April 1, 2023, marks the start of the new financial year 2023-24. Taxpayers must file their income tax returns by July 31 for the financial year 2022-23. However, salaried individuals might have to wait till June second week as employers are expected to generate Form 16 for Assessment Year 2023-24 around that time.
Every year we saw that lot of people apply in the court for the extension of the last date of the returns or complaining about the payment of the hefty late fees for late filling of the returns. Currently India is introduce the late fees U/s 234D for late filling of return Rs.1, 000 ,if a person is…
The Security Exchange Board of India (SEBI) has amended the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 with respect to the cool off the gap period between two Qualitative Institutional Placements (QIP) from 6 months to two weeks. QIPs are a capital raising wherein a listed company can…
The High Court of Bombay recently ruled that in the Accommodation Entry Business, entire deposits cannot be assessed as unexplained cash credits. The Assessee, Alag Securities Pvt. Ltd is engaged in the business of providing accommodation entries to entry seekers. During the assessment proceedings, AO held that the identity of the parties involved in the…
The Income Tax Appellate Tribunal (ITAT) redirected the issue to the Assessing Officer (AO) as the authorities have erred in denying a claim under Section 80G of the Income Tax Act, 1961 by observing that the CSR payments eligible under the said provision shall be deducted at the time of computation of the head “Profit…
CBDT notifies Donations to ‘Shri Ram Janmbhoomi Teerth Kshetra’ eligible for Income Tax Deduction .The Central Board of Direct Taxes (CBDT) on Friday notified that the donations made to ‘Shri Ram Janmbhoomi Teerth Kshetra’ are eligible for deduction under Section 80G of Income Tax Act, 1961. The Central Government notified the donations to be eligible…