of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (‘SEBI SAST’). The definition reads as follows: [(3) For the purposes of this Chapter, the term “encumbrance” shall include, – (a) any restriction on the free and marketa...
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In this article we are only discussing taxability of various other charges under GST laws collected by Real Estate developer ...
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Circular No. 6 of 2023-Income Tax -
24/05/2023
Circular No. 6 of 2023, issued by the Central Board of Direct Taxes, Ministry of Finance, Government of India, provides clarifications regarding provisions related to charitable and religious trusts. The circular explains the amendments made by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, and the...
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Notification No. S.O. 2265(E). -
24/05/2023
Ministry of Finance Exempts Foreign Universities from UGC and AICTE Acts in International Financial Services Centres Ministry of Finance, Department of Economic Affairs, has issued a notification stating that the University Grants Commission Act, 1956, and the All India Council For Technical Education Act, 1987, will not apply to financia...
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SEBI/HO/CFD/CFD-PoD-2/0W/P/2023/20934/1 -
23/05/2023
SEBI Provides Informal Guidance to SpiceJet on Issuance of Preferential Equity Shares for Outstanding Lease Liabilities -The Securities and Exchange Board of India (SEBI) has issued an interpretive letter to SpiceJet Limited, a public limited company, regarding the issuance of preferential equity shares to aircraft lessors in order to res...
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