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The newly implemented rules under the I-T Act related to time limit for payment to small and micro industries is impacting textile trading in a major way. Various textile bodies of the city held a meeting with the Southern Gujarat Chamber of Commerce and Industry (SGCCI) and requested the Union finance minister Nirmala Sitharaman to defer the implementation of the payment norms for a year.
Right now, criminal prosecution in income tax law gets triggered even for trivial human errors such as delays in deposit of withholding taxes, they say. These and similar other provisions do not help build an environment of trust between the taxpayer and the authorities, experts say.
Justice Subramonium Prasad ruled that CIC does not have the jurisdiction to direct furnishing of information provided for in Section 138 of the Income Tax Act.
Deepashree Shetty, Partner, Tax & Regulatory Services, BDO India, shares her views on expectations from the interim Budget 2024 such as raising standard deduction limit to ₹65,000, allowing NRIs to get their income tax return verification done on their overseas mobile numbers and more.
Mumbai: The Mumbai Income-Tax Appellate Tribunal (ITAT) has ruled in favour of an individual who had claimed his tax residential status to be that of .