Adv Aditya Narayan 
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) …
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 …
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 …
During the meeting, state finance ministers will present their recommendations for the 2025-26 Budget to be tabled on February 1, 2025. The GST Council is also likely to take up some rationalisation exercises and slash tax rates on a number …
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 …
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 …
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 …
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), …
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 …
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 …
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, …
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 …
The petitioner argued before court, that the issuance of this second order on the identical SCN was effectively a “double jeopardy,” constituting a misuse of power by the department. In a significant ruling, in case of Jain Cement Udyog vs. …
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 …
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 …
Top Common Mistakes to Avoid While Claiming Input Tax Credit (ITC) Input Tax Credit (ITC) is key in India’s Goods and Services Tax (GST) system. Claiming ITC correctly helps businesses get the most tax benefits and stay in line with …
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 …
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 …
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 …
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) …