Tax
Finance Minister Announces Establishment Of Additional Tribunals To Speed Up Insolvency Resolutions, Recovery: Budget 2024-25
While presenting the Union Budget for 2024-25, Finance Minister Nirmala Sitharaman said that the services of the Centre for Processing Accelerated Corporate Exit (C-PACE) will be extended for voluntary closure of LLPs to reduce the closure time.“The IBC has resolved more than 1,000 companies, resulting in direct recovery of over Rs 3.3 lakh crore to creditors. In addition, 28,000...
Budget 2024-25: Major Announcements On Customs Duty Proposals
On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman.Here are major announcements in respect of the Customs Duty proposals: 1. Medicines For Cancer Patients The Customs duty on three more medicines namely Trastuzumab Deruxtecan, Osimertinib, Durvalumab is proposed to be fully removed, to provide relief to cancer patients. Till today...
Budget 2024 Update: Simplification Of Income Tax Act, Tax Reassessment, Capital Gains Taxation
On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman by which it was proposed that the Income-tax Act, 1961 to be made concise and easy to read.The opening of reassessment beyond three years from end of assessment year only if escaped income is 50 lakh or more, up to a maximum period of five years from end of assessment year.The time...
Capital Gain On Share Market Income Increased: Budget 2024-25
On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman.The Finance Minister has increased the capital gain on share market income, which may prove to be a major setback to the share market investors.The short-term capital gains tax (STCG) on certain assets would be twenty percent, while the long-term capital gains tax (LTCG) on all...
Budget 2024-25: Major Announcements For Students & Youths
On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman. Here are major announcements for the youths: EPFO registration The job situation in the nation will improve thanks to the three programs the administration has suggested for promoting employment for fresh applicants. Employers will be encouraged to hire new...
Income Tax Slabs Under New Regime Revised, Standard Deduction Increased: Finance Minister Lays Budget 2024
Union Finance Minister Nirmala Sitharaman today revised the Direct Income tax rates under the new regime.The revised rates are as follows:0-3L income- nil tax3-7L income- 5% tax7-10L income- 10% tax10-12L income- 15% tax12-15L income- 20% taxAbove 15L income- 30% taxEarlier, the rates under the new regime were as follows:0-3L: nil3-6L: 5%6-9L: 10%9-12L: 15%12-15L: 20%Above 15L:...
Gujarat High Court Upholds SAD Refund For Betel Nuts, Rules No Distinction Between Industrial And Edible Varieties
The Gujarat High Court has upheld the decision of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) allowing the refund of Special Additional Duty (SAD) on betel nuts. The court observed that there is no distinction between industrial grade betel nuts and edible supari.The division bench comprising Justices Bhargav D. Karia and Niral M. Mehta ruled, “Considering the facts of...
Object Of Introduction Of Faceless Assessment Stands Defeated If Show Cause Notice U/s 148 Is Issued By Jurisdictional AO: Punjab & Haryana HC
While pointing that scheme of faceless assessment is applicable from the stage of show cause notice u/s 148 as well as 148A, the Punjab & Haryana High Court ruled that notice u/s 148 cannot be issued by Jurisdictional Assessing Officer after introduction of faceless assessment scheme. Since the Revenue Department had issued show-cause notice u/s 148 relying on the Board's...
Interest Can't Be Levied When No Taxable Due Is Found: Gauhati High Court
The Gauhati High Court has held that once the assessment order of the authorities is set aside and the matter is remanded back and assessed, no taxable interest can be levied.The bench of Justice Arun Dev Choudhury has observed that in a judicial system that is administered by the court, one of the primary principles to keep in mind is that the court under the same jurisdiction must have...
No Service Tax Payable By CIPLA On Manufacturing And Exporting Of Pharmaceutical Products: CESTAT
The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that no service tax is payable by Cipla on the manufacturing and export of pharmaceutical products.The bench of Binu Tamta (Judicial Member) and Hemambika R. Priya (Technical Member) has observed that the respondent-assessee is a holder of a letter of approval issued by the Development Commissioner for...
Dept. Failed To Put Assessee On Notice In Respect Of Section 69A Addition, Assessment Order Not Sustainable: Calcutta High Court
The Calcutta High Court has quashed the assessment order on the grounds that the department has failed to put the assessee on notice in respect of addition under Section 69A of the Income Tax.The bench of Justice Raja Basu Chowdhury has observed that the determination made by the respondent-department as reflected in the assessment order stands vitiated by reasons of failure on the part of...
GST Payable On Advance Received Against Supply Portion Of Work Contract: Gujarat AAR
The Gujarat Authority of Advance Ruling (AAR) has held that the GST is payable in advance received against the supply portion in respect of the work contract.The bench of Amit Kumar Mishra and Milind Kavatkar has observed that the turnkey contract entered into by the applicant has been held to be a work contract.The applicant is in the engineering, procurement, and construction (EPC)...