Home Highlights February 2020 Year 2020 This

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1. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

2. Income Tax - Rebate u/s 87A - Benefit of full exemption from Income is extended where the total income is not exceeding Rs. 7 lakhs as computed under the New Tax Regime...

3. The ITAT Pune dealt with a case involving denial of standard deduction and Chapter VIA deductions u/s 80C. The appellant, an individual earning income under the head...

4. The assessee, a shipping company under the Tonnage Tax Scheme, had declared certain incomes like sundry credit balances written back, excess provisions written back,...

5. New scheme for Tax on income of individuals and Hindu undivided family u/s 115BAC - Assessee had not filed Form 10-IE for opting the new tax regime within the stipulated...

6. Income-tax (5th Amendment) Rules, 2016) - Rules in respect of fund manager regime under section 9A of the Income-tax Act, 1961 - Notification

7. Transitional credit - Unutilized amount of Advanced VAT paid - The court found that if the amount of advance tax paid under the VAT regime remained unutilized, it should...

8. The High Court dismissed the petition seeking refund of Input Tax Credit (ITC) accrued under the Value Added Tax (VAT) regime upon transition to the Goods and Services...

9. Method of calculation of tax liability - execution of works contract - whether tax liability should be determined as per the GST regime @ 12% or under the VAT regime @5%?...

10. Tax Evasion in Post-GST Regime

11. C.B.E. & C. Advisory on Customs related matters on introduction of Goods and Services Tax regime

12. Circular regarding Accounting Framework for new Goods and Services Tax (GST) regime - Circular

13. Increase in the Compensation Cess rate on cigarettes to make the total tax incidence on cigarettes in GST regime at par with the total tax incidence in pre-GST regime

14. This judgment deals with the validity of reassessment notices issued u/s 148 of the Income Tax Act between July and September 2022, in light of the Tax Ordinance and the...

15. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...