The new income tax law requiring master distributors to clear MSME bills within 45 days sparks concern among merchants. Some reduce purchases to comply, fearing tax implications. Merchants argue customers face no such deadlines, posing payment challenges. Trade bodies seek grace periods and leniency, highlighting logistical and financial hurdles. Calls for government payments to set examples and requests for extensions underscore broader industry apprehensions over the law s impact on trade dynamics.
Giving reprieve to a home buyer, the income tax appellate tribunal (ITAT), Mumbai, clarified that the market value of a flat mentioned on the allotment letter should be considered and not the value on the date of registration of the sale agreement for the assessment of income.
Bengaluru, May 28: Karnataka Chief Minister Basavaraj Bommai on Saturday asked the Jain International Trade Organisation (JITO) to explore the idea of starting a business aggregator or an E-Commerce platform on the lines of Flipkart and Amazon. Stating that short form of the 15-year old organisation ‘JITO’ itself means victory in Hindi, Bommai exuded confidence that its members will succeed wherever they lay their hands. “You (JITO) have got a great strength and marketing skills. You have the calibre. Why […]
Industries, trade bodies, and daily wage labourers cheered the government’s decision to withdraw the weekend curfew as it would help revive commercial activities. Hit hard by the clampdown of people’s movement, introduced by the government to curb the Covid outbreak, traders sighed in relief as weekends are the time for peak business.