Stay updated with breaking news from Finance Act. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Some businesses had requested the finance ministry to defer implementation of the provision by a full financial year while others have requested that the 45-day time limit be extended. The ministry has asked stakeholders to suggest ways to resolve the issues arising from the I-T Act and to recommend possible alternate mechanisms for timely clearance of MSME bills.
The apex court asked the MSMEs, which are a part of the Vyapar Mandal, to approach the high courts should they need any relief.
Vaccine manufacturer Serum Institute of India (SSI) has filed a challenge to the Supreme Court against a 2016 amendment to the Income Tax Act that made subsidies, grants, waivers, concessions, or reimbursements by the Centre or states or incentives in cash or kind as taxable. The amendment had inserted sub-clause (xviii) to Section 2(24), which defines taxable "income". The case was filed under the Package Scheme of Incentives-2013, which provided various incentives to major industries for five years.
Ordinary revenue collection amounted to Sh1.585 trillion or 9.8 percent of GDP against a target of Sh1.840 trillion.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/KVHWNI5HUFHZTAU3NAHFHRAWGI.jpg)
Intra-family loans are very common in Ireland but all sides need to be aware of the rules if they want to avoid unwelcome tax bills