Home Highlights February 2023 Year 2023 This

You may also like:

1. Local authorities - Rate of Income Tax will continue to be the same as that specified for the FY 2022-23.

2. 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...

3. Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon...

4. In deposit of trading receipts of the firm in the bank account of the partner, the assessee has not violated any of the provisions of the Income Tax Act, even if it may...

5. Exemption u/s 10(26) - Exemption to individual members of Scheduled Tribes - Whether a partnership firm, formed by individual partners who are entitled to an exemption...

6. Notification issued u/s 10(46) of Income Tax Act, 1961 exempting specified income of Uttaranchal Board of Technical Education, Roorkee (PAN: AAALU0281D) from income tax,...

7. Disallowance of interest expenditure in the hands of partner - investment as capital in the business of the partnership firm - Absence of earning any interest income on...

8. Liability of service tax - appellants are partners of partnership firm and they received certain renumeration from the firm - The partner of a partnership firm is none...

9. Demand of service tax on partners services to partnership firm - separate identity - mutuality of services - there cannot be a service provider – service recipient...

10. Taxing the right person - land transaction done by the partnership firm - assessment in the hands of partners or partnership firm - sale consideration received by...

11. Transfer of an industrial undertaking from urban to rural area by a partnership firm qualifies for exemption u/s 54G of the Income Tax Act. The assessee, a partner in...

12. Companies – Rate of Income Tax / Corporate Tax & surcharge shall be the same as for FY 2022-23. Amendment has been with regard to marginal relief, where such marginal...

13. The High Court quashed the orders dismissing the appeal filed by the petitioner firm on grounds of limitation and the order passed u/s 73(9) of the Central Goods and...

14. Partnership firm rendered professional services in Japan, taxes withheld there. Firm claimed foreign tax credit (FTC) which was denied by tax authorities. ITAT held that...

15. Accrual of interest income in the hands of dissolved partnership firm - section 189 keeps the firm alive for the purposes of assessment despite its dissolution. It...