Tax
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...
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...
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...
Solid Waste Management Services To Municipal Corporation Is Exempted From GST: West Bengal AAR
The West Bengal Authority for Advance Ruling (AAR) has held that the supply of conservation and solid waste management services to the municipal corporation is exempt from GST.The two-member bench of Brajesh Kumar Singh and Joyjit Banik has noted that the functions entrusted to a municipality as listed in the Twelfth Schedule include functions like sanitation conservancy and solid...
CENVAT Credit Can’t Be Denied For Use Of Prime Quality Materials In Manufacture: CESTAT
The Kolkata Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) has held that there is no restriction in the CENVAT Credit Rules that the Appellants should not use prime quality materials for the manufacture of final products.The single bench of P.K. Choudhary (Judicial Member) has observed that as long as there is no dispute regarding the receipt and consumption of...
CBDT Notifies Income Tax Exemption On California Public Employees Retirement System
The Central Board of Direct Taxes (CBDT) has allowed the California Public Employees Retirement System a Section 10 (23FE) exemption.The Central Government has specified that the pension fund, namely, the California Public Employees Retirement System, shall be eligible for income tax exemption in respect of the eligible investment made by it in India on or after January 25, 2023, but on or...
Material Referred In “Reasons To Believe” Not Supplied To Assessee, Reassessment vitiated: Rajasthan High Court
The Rajasthan High Court has held that the material referred to in the "reasons to believe" was not supplied to the assessee, and the entire proceedings for the reopening of the assessment and leading to the consequential assessment stand vitiated in law.The division bench, led by Chief Justice Pankaj Mittal and Justice Rekha Borana, ruled that a statement recorded under Section 132 (4) of...
Delay By State To Issue Necessary Certificates: ITAT Quashes Revision Order
The Calcutta Bench of Income Tax Appellate Tribunal (ITAT) has quashed the revision proceedings initiated in the name of the deceased person.The revenue department acted quickly after receiving the legal heir certificate, according to the two-member bench of George Mathan (Judicial Member) and Arun Khodpia (Accountant Member). However, there has been a delay at the level of the state...
CBIC Extends Requirement Of Health Certificate With The Import Of Food Consignments
The Central Board of Indirect Taxes and Customs (CBIC) has extended the requirement of a health certificate accompanied with the import of food consignments.Based on a reference from an FSSAI order from August 3, 2022, and its clarification from September 26, 2022, certain food consignments must have a health certificate when being imported.By order dated January 10, 2023, the FSSAI has...
Information Triggering Reassessment Proceedings Needs To Be Furnished To The Assessee: Delhi High Court
The Delhi High Court has held that the underlying information or material that formed the basis for triggering the assessment or reassessment proceedings was required to be furnished to the assessee.The division bench of Justice Rajiv Shakdher and Justice Tara Vitasta Ganju has noted that the petitioner has indicated that it will file a further response once the information or material...
Sale Consideration Out Of Transfer Of Capital Asset Is Liable To Capital Gain: Gujarat High Court
The Gujarat High Court has held that the detachable warrant has an existence of its own along with the debenture purchased by the assessee for a sum of Rs. 50. The realization would be a sale consideration arising out of the transfer of a capital asset and is subject to capital gain.The division bench of Chief Justice Aravind Kumar and Justice Ashutosh Shastri observed that the detachable...
Tax Cases Weekly Round-Up: 22 January to 28 January 2023
Supreme Court Supreme Court Sets Aside Bail Condition To Deposit Rs 70 Lakhs In Case For Wrongfully Claiming ITC Case Title: Subhash Chauhan Versus UOI Citation: 2023 LiveLaw (SC) 61 The Supreme Court has overturned a bail condition imposed by the High Court that a person accused of illegally claiming Input Tax Credit must deposit Rs. 70 lakhs, the alleged amount...