Frequently Asked Questions (FAQs) on Direct Tax Vivad Se Vishwas Scheme, 2024

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FAQs are designed to guide stakeholders, helping them understand the nuances and benefits of the scheme. The Central Board of Direct Taxes (CBDT) has issued a comprehensive Guidance Note in the form of Frequently Asked Questions (FAQs) to address various …

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Clarification Regarding the Scope of “as is/as is, where is basis” Mentioned in the GST Circulars: Circular 236/30/2024-GST

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In the context of GST, the phrase “regularized on an as is, where is basis” means that tax payments made at a lower rate, or exemptions claimed by taxpayers, will be accepted. Additionally, no refund will be provided if the …

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GST Circular 235/29/2024: Clarification Regarding GST Rates & Classification of certain Goods

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This Clarification regarding GST rates & classification (goods) is based on the recommendations of the GST Council in its 54th meeting held on 9th September, 2024, at New Delhi. Clarification regarding GST Rates & Classification of certain Goods: Based on …

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CBIC Notification 22/2024-Central Tax: Special Procedure for Rectification of order Issued u/s.73/74/107/108 of CGST Act 2017

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As per the Notification, the Taxpayers against whom an order under sections 73, 74, 107, or 108 of the CGST Act has been passed, confirming the demand for wrong ITC availment in contravention of section 16(4), are eligible to apply …

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Government Seeks Public Suggestions for Review of the Income Tax Act, 1961

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Taxpayers and stakeholders can submit their suggestions by visiting the webpage via the following link: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review. In the Budget 2024-2025 speech, the Hon’ble Finance Minister announced a comprehensive review of the Income-tax Act, 1961. This initiative aims to simplify the …

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Supreme Court Rules in Favour of Revenue on 90,000 Income Tax Reassessment Notices

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This verdict of Supreme Court ensures the taxpayers a greater clarity on the validity of reassessment notices, while the Revenue can benefit from extended timelines due to pandemic-related challenges, albeit within defined limits. The Supreme Court recently ruled in favour …

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GSTN Advisory 529: Guidelines for Accurate Entry of RR No./Parcel Way Bill Numbers into the E-Way Bill System

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Taxpayers who transport goods via Indian Railways’ Parcel Management System (PMS) must make the accurate entry of the Parcel Way Bill (PWB) number or RR No. into Part-B of the e-way bill on the EWB portal. Guidelines for Accurate Entry …

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Notification 18 & 19 0f 2024 (CT): Principal Bench of GSTAT Empowered by Govt to Ensure Benefits of ITC & Reduced Tax to Consumers

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Notification No. 18 & 19 of 2024 (Central Tax) In a recent update, the Central Government, vide Notification 18/2024-CT, has taken a significant step by empowering the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) to ensure …

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Income Tax Authorities Empowered to Accept Delayed Refund or Loss Carry Forward Claims under Section 119(2)(b) – Circular No. 11/2024

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No condonation application will be entertained by Income Tax Authorities beyond five years from the end of the relevant assessment year. Power of Income Tax Authorities in condoning delays in filing returns that claims refunds/ carry forward of losses: In …

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Biometric-Based Aadhaar Authentication & Document Verification for GST Registration Introduced in Odisha from 28th September 2024

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If an Appointment Booking Link is provided after submission of form GST REG 1, the applicant must book an appointment to visit a GST Suvidha Kendra (GSK) for Biometric-Based Aadhaar Authentication and document verification. As per Advisory No. 525 dated …

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CBDT Notification No. 105/2024: Corrigendum to Notification No. 104/2024 Pertaining to Vivad se Vishwas Rules 2024

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This corrigendum notification specifies about some key amendments in few of the schedules of the Vivad se Vishwas Rules 2024 Central Board of Direct Taxes (CBDT) has issued Notification No. 105/2024 dated 27 September 2024, serving as a corrigendum to …

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CBDT Notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024

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The Direct Tax Vivad se Viswas Scheme 2024 was introduced through the Finance (No. 2) Act, 2024, with further provisions outlined in Notification No. 104/2024, G.S.R 584(E), issued on 20th September 2024. This scheme offers a simplified mechanism for settling …

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