Article explains TDS Rates for Financial year 2022-23 i.e. Assessment Year 2023-24 under Income Tax Act, 1961. Article contains TDS Rate Chart, Threshold limit for TDS deduction, Rate of Surcharge, Cess and TDS Rate if PAN no is not furnished. TDS Rate Chart for Financial Year 2022-2023 / Assessment Year 2023-24 Nature of Payment Made […]
Stay informed about the TCS rates for F.Y. 2022-2023 under Section 206C of Income Tax Act. Know the rates for alcoholic liquor, timber, forest produce, and more.
We are frequently coming across cases where Income Tax Authorities are giving complete go by to the principles of natural justice. The excuse orally being set up usually by the departmental counsels is that there is some problem in the computerisation system which is solely controlled by CBDT
Thekedar Vishnu Kumar Vs Union of India (Rajasthan High Court) Stay on the recovery of GST on Royalty- HC directed that the proposed recovery of GST on royalty shall remain stayed qua the petitioners. However, the respondents shall be at liberty to continue with the proceedings which have been initiated under the impugned notices. FULL […]
CBIC has endeavored to provide an Anonymized Escalation Mechanism for ICEGATE registered users where they submit their grievance for delay in Bill of Entry clearance under faceless assessment. The delay in clearance would subsequently be escalated to the concerned Faceless Assessment Officers.
Jyoti Commotrade Private Limited Vs State of West Bengal (Calcutta High Court) Admittedly, the allegations relate to transactions pertaining to financial year 2017-2018 and accordingly by a notice dated October 22, 2021 the alleged claim of input tax credit to the tune of Rs.71,23,836.66 paisa each under CGST/SGST head had been disallowed. If that is […]
CBDT specifies conditions for exemption to money received from employer or other person in Covid cases by family of deceased ide Notification No. 92/2022-Income Tax | Dated: 5th August, 2022. Clause (XIII) of the first proviso to clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961 provides that where any sum […]
CBDT specifies Document to be submitted by employee to claim exemption on sum received for COVID-19 treatment vide Notification No. 90/2022-Income Tax, Dated: 05.08.2022 Ministry of Finance (Department of Revenue) (Central Board of Direct Taxes) New Delhi Notification No. 90/2022-Income Tax | Dated: 5th August, 2022 S.O. 3703(E).—In exercise of the powers conferred by sub-clause […]
CIT (Exemption) Vs Mukund Bhavan Trust (Bombay High Court) Bombay High Court held that Income of trust to the extent of violation of section 13 of Income Tax Act, 1961 is liable to tax at maximum marginal rate. Section 11 Exemption cannot be denied for violation of section 13 of the Act. FULL TEXT OF […]
Monetary Policy Committee (MPC) at its meeting today (August 5, 2022) decided to: Increase the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points to 5.40 per cent with immediate effect.
