Introduction The Central Board of Direct Taxes (CBDT) vide its Notification No.88/2023 Dated.10th October 2023 has notified some amendments in Rules 114B, 114BA and 114BB of the Income Tax Rules 1962. These Rules may be called the Income Tax (Twenty …
GSTR 2A and GSTR 3B Discrepancy Not Grounds for ITC Denial In a significant ruling, the Hon’ble High Court of Kerala, in the case of M/s. Henna Medicals vs. State Tax Office, Thalassery & Ors., held on 19th September 2023 …
Introduction-ITAT Delhi Removes Penalty under section 271AAAÂ In a recent development, the Income Tax Appellate Tribunal (ITAT) Delhi bench delivered a significant ruling by waiving the penalty under section 271AAA of the Income Tax Act, 1961. The decision was motivated …
CBDT Circular No. 17/2023 In a recent development, the Central Board of Direct Taxes (CBDT) released Circular No.17/2023 on 9th October 2023, bringing important clarifications on compliance obligations for charitable and religious entities in respect of filing their audit report …
Introduction: Appeal to Income Tax Appellate Tribunal The Income Tax Appellate Tribunal (ITAT) serves as a crucial platform for hearing appeals related to income tax orders issued by tax authorities. It operates under the oversight of the relevant High Court …
Introduction-Highlights of 52nd GST Council Meeting The 52nd GST Council Meeting, held in New Delhi, concluded with several significant decisions aimed at boosting specific sectors and streamlining tax provisions. Finance Minister Ms. Nirmala Sitharaman announced the outcomes, showcasing a focus …
Introduction: New Rule of Nil or Low TDS certificate for NRIs Effective from October 1, a new set of regulations regarding Nil or Low Tax Deducted at Source (TDS) certificates for Non-Resident Indians (NRIs) has been introduced by the Central …
E-filing of form-10F by NRIs Possible without PAN In a significant development, non-resident individuals or entities without a Permanent Account Number (PAN) can now conveniently e-file Form 10F, which is required with a “tax residency certificate” to avail of tax …
Special Campaign 3.0: The Central Board of Direct Taxes (CBDT) has initiated Special Campaign 3.0 dedicated to promoting cleanliness (Swachhata) within various branches of Income Tax Department throughout nation. The campaign kickstarted with a preparatory phase commencing on September 15, …
Introduction: 52nd GST Council Meeting The 52nd GST Council meeting is scheduled to take place on October 7, 2023, in New Delhi, with Union Finance Minister, Mrs. Nirmala Sitharaman, serving as the chairperson. This meeting comes about two months after …
LIC has received Income Tax notices for three different assessment years viz., 2012-13, 2018-19 and 2019-20 with the total penalty amounting to over Rs 84.02 crore. Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Department has demanded …
In an Advisory on 3rd October 2023, GSTN has informed that the e-Invoice JSON download functionality is now live on the GST e-Invoice Portal. For the benefit of taxpayers, in its advisory, GSTN has mentioned the key steps to download …
Bajaj Allianz General Insurance Co. on Tuesday received a GST demand notice of Rs.1,010 crore for alleged non-payment of GST on the co-insurance and re-insurance premiums. The Show Cause-Cum-Demand Notice on Bajaj Allianz was sent by the Directorate General of …
E-commerce marketplace Meesho on Tuesday announced that it is set to welcome non-GST registered sellers to its platform. This will benefit a vast network of small e-commerce businesses across the country. The decision follows the government’s recent elimination of mandatory …
Maruti Suzuki Gets 2160 Cr Income Tax Assessment Order: Maruti Suzuki India Ltd on October 3 informed the stock exchanges that it has received a draft Income Tax assessment order for pending dues amounting to Rs.2,160 crore from the Income …
Netflix plans to move the Income Tax Appellate Tribunal (ITAT) against the Rs.196-crore income tax evasion case. The Income Tax department’s international tax wing has accused the streaming giant of evading income tax amounting to RS 196 crore on a …
Union Minister, Dr. Jitendra Singh launched Special Campaign 3.0 for institutionalizing Swachhata and Reducing Pendency in Government with a focus on all attached/ subordinate/ field offices/ Missions/ Defence establishments and establishments/ offices in all parts of the country. Special Campaign …
Above 30 Lakh Audit Report Filed till 30th September Above 30.75 lakh audit report including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date, i.e., 30 …
Active PAN not a Ground for Proceedings against Amalgamated Company: The true effect and character of the amalgamation largely depends on the terms of the scheme of merger. But there cannot be any doubt that, when two companies amalgamate and …
The gross GST collection in the month of September, 2023 is Rs.1,62,712 crore, out of which CGST is Rs.29,818 crore, SGST is Rs.37,657 crore, IGST is Rs.83,623 crore (including Rs.41,145 crore collected on import of goods) and cess is Rs.11,613 crore (including Rs.881 crore collected on import …