Deduction for delayed cost of worker’s contribution on PF and ESI earlier than submitting of ROI admissible: ITAT

By rashila basheer , Nov 24, 2022 at 1:08 pm The Mumbai bench of the Earnings Tax Appellate Tribunal (ITAT) has held that deduction is allowable for delayed cost of worker’s contribution to Provident Fund (PF) and ESI earlier than submitting of Earnings Tax Return (ROI). Gulermak-TPL Pune Metro Joint Enterprise, the assessee challenged the … Read more

Producers Of ‘Polyurethane Foam’ Used To Make Automotive Seats Eligible For Earnings Tax Deduction Beneath Part 80-IB: Supreme Courtroom

By TaxScan Crew , Nov 18, 2022 at 2:19 pm A two-judge bench of the Supreme Courtroom on Thursday held {that a} producer of ‘polyurethane foam’ used for manufacturing automotive seats could be eligible for earnings tax deduction beneath Part 80-IB of the Earnings Tax Act, 1961. The assessee is manufacturing ‘polyurethane foam’ which is … Read more

Depart encashment paid as per part 43B(f) of Revenue Tax Act: Permits ITAT deduction

By Kalyani B Slim , 11 November 2022 at 12:06 pm The Bangalore Bench of the Revenue Tax Appellate Tribunal (ITAT) allowed deduction within the type of go away encashment as per Part 43B(f) of the Revenue Tax Act, 1961. Through the monetary yr (FY) 2015-2016, it’s claimed that the assessee, M/s International E-Enterprise Operations … Read more

Depart encashment paid as per part 43B(f) of Earnings Tax Act: Permits ITAT deduction

By Kalyani B Slender , 11 November 2022 at 12:06 pm The Bangalore Bench of the Earnings Tax Appellate Tribunal (ITAT) allowed deduction within the type of go away encashment as per Part 43B(f) of the Earnings Tax Act, 1961. Throughout the monetary yr (FY) 2015-2016, it’s claimed that the assessee, M/s World E-Enterprise Operations … Read more

Referral payment to docs and nursing houses violating skilled ethics, medical diagnostics firm can’t declare deduction: ITAT

By Rasheela Bashir , 10 November 2022 at 11:48 am The Pune Bench of the Revenue Tax Appellate Tribunal (ITAT) has held that referral charges paid to docs and nursing houses is not going to be allowable as deduction beneath Part 37 of the Revenue Tax Act, 1961 as it’s in violation of the Medical … Read more

The tax deduction is reversible should you do that along with your life insurance coverage coverage.

By anshuli Sep 13, 2022, 05:41 PM ist (printed) small Earnings tax advantages claimed below part 80C of the Earnings Tax Act are reversible if sure situations should not met. learn to grasp additional Earnings taxpayers can avail advantages by investing in life insurance coverage insurance policies and making use of deduction below part 80C, … Read more

How a lot is stamp obligation? Tax calculator reveals what you’ll pay in SDLT on property earlier than mini funds deduction

Stamp obligation is being radically lower because the nation awaits the primary mini-budget since Liz Truss grew to become prime minister. Whitehall sources informed many occasions Stamp obligation cuts had been within the pipeline as Chancellor Quasi Quarteng introduced his improvement plan on Friday. The prime minister informed a press briefing in New York that … Read more

Snapshot: What are among the tax penalties of debt funding for Luxembourg? – tax deduction

To print this text, you solely have to be registered or login to Mondaq.com. A latest choice by the Luxembourg Tribunal Administrator on 23 September 2022 (choice 44902), the place curiosity free loans within the type of fairness financing have been required for tax functions,1 Highlights as soon as once more one of … Read more

IRS raises normal deduction, tax bracket as a consequence of inflation

The Related Press A part of a 1040 US Particular person Earnings Tax Return Type proven in New York in July 2018. Taxpayers will get a hefty normal deduction for 2023 and all seven federal earnings tax bracket ranges will likely be revised upwards as the federal government permits folks to avoid wasting extra … Read more

Jeremy Hunt eliminates 1p revenue tax deduction

The brand new chancellor has abolished the 1p deduction from the fundamental charge of revenue tax, regardless of Quasi Quarteng bringing ahead the measure in his mini-budget till 2023. New Chancellor Jeremy Hunt has confirmed he’ll scrap plans to chop 1p from the fundamental charge of revenue tax. The previous well being secretary on Monday … Read more