Budget 2023-24: Income Tax Deduction Allowed Only On 'Actual Payment' Of Sum Payable By Assessee To MSMEs

With the objective of promoting timely payments to Micro and Small Enterprises, Finance Minister Nirmala Sitharaman in her Budget 2023-24 speech has proposed to insert a new clause (h) in section 43B to provide that any sum payable by the assessee to a micro or small enterprise beyond the time limit specified in section 15 of the Micro, Small and Medium Enterprises Development (MSMED) Act...

Budget 2023-24: Finance Minister Proposes To Increase Threshold Limit For Co-Operatives To Withdraw Cash Without TDS

In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman has proposed to increase the threshold limit for co-operatives to withdraw cash without TDS.The government has proposed to amend section 194N of the Income Tax Act by inserting a new proviso to provide that where the recipient is a co-operative society, the provisions of the section shall have effect, as if for the words...

39,000 Compliances Reduced, Over 3,400 Legal Provisions Decriminalized To Enhance Ease Of Doing Business In India: Finance Minister

In her Budget 2023-24 speech, Finance Minister Nirmala Sitharaman said that for enhancing ease of doing business in India, more than 39,000 compliances have been reduced and more than 3,400 legal provisions have been decriminalized. She has also proposed to decriminalise section 276A of the Income Tax Act.Section 276A makes provision for prosecution with rigorous imprisonment up to two years...

5 Major Announcements For Middle-Class: Budget 2023-24

On February 1, the Union Budget for 2023-24 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman.Here are 5 major announcements for the middle class:1. Income Tax Rebate Limit To Be Raised To Rs. 7 Lakhs In The New Tax Regime From 5 LakhsThe individuals with income up to Rs.5 lakh do not pay any income tax in both old and new tax regimes. The Finance Minister proposed to...

Madras High Court Orders Shutdown Of Fake Websites Misleading Devotees, Earning Profit In Name Of Temples

The Madras High Court has ordered closure of all illegal/unauthorised websites that have been created in the name of temples and which have been collecting funds from the devotees by misleading them.Noting that temples are places of worship which people visit to get eternal peace and harmony, the bench of Justice R Mahadevan and Justice Sathya Narayana Prasad held that temples should not...

Karnataka High Court Directs DGP To Hold Departmental Enquiry Against Police Officer For Inordinate Delay In Registering FIR Even After Magistrate's Order

The Karnataka High Court has directed the Director General and Inspector General of Police to hold a departmental enquiry against police inspector Praveen K.Y of the Cottonpet Police station, for failure to comply with the order passed by the Magistrate court directing registration of First Information Report on a private complaint of theft. Justice M Nagaprasanna said lawful...

Union Budget 2023 : FM Announces New Income Tax Rates; Slabs Reduced To 5, Exemption Raised To Rs 3 Lakhs In New Regime

In her Budget 2023-24 speech, Union Finance Minister Nirmala Sitharaman has announced that the increase in the income tax rebate limit from Rs. 5 Lakhs To Rs. 7 Lakhs in the new tax regime.For the middle class person, the proposal under the new income tax regime has been a huge relief. This would mean that an individual with an annual income of up to Rs 7 lakh will not be required to pay...

Offences Under Pre-Conception & Pre-Natal Diagnostic Techniques Act Affect Society, Settlement Between Parties Not Acceptable: Gujarat High Court

The Gujarat High Court has held that settlement between parties in cases where an offence is committed under Pre-Conception and Pre-Natal Diagnostic Techniques Act, 1994 cannot be accepted. The application was filed before the High Court under section Section 482 of the Code of Criminal Procedure, 1973 for quashing and setting aside the FIR related to the offences punishable...

Union Budget 2023 : FM Announces Increase Of Rebate Limit; No Income Tax For Persons With Income Upto Rs 7 Lakhs In New Regime

In a major budget announcement helping the salaried middle class, Union Finance Minister Nirmala Sitharaman announced the proposal to raise the income tax rebate level to Rs 7 lakhs per annum from Rs 5 lakhs per annum."Currently, those with income upto 5 lakhs do not pay any income tax in both old and new regimes. I propose to increase the rebate limit to 7 lakhs in the new tax...

Bombay High Court Pulls Up Foreign Medical Graduate For Filing Complaint In Bar Council Against National Medical Council’s Lawyer

The Bombay High Court on Tuesday rapped a foreign medical graduate who had lodged a complaint in the Bar Council against the National Medical Council’s lawyer alleging that he made a false statement before the court. “This is an attempt to intimidate an advocate at our bar who is appearing for the respondent (NMC) and who is doing his job. He (NMC’s advocate) is pointing out...

Being Short Of Funds To Pay Court Fee Is Not A Sufficient Reason To Condone Delay To File Appeal: Supreme Court

The Supreme Court observed that being short of sufficient funds to pay court fee is not a reason to condone delay in filing appeal.In such a scenario, an appeal can be filed in terms of Section 149 CPC and thereafter the defects can be removed by paying deficit court fees.In this case, the High Court dismissed the delay condonation applications filed under Section 5 of the Limitation Act,...

Supreme Court Seeks Centre's View On Entering Into Mutual Legal Assistance Agreement With USA On Child Custody Disputes

The Supreme Court, recently, issued notice to the Ministry of External Affairs and Ministry of Home Affairs indicating it to explore possibilities of entering into mutual agreements with the USA as the number of custody matters, wherein one of the parents living in the USA is flouting the orders of the Apex Court to return the child to the other parent residing in India, is on the rise."We...