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tax notice: Keep taxpayers in the loop before you act: Court to Income Tax dept

Quashing a November 2022 show-cause notice against Munjal BCU Centre of Innovation and Entrepreneurship, The Punjab and Haryana High Court said "it is essential that before any action is taken, a communication of the notice must be in terms of the provisions" of the law that provides for a method and manner of service of notice and orders. "The provisions do not mention communication to be "presumed" by placing notice on the e-portal," said the order given a month ago.

Haryana , India , Mumbai , Maharashtra , Ludhiana , Punjab , Paras-savla , Ashish-mehta , Income-tax-department , High-court , Haryana-high-court , Partner-at-khaitan-co

Trusts fear new tax to shrink coffers, hurt charity work

Large trusts and non-profits are in dilemma as the March 15 deadline for advance tax approaches. The new law taxes the money given by larger trusts to smaller NGOs. Clarification by the CBDT is needed to address the impact on flow of funds to charitable causes and to provide tax exemptions for sub-grants.

Mumbai , Maharashtra , India , Paras-savla , Gautam-shah , Gautam-nayak , Gautam-shah-associates , Income-tax-act , Charity-work , Tax , Trusts , Finance-bill

Companies and vendors are trying to escape the impact of an Income Tax law taking effect this year

Under the law --- section 43B(h) of the Income Tax Act --- whose impact would be felt for the first time this year, a business entity failing to pay its vendors registered as `micro or ‘small (MSE) within 45 of delivery, would not get the deduction of its purchase in the year of the purchase but can claim the deduction only in the year of ‘actual payment. Thus, deduction disallowance for unpaid outstanding would increase the taxable income and tax of companies for FY24.

Surat , Gujarat , India , Indore , Madhya-pradesh , Anurag-poddar , Gautam-nayak , Narayan-rane , Manish-dafria , Paras-savla , Nirmala-sitharaman ,

MSE: Businesses navigate new tax law impacting MSE payments, seek government intervention

The new law under Section 43B(h) of the Income Tax Act, which mandates payment to micro and small enterprises (MSEs) within 45 days of delivery to claim deductions, is causing concern and leading to various strategies by businesses and vendors to mitigate its impact. Some companies are attempting to avoid the law's impact by sending letters to vendors without expecting responses, while others are issuing post-dated cheques or raising objections within 15 days of delivery to delay payment obligations.

Kozhikode , Kerala , India , Surat , Gujarat , Australia , Lucknow , Uttar-pradesh , Indore , Madhya-pradesh , Manish-dafria , Paras-savla

MSE: Businesses navigate new tax law impacting MSE payments, seek government intervention

The new law under Section 43B(h) of the Income Tax Act, which mandates payment to micro and small enterprises (MSEs) within 45 days of delivery to claim deductions, is causing concern and leading to various strategies by businesses and vendors to mitigate its impact. Some companies are attempting to avoid the law's impact by sending letters to vendors without expecting responses, while others are issuing post-dated cheques or raising objections within 15 days of delivery to delay payment obligations.

Surat , Gujarat , India , Indore , Madhya-pradesh , Narayan-rane , Gautam-nayak , Nirmala-sitharaman , Paras-savla , Manish-dafria , Anurag-poddar ,

New tax return forms for FY 2023-24 seek more details of tax deductions to eliminate false claims

While filing income tax returns for the financial year 2023-24 in July, you will now have to furnish additional information on tax deductions claimed, including break-up of donations made to political parties, details of disabled dependents for availing of deductions under section 80DD, information on receipts from high-premium life insurance policies and so on.

Ahmedabad , Gujarat , India , Raju-shah , Paras-savla , Department-for-promotion-of-industry , Tax-department , Income-tax-department , Annual-information-statement , Income-tax , Stock-options , Internal-trade

Indian businesses fear higher taxes over unsettled dues to small vendors as March 31 deadline inches closer

Indian businesses are facing a higher tax outgo due to a new law that requires them to clear outstanding dues to small and micro vendors within 45 days. The law, passed in 2023 and unchanged in the 2024 budget, treats incurred expenditures as income on which tax must be paid for FY 24-25. Many businesses are consulting auditors and tax experts to estimate the extent of the impact and find ways to avoid a tax blow. Some small units are even considering surrendering their 'small and micro' registrations to protect their order books.

India , Roshan-agrawal , Paras-savla , Siddharth-banwat , Da-va-associates , Income-tax-act , It-act , Business-higher-taxes , Tax-business-india , Accounting , Trade ,

What NRIs want from Budget 2024: Prevention of double taxation agreements, AIS introduction positives, to begin with

In interim budget 2024, there is a need to enhance digitalisation of tax return filing-linked procedures such as changing residency status, assessments and even alternative tax return verification systems linked to NRIs, say tax experts.

India , Sujit-bangar , Paras-savla , Karan-batra , Processing-centers , Interim-budget , Centralised-processing-centers , Double-taxation-avoidance-agreements , Annual-information-system , Budget-2024 , Udget-2024-25 , Nion-budget-2024

Received notices or alerts from Income Tax Department? Here's how you can respond to them

Several taxpayers have received messages from the Income Tax Department alerting them about possible non-disclosure of high-value transactions such as property sales and purchases, foreign investments and remittances overseas, investments of over Rs 10 lakh in mutual funds, and capital gains made on the sale of equity shares.

Mumbai , Maharashtra , India , Chirag-chauhan , Paras-savla , Income-tax-department , Compliance-portal , Annual-information-statement , Income-tax , Ncome-tax-notices , It-intimation , It-alert

Interim Budget 2024: Tax compliance improves, but process glitches remain

Interim Budget 2024: Technology has eased tax-filing thanks, in part, to pre-filled forms. But mass tax-notices and erroneous notices have caused confusion. And dispute resolution needs to improve.

India , Paras-savla , Karan-batra , Income-tax-department , Information-statement , Income-tax-appellate , Budget-2024 , Udget-2024-25 , Nion-budget-2024 , Nion-budget-2024-25 , Udget-2024-india , Ndia-budget-2024