In a recent case before the Income Tax Appellate Tribunal (ITAT) Delhi, the controversy was centered around the residential status of the assessee for the relevant assessment year of 2017-18. The Assessing Officer had held the non-residential status of the assessee against him on the basis that his stay abroad for more than 180 days …
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Introduction:In a recent case, the Income Tax Appellate Tribunal (ITAT) has quashed the penalty levied on an assessee for accepting sale proceeds in cash on different dates while selling her flat. The assessee had put forth various reasons to establish that the transaction was bona fide and genuine, and not intended to evade taxes. Background …
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The Karnataka High Court has recently granted an interim stay on the reassessment proceedings in a capital gains case, where the sale consideration exceeds Rs. 50 Lacs but the capital gains amount is below Rs. 50 Lacs. The notice in question pertains to the Assessment Year 2016-17, which was issued in March 2023. The petitioner, …
The Policy Circular No. 1/2023 dated April 17, 2023 by the DGFT has introduced a procedure for Advance and EPCG authorization holders to apply for an Amnesty scheme for a one-time settlement of default in export obligation. The Public Notice No. 02/2023 dated April 01, 2023 specifies the following steps for filing the application: RAs …
TDS or Tax Deducted at Source is a tax collection mechanism under which a certain percentage of tax is deducted from the payment made to a person or entity. The person or entity making the payment is required to deduct TDS and deposit the same with the government. TDS is applicable on various types of …
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The start of a new financial year marks the beginning of the process of filing Income Tax Returns (ITR) for the previous financial year. With the financial year 2022-23 having come to a close, the process of filing ITR for FY 22-23 has now begun. Filing ITR is a legal requirement for individuals and businesses …
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Filing income tax returns (ITR) is a crucial aspect of financial planning for individuals and businesses alike. It is a legal obligation for those who earn a certain level of income in India to file their ITR with the Income Tax Department. The deadline for filing ITR for the financial year (FY) 2022-23 is 31st …
As the new financial year has begun, taxpayers are faced with a critical decision – whether to opt for the old tax regime or the new tax regime. This decision has become all the more important as the government has made some significant changes to the tax regime in the previous year, and taxpayers must …
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Employee Stock Option Plans, commonly referred to as ESOPs, are a popular method of providing equity-based compensation to employees in India. ESOPs have become increasingly popular in recent years, especially in the startup and tech industry, as they offer an incentive to employees to work harder and increase the company’s overall value. In this article, …
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A salary structure is a combination of various components that make up an employee’s total compensation package. Understanding the various components of a salary structure is crucial for both employees and employers to ensure fair and competitive compensation. In this article, we will discuss ten key components of a salary structure. In conclusion, a comprehensive …
