NewsLetters
Transparent taxation-panacea for tax terrorism?
The Income-tax Act, 1961 (the Act) was amended in 2019 to introduce the concept of faceless assessment and in 2020 to provide for statutory recognition of a tax-payers charter and to provide for an enabling provision for faceless appeals. The Hon’ble Prime Minister launched the ‘Transparent Taxation-Honouring the Honest’ platform on 13th August 2020 covering the aforesaid aspects. A transparent taxation regime is a pre-requisite for growth in every country and it assumes much more importance in a country like ours where the phrase ‘tax terrorism’ got coined for our tax administration.
Newsletter - UAE Corporate Tax Law
On 9th December 2022, the UAE Ministry of Finance (MoF) released the final UAE Corporate Tax Law vide Federal Decree- Law No. 47 of 2022. The Corporate Tax (CT) Law has been drafted based on international best practices. The CT law also provides Transfer Pricing (TP) regulations based on the Organisation of Economic Co-operation and Development (OECD) TP guidelines and will be effective from 1st June 2023. With the enactment of the CT Law, it is essential for businesses to proactively gear-up for implementing the same.
Newsletter Budget 2023 - Healthcare sector
On 1ST February, the last full – fledged Union Budget of Modi Government before the 2024 Lok Sabha elections presented by the finance minister Nirmala Sitharaman. In the budget, the healthcare sector has been allocated Rs. 89,155 crores, a hike of 12.6 percent over Rs. 79,145 crores allocated as per revised Budget estimates for 2022-23.
TAXABILITY OF NOTICE PERIOD RECOVERY
The terms of contract between an employer and employee are generally laid down in the appointment letter issued to the employee by the employer. Typically, the appointment letter also has a clause regrading serving of notice period or payment of an agreed sum by the employee for waiving the notice period.