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.
DetailsEvery 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…
DetailsIn this present world full of so many uncertainty and disagreement between large economies rise of the china and militarize use of the Dollar by USA, making dollar less attractive as their reserve currency. Now world is looking for the alternative reserve currency and start to move forward to Euro after its introduction in 1999…
DetailsIndia is a growing economy, government has fix the target to make it 5 Trillion economy by 2024, which is seem very difficult target and BEPS makes it more difficult because in the current and past practices company has done the business in India but shifted the profit in the tax heaven countries, (BEPS means…
DetailsThe 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…
DetailsThe 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…
DetailsThe 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…
DetailsCBDT 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…
DetailsEXPORT ORIENTED UNITS INTRODUCTION The Export Oriented Units (EOUs) scheme, introduced in early 1981, is complementary to the SEZ scheme. It adopts the same production regime but offers a wide option in locations with reference to factors like:- 1. Source of raw materials, 2. Ports of export, hinterland facilities, 3. Availability of technological skills, 4.…
Details[et_pb_section][et_pb_row][et_pb_column type=”4_4″][et_pb_text] About Customs Bonded Warehouse: Customs warehousing is a procedure under which imported goods are stored under customs control in designated place without payment of import duties. The provisions related to warehousing are under Chapter IX of the Customs Act,1962. Apart from the specific provisions, certain regulations like Manufacture and Other Operations in Warehouse…
Details