Home Highlights February 2023 Year 2023 This

You may also like:

1. Local authorities - Rate of Income Tax will continue to be the same as that specified for the FY 2022-23.

2. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

3. Characterization of income - consideration received by the partner of a firm upon retirement from the firm - retirement benefit - any money received by the partner upon...

4. In deposit of trading receipts of the firm in the bank account of the partner, the assessee has not violated any of the provisions of the Income Tax Act, even if it may...

5. Exemption u/s 10(26) - Exemption to individual members of Scheduled Tribes - Whether a partnership firm, formed by individual partners who are entitled to an exemption...

6. Disallowance of interest expenditure in the hands of partner - investment as capital in the business of the partnership firm - Absence of earning any interest income on...

7. Liability of service tax - appellants are partners of partnership firm and they received certain renumeration from the firm - The partner of a partnership firm is none...

8. Characterization of interest income from the partnership firm as business income - Presumptive income @8% u/s 44AD - Interest and salary received by the assessee from...

9. Demand of service tax on partners services to partnership firm - separate identity - mutuality of services - there cannot be a service provider – service recipient...

10. Taxing the right person - land transaction done by the partnership firm - assessment in the hands of partners or partnership firm - sale consideration received by...

11. Companies – Rate of Income Tax / Corporate Tax & surcharge shall be the same as for FY 2022-23. Amendment has been with regard to marginal relief, where such marginal...

12. Insertion of new section 270A - Penalty for underreporting and misreporting of income. - tax payable on under-reported income shall be calculated as if such...

13. Accrual of interest income in the hands of dissolved partnership firm - section 189 keeps the firm alive for the purposes of assessment despite its dissolution. It...

14. Deemed income - Addition u/s 41(1) - cessation of liability - amount due to partnership firm - The said adjustment of transferring the loan into the capital is between...

15. Short term capital gain - capital gain arose from transfer of land to the partnership firm by way of capital contribution as the assets was converted to Fixed Capital...