https://www.thehindubusinessline.com/economy/policy/income-tax-department-revises-rent-free-accommodation-valuation-boosting-take-home-salaries-for-employees/article67211121.ece Income Tax Department’s revised rules on rent-free accommodation valuation will increase take-home salaries, benefiting employees. Employees enjoying rent-free accommodation will now have higher takeaway
👍Income shall be determined on Net Profit even though Society is not Registered u/s 12A of Income Tax Act: ITAT allows Deduction of Expenditure
Read More: https://www.taxscan.in/income-shall-be-determined-on-net-profit-even-though-society-is-not-registered-u-s-12a-of-income-tax-act-itat-allows-deduction-of-expenditure/311220/ The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) allowed deduction of expenditure and held that the income shall be determined on net profit even though
E-commerce policy almost final, with clarity now on data localisation rules
https://www.thehindubusinessline.com/economy/e-commerce-policy-almost-final-with-clarity-now-on-data-localisation-rules/article67210475.ece Both the Department for Promotion of Industry and Internal Trade (DPIIT) and the Department of Consumer Affairs will have their own roles in the
👍Govt notifies GST laws for uniform tax on online gaming, casinos, and horse racing
https://www.thehindubusinessline.com/economy/policy/govt-notifies-gst-laws-for-uniform-tax-on-online-gaming-casinos-and-rorse-racing/article67211136.ece Government amends GST laws to implement 28% tax rate on real money online gaming, casinos, and horse racing. The Government has notified GST laws
Asian shares head for 3rd week of losses on China woes, US rates
Asian shares head for 3rd week of losses on China woes, US rates https://economictimes.indiatimes.com/markets/stocks/news/asian-shares-head-for-3rd-week-of-losses-on-china-woes-us-rates/articleshow/102816899.cms Download Economic Times App to stay updated with Business News –
Radhakishan Damani, Hemendra Kothari among India’s top stock market investors
Radhakishan Damani, Hemendra Kothari among India’s top stock market investors https://economictimes.indiatimes.com/markets/stocks/news/radhakishan-damani-hemendra-kothari-among-indias-top-stock-market-investors/articleshow/102815839.cms Download Economic Times App to stay updated with Business News – https://etapp.onelink.me/tOvY/135dde21
I-CRR move to prevent ‘asset price bubble’: RBI’s state of economy report
https://www.business-standard.com/markets/news/liquidity-splash-have-implications-for-asset-price-bubble-says-rbi-report-123081700781_1.html The Reserve Bank of India’s (RBI’s) state of the economy report on Thursday warned of asset price bubbles emanating from excess liquidity in the
Develop expertise in carbon accounting, ESG: FM urges CAs
https://www.financialexpress.com/economy/develop-expertise-in-carbon-accounting-esg-fm-urges-cas/3214162/ The traditional image of accounting as a tedious and manual process is rapidly evolving. Finance Minister Nirmala Sitharaman on Thursday asked Chartered Accountants (CAs)
Tax Talk: Key data points to compute capital gains on property sale; you can claim deduction for interest paid during the construction phase
https://www.financialexpress.com/money/tax-talk-key-data-points-to-compute-capital-gains-on-property-sale-you-can-claim-deduction-for-interest-paid-during-the-construction-phase/3214099/ Receipts for direct sale-related expenses Expenses directly incurred in relation to the purchase and sale are allowed as a deduction when calculating capital gains.
The Reserve Bank of India (RBI) on Thursday said retail inflation is expected to average well above its target band of 4%-6% in Q2FY24, and called for major reforms in the perishables supply chain to prevent recurrent price shocks.
To be sure, India’s consumer price index-based inflation rose to a 15-month high of 7.44% in July, primarily led by a rise in vegetable prices,
Spike in inflation: RBI calls for reforms in perishables supply chain
https://www.financialexpress.com/industry/banking-finance/spike-in-inflation-rbi-calls-for-reforms-in-perishables-supply-chain/3214198/ The Reserve Bank of India (RBI) on Thursday said retail inflation is expected to average well above its target band of 4%-6% in Q2FY24,
Draft tax form for firms to report inventory valuation out
https://www.financialexpress.com/industry/draft-tax-form-for-firms-to-report-inventory-valuation-out/3214201/ To prevent the deferral of taxes through undervaluation of inventory, the income tax department has come out with a draft form for various categories
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