Adv Aditya Narayan 
Govt Plans to Remove Invoice Editing Feature in Next Financial Year Govt Plan to Remove Invoice Editing Option: In a bid to boost compliance and tackle the issue of fake invoicing, the Indian government is considering a significant change to …
GST Appellate Tribunal (GSTAT) May Begin Operation by July-August 2024 The much-awaited Goods and Services Tax (GST) Appellate Tribunals, intended to resolve taxpayer disputes under the six-and-a-half years old indirect tax regime, may begin operations around July or August, Revenue …
Amendment in GST: Insertion of New Section 122A Prescribing Penalty, Seizure & Confiscation for Non-Registration of Machines by Tobacco Product manufacturers In a significant amendment to combat revenue leakage in the tobacco products manufacturing sector, the Finance Bill 2024 has …
Capital gain is the profit that one earns from selling of capital assets, such as stocks, bonds, or real estate. This gain occurs when the selling price of the asset is higher than its purchase price. In other words, it’s …
Income Tax Exemption Deadline for Three Crucial Sectors Extended up-to 31 March 2025 I-T Exemption Extended in 3 Crucial Areas: In the latest budget announcement for 2024, the Indian government has chosen to maintain existing tax rates while extending income …
Massive ITC Fraud Detected by DGGI: 1700 Cases with Rs. 18000 Crores of ITC Evasion Detected this Year & 98 Arrested DGGI Unveils Massive ITC Fraud: According to a recent press release of Ministry of Finance on 3 February 2024, …
Who is Required to File Income Tax Return Mandatorily? Persons required to file Income Tax Return: Compliance with tax regulations is essential for every taxpayer, necessitating the comprehensive disclosure of income details to the Income Tax Department. For this purpose, …
GST Council may Consider Nationwide Rollout of Biometric Authentication for registration – Statement of CBIC Chief Biometric Authentication: The Goods and Services Tax (GST) Council is contemplating the implementation of biometric based Aadhaar authentication across India for individuals seeking GST …
CBDT Press Release about Release of Almost all ITR Forms for FY 2023-24 In a recent press release on February 2, 2024, the Central Board of Direct Taxes (CBDT) has officially announced the release of all Income Tax Return (ITR) …
Cash Transaction Limits under Various Sections of Income Tax Act Income Tax Act restricts cash transaction over a certain limit according to the provisions under some sections of the act. The main purpose behind enacting such a provision on cash …
Summary of Tax Related Announcements in the Interim Budget 2024 Explore the latest tax-related updates from the Union Budget 2024-2025, presented by Finance and Corporate Affairs Minister Smt Nirmala Sitharaman. This summary delves into the significant tax measures announced on …
Highlights of Interim Budget 2024: Income Tax & GST Finance Minister Nirmala Sitharaman unveiled the Interim Budget 2024 on February 1, 2024, outlining the financial landscape for the upcoming fiscal year starting April 1, 2024. As widely anticipated, there were …
Income Tax Slabs & Rates Applicable to Individuals in FY 2023-24 (AY 2024-25) For the financial year 2023-24, the default tax regime is the New Tax Regime, offering individuals a lower rate of taxation under section 115BAC. However, those individuals …
GST Officer Caught Red-Handed in a Sting Operation by Anti-Corruption Bureau (ACB) In a major development, Anti-Corruption Bureau (ACB) officials in Srikakulam district successfully apprehended a GST officer, N. Kishore Kumar, while accepting a bribe of Rs. 1 lakh from …
Amendment in CBIC Notification 2/2017-Central Tax Dt. 19 June 2017 In a significant move, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification 5/2024 on Dated 30th January 2024, exercising powers under the Central Goods and Services …
Income Tax Exemptions Applicable to Salaried Individuals in FY 2023-24 Salaried individuals often seek ways to optimize their income and minimize tax liabilities. Understanding the array of income tax exemptions and deductions available is crucial for achieving this financial objective. …
ITAT Kolkata: Income Tax Exemption under Section 10 (23C)(vi) Allowed on Gross Receipts Including Rental Income I-T Exemption on Educational Income: In a recent decision on 1.12.23, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT), in Case no.498/Kol/2023, …
A Comprehensive List of Relief Measures Expected from Budget 2024 As we gear up for the interim budget announcement on February 1, 2024, by Union Minister Nirmala Sitharaman, taxpayers eagerly await potential amendments that could impact their financial landscape. Although …
Delhi High Court upholds Constitutional Validity of GST Anti-Profiteering Provisions Constitutional validity of Anti-Profiteering Provisions: In a significant development, the Delhi High Court, led by Acting Chief Justice Manmohan and Justice Dinesh Kumar Sharma, has affirmed the constitutional validity of …
Income Tax (First Amendment) Rules 2024: CBDT Notification 16/2024 CBDT Notification 16/2024, issued on January 24, 2024, marks a significant update from the Central Board of Direct Taxes. This notification brings forth changes to the Income Tax Return (ITR) Form …