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Without an investigation, the firm’s cash deposit cannot be added to the partner’s personal income: ITAT

The Amritsar Bench of the Income Tax Appellate Tribunal (ITAT), comprised of Anikesh Banerjee (Judicial Member) and Dr. M. L. Meena (Accountant Member), has ruled that a firm’s cash deposit cannot be added to the partner’s income without examination. On March 15, 2013, the assessee received a notification under Section 148 of the Income Tax…

Kerala Finance Minister said the state government would not levy GST on items sold by small businesses

Thiruvananthapuram: Amid mounting opposition to the introduction of Goods and Services Charge (GST) on vital goods, the Kerala government stated on Tuesday, July 19 that it does not plan to tax items supplied in 1 or 2kg packages by companies such as Kudumbashree or small retailers. State Finance Minister K.N. Balagopal warned the Kerala parliament…

Nifty and Sensex increased 1% on windfall tax cuts, FPI buying, and lower commodity prices; ‘Use dips to purchase value stocks

On Wednesday, Indian equities markets rose more than 1.2 percent, led by advances in oil and gas corporations such as Reliance Industries and ONGC, as the government reduced the newly-introduced windfall tax on petrol, diesel, aviation fuel, and crude oil, following a dramatic drop in global oil prices. The benchmark BSE Sensex jumped 1.3% to…