GST in the Hospitality Sector

9 Jan, 2024

GST in the Hospitality Sector

Introduction The implementation of Goods and Services Tax (GST) has brought about significant changes in taxation ac...

Sale Commission payment held to be allowable as expenditure on Sale of Property

8 Jan, 2024

Sale Commission payment held to be allowab...

Introduction: Understanding the intricacies of capital gains computation is crucial for taxpayers, especially when i...

Conversion of Sole proprietary business to a Private Limited Company

8 Jan, 2024

Conversion of Sole proprietary business to...

Introduction: Navigating the labyrinth of tax laws becomes crucial, especially when it comes to intricate situations...

Transfer of capital asset to firm as capital contribution-Amount recorded in books of account of firm deemed to be full value of consideration

8 Jan, 2024

Transfer of capital asset to firm as capit...

Introduction: Understanding the intricate provisions of the Income-tax Act, 1961 is crucial, especially when it come...

Extended Deadline for Reporting Opening Balance in ITC Reversal Ledger

6 Jan, 2024

Extended Deadline for Reporting Opening Ba...

In our ongoing efforts to simplify and enhance your experience with the GST portal, we bring to your attention a crucia...

A Comprehensive Guide to New Functionalities for GTA Taxpayers

6 Jan, 2024

A Comprehensive Guide to New Functionaliti...

We are excited to bring you important updates on the latest functionalities available on the portal for GTA (Goods Tran...

Right of redemption in respect of stock appreciation rights (SARs) cannot be assessed as perquisite

5 Jan, 2024

Right of redemption in respect of stock ap...

Introduction: In the intricate world of income taxation, the recent legal battle in the case of Sumit Bhattacharya v...

Commission from employer is liable to be taxed as business income

5 Jan, 2024

Commission from employer is liable to be t...

Introduction: In the intricate realm of income tax, the case of Jalendra Sahoo v. ITO brings to light a compelling s...

Service rendered outside India  held to be not taxable in India-DTAA-India-USA

5 Jan, 2024

Service rendered outside India  held to be...

Introduction: In the ever-evolving landscape of international taxation, the case of DIT (IT) v. Sasken Communication...

Gains on transfer of shares of Shares would be taxable as long-term capital gains when shares are held for more than 12 months

5 Jan, 2024

Gains on transfer of shares of Shares woul...

Introduction: In the intricate world of income tax, the classification of assets as short-term or long-term can sign...

Payments to teachers cannot be categorized as Fee for Professional Services under Section 194J

5 Jan, 2024

Payments to teachers cannot be categorized...

Introduction: In a recent tax dispute between the District Intermediate Educational Office and the Income Tax Office...

Haryana Launches One Time Settlement-2023 Scheme Pre GST tax liabilities: A Benefits for Traders and Businesses

3 Jan, 2024

Haryana Launches One Time Settlement-2023 ...

In a groundbreaking development, Chief Minister Sh. Manohar Lal has responded to the persistent appeals from Haryana's ...

If the sale deed of a joint property fails to specify the wife’s share, 50% of the rent is taxable in her hands: ITAT

3 Jan, 2024

If the sale deed of a joint property fails...

Introduction: In a recent case, the Income Tax Appellate Tribunal (ITAT) shed light on the tax implications of joint...

Mumbai Tribunal Upholds Penalty Under Black Money Act on Failure to Disclose Foreign Assets in ITR

3 Jan, 2024

Mumbai Tribunal Upholds Penalty Under Blac...

Introduction: In a recent decision, the Mumbai Tribunal affirmed the imposition of penalties on a taxpayer under the...

Supreme Court Ruling: No Penalty Under Section 271C for Belated TDS Remittance

3 Jan, 2024

Supreme Court Ruling: No Penalty Under Sec...

Introduction: In a landmark judgment, the Supreme Court, in the case of US Technologies International (P.) Ltd. v. C...

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