TAX
Revaluation of Capital Asset Made Liable to Capital Gains Tax
The Commissioner of Income Tax V/s M/s Mansukh Dyeing and Printing Mills (Partnership Firm) [Civil Appeal No. 8258 & 8259 of 2022]
December 12, 2022
The Commissioner of Income Tax V/s M/s Mansukh Dyeing and Printing Mills (Partnership Firm) [Civil Appeal No. 8258 & 8259 of 2022]
The Ruling by Jaipur ITAT provides much-needed clarity on the non-applicability of the relatively new provisions of the Equalisation Levy.
Presumptive Tax was first introduced in 1994 to estimate taxable income from the supply of labour for civil construction work or from construction businesses.
The CBDT has, vide Circular No 18 of 2022, dated 13 September 2022, aimed to remove difficulties on implementation of TDS on benefits or perquisites under Section 194R of the Income Tax Act
Key points that an individual/HUF needs to consider while claiming medical expenses in the income tax return.
Families need to more carefully think through decisions such as the location of businesses, holding structures, governance, and multi-jurisdictional estates in order to ensure smooth inter-generational wealth transfers.
Faceless Appeal Scheme 2021 introduced In order to fix the hiccups and incorporate the changes requested by taxpayers.
A transitional approach has been agreed by India and the US on the 2% Equalization Levy. The final terms are expected to be issued by 1 February 2022.
CBDT has issued Circular No 20/2021 providing more clarification on Section 194-O, 194Q & 206C(1H) of teh Income Tax Act.
Read the analysis and implications of the legal contentions discussed in the notable judgment of Leena Power Tech Engineers Pvt Ltd.