Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024: A Comprehensive Guide

dtvsv

Effective October 1, 2024, the DTVSV Scheme provides an amicable resolution mechanism for income tax disputes pending before appellate authorities, such as the Income Tax Appellate Tribunal (ITAT), High Court, and Supreme Court. The Direct Tax Vivad Se Vishwas (DTVSV) …

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ITAT Jaipur Upholds Exemption of Capital Gains from Sale of Agricultural Land

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The ITAT Jaipur underscores the need for a detailed examination of rural land transactions for tax purposes, especially when the property is near urban canters. In a significant ruling, the Income Tax Appellate Tribunal (ITAT) in Jaipur has upheld the …

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CBDT Launches Awareness Campaign for Accurate Reporting of Foreign Assets and Income in ITR for AY 2024-25

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This Awareness Campaign primarily focuses on resident taxpayers who have already filed their ITR for AY 2024-25 but may have missed or incorrectly completed Schedule FA (Foreign Assets) or FSI (Foreign Source Income). Taxpayers are encouraged to take advantage of …

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New Functionality of Suppliers View of their Invoices Accepted, Rejected or Hold by Recipients under IMS: GSTN Advisory 548

suppliers view

As an added convenience for taxpayers under Invoice Management System (IMS), a Suppliers View functionality is now available on the GST Portal. Suppliers View under IMS: The Invoice Management System (IMS) has been launched on the GST Portal, effective from …

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Delhi High Court Clarifies When Penalty Proceedings Are ‘Initiated’ Under Section 271C of the Income Tax Act for TDS Non-Compliance

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By clarifying that penalty initiation begins from the earliest action, such as a reference from the AO, the Delhi High Court underscores that delays in issuing show-cause notices do not extend the penalty imposition timeline. In a recent ruling, the …

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Advisory 547 on Invoice Management System (IMS): Ensuring Accurate ITC and Liability in GSTR-3B during initial phase of Its implementation

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Taxpayers can update the action taken on the Invoice Management System (IMS) (e.g., changing an invoice from “rejected” to “accepted” or vice versa) and recompute GSTR-2B anytime before filing GSTR-3B Starting October 2024, the GST Portal introduced the Invoice Management …

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Kerala High Court Rules Assessing Authorities Can’t Reassess Past Years Without Inquiry in Current-Year Cases

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The Court questioned how, during assessment proceedings for 2011-12, the authorities could examine the business nature and extent of the assessee’s activities dating back to 1999-2000. In a significant judgment in Kings Infra Ventures Ltd vs. ACIT (ITA No. 28/2023), …

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Karnataka High Court Rejects Ex-Parte Order Due to GST Department’s failure to Notify Personal Hearing Dates via email, Despite a Clear Request

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Acknowledging the breach of natural justice, the Karnataka High Court set aside the impugned ex-parte order. The court directed the respondent to reconduct the appeal hearing. In a significant ruling, the Karnataka High Court has set aside an ex-parte order …

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ITAT Bangalore Rejects Disallowance of Interest-Free Advance to Related Party Under Section 36(1)(iii) of the Income Tax Act

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The ITAT ruled that, as long as interest-free funds are sufficiently available at the time of advance, disallowance of interest on subsequent loans will not stand. In this article, we delve into a notable tax judgement of ITAT involving a …

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GST Waiver Scheme Under Section 128A for FY 2017-18 to 2019-20: How to Avail Relief on Interest & Penalties

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GSTN Advisory on Waiver of Interest & Penalty in Demand Notices or Orders for the Financial Year 2017-18 to 2019-20. To reduce tax disputes and provide significant relief to taxpayers, the GST Council, in its 53rd meeting on June 22, …

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Suspension of GST Registration Directly Without Initiating Civil or Criminal Proceedings Violates Fundamental Right to Trade: Madras High Court

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In its ruling, the court set aside the impugned suspension order, directing the GST department to review the petitioner’s reply and issue a decision in accordance with the law. The court stressed that any further actions must align with legal …

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New Form DRC-03A Introduced in GST Portal to Adjust Demand Amounts Wrongly Paid through DRC-3: GSTN Advisory 544

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Only payments made through Form DRC-03 under the “Voluntary” or “Others” categories are eligible for adjustment using Form DRC-03A. The GST Portal has introduced Form DRC-03A to help taxpayers adjust demand amounts that were mistakenly paid through DRC-03 instead of …

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Monetary Limits for Reduction or Waiver of Interest under Section 220(2) of the Income Tax Act: CBDT Circular 15/2024

waiver of interest

Under Section 220(2A), certain income tax authorities have the power for reduction or waiver of interest, upon satisfaction of certain condition. Reduction or Waiver of Interest: The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 15/2024 on …

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5% GST Rate Applicable for Fly Ash Bricks with Less Than 90% Fly Ash Content: Gujarat HC Ruling

fly ash bricks

The issue had been clarified in CBIC Circular No. 179/11/2022-GST, dated August 3, 2022. This circular clarified that the 90% fly ash content requirement applies only to aggregates, not to Fly Ash Bricks or Blocks. On September 25, the Gujarat …

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CBDT Circular 14/2024: Condonation of Delay for Filing Returns Claiming Deduction under Section 80P for AY 2023-24

condonation

Circular 14/2024 addressing the condonation of delays in filing income tax returns by cooperative societies claiming deductions under Section 80P of the Income Tax Act for the Financial Year 2022-23. The Central Board of Direct Taxes (CBDT) has issued Circular …

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CBDT Notification 5/2024 Specifying Forms for Rollback of ADA & Claiming Deductions for Qualified Agricultural Extension Projects

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CBDT Specified Forms Prescribed in Appendix II of IT Rules 1962, to be Furnished Electronically under Sub-rule (1) & (2) of Income Tax Rules 1962. The Central Board of Direct Taxes (CBDT) has issued Notification No. 5/2024, which mandates the …

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Delhi High Court Quashes GST Show Cause Notices for Metal One Corporation, Sony India, and Others Over Seconded Employees

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Delhi High Court Ruling in case of Metal One Corporation India Pvt. Ltd. & Sony India Private Limited vs. UOI, W.P.(C) 14945/2023, decided on 22-10-2024] The Delhi High Court has recently scrutinized the legitimacy of Goods and Services Tax (GST) …

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