Page 2 - Central Processing Centre News Today

Finance Minister Nirmala Sitharaman began the presentation of Union budget 2023 in the Lok Sabha by informing that Indian economy is expected to grow at 7% this fiscal.

The government will continue its focus on ease-of-paying taxes, while legislative reforms will stay work-in-progress at the interim budget on Feb. 1, according to EY. Finance Minister Nirmala Sitharaman is set to present the vote-on-account and the interim budget on Feb. 1, before the impending general elections scheduled later this year.

The Interim Budget 2024, will be presented by the finance minister, Nirmala Sitharaman, on February 1, 2024. A few key steps as suggested by CII that would help to rationalise and simplify taxes are as follows.

Under the income tax laws, an individual is taxed based on the residential status. A residential status can either be resident or non-resident. Further, a Resident is categorised into Not Ordinarily Resident (NOR) or Ordinarily Resident (OR) depending on his/her physical presence in India during the previous financial years. Read on to know how it impacts individual.

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Vi said it paid more than the legitimate tax due on its income and had sought a refund of the amount along with applicable interest

Vodafone Idea Ltd had on June 8, 2023 this year, as successor of Vodafone Mobile Services Ltd, petitioned the HC against the Central Processing Centre, Bengaluru, Assistant Commissioner of Income-Tax, Mumbai and others. Through its senior counsel J D Mistri, the cellular operators called in question the failure of CPC and IT officials to refund the amount it paid for 2016-17, in excess of legitimate tax due on returned income.

Business News: The Bombay High Court has ruled in favor of Vodafone Idea Limited, stating that an assessment order passed by the Faceless Assessing Officer two years