The Supreme Court upheld rejection of treaty benefits where transactions were prima facie designed to avoid tax. It confirmed that substance and real control override form and documentation.
While the previous budget solely focussed on corporate tax incentivising to boost the manufacturing, infrastructure spending and ease of doing business, Budget 2023 focussed not only on building on its previous focus but also augmenting it with socio economic measures.
Income Tax E Filing portal is an interactive platform between the tax department and the tax payer\assesses for not only filing the income tax returns but also for submitting various other forms and carrying out tax compliances to scrutiny notices, submissions before first appellate authority. The CBDT vide Press release dated May 20, 2021 announced […]
Facilitating platform to comply with higher rates of TDS & TCS under 206AB and 206CCA Finance Act 2021 introduced two new section 206AB and 206CCA of Income tax Act 1961 ’the Act’ with effect from 1 July 2021. The object being to increase the timely filing of income tax returns by resident assesses or non-resident […]
