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, …
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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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 …
Salary Structuring: A Key Factor for Employee Retention and Business Success A well-structured salary package not only helps in attracting new talent but also plays a crucial role in retaining employees. It is a tool that can motivate employees to perform better and increase their productivity. Therefore, businesses must pay attention to salary structuring and …
House Rent Allowance, commonly known as HRA, is a component of the salary package provided by an employer to their employees to meet the expenses of renting a house. This allowance can be a significant part of the salary package, especially for those who reside in metropolitan cities like Gurgaon and Faridabad. In this article, …
As a business owner in Gurgaon or Faridabad, understanding the Goods and Services Tax (GST) and complying with its return filing requirements is crucial for the smooth operation of your business. The GST regime, introduced in India in 2017, has streamlined the indirect tax structure by replacing various state and central level taxes with a …
