Foreign companies offering online services like advertising, cloud services, music, and information to non-GST-registered individuals in India will be required to pay goods and services tax (GST) from October 1,2023. The Finance Act, 2023, amended the Integrated GST Act, broadening …
Online gaming companies in India, including major players like Dream11, Games 24×7, and Head Digital Works, are encountering significant Goods and Services Tax (GST) demands, totaling over Rs 55,000 crore. They have initiated or are considering legal action following pre-show …
Capital Gain on Compulsory Acquisition of Immovable Property: Section 45(5) In the realm of income taxation in India, when a government agency necessitates any compulsory acquisition of land, it is considered a transfer according to the provisions outlined in Section …
In the case before the Income Tax Appellate Tribunal (ITAT) Delhi, the issue revolved around the assessment of an Assessee Firm, which had declared an income of Rs.12,220 during the relevant year. The firm was engaged in a wholesale scrap …
The Income Tax Department has introduced new rules for valuing investments in startups, addressing concerns related to ‘Angel Tax.’ Effective from September 25, these changes to Rule 11UA of the Income Tax Act offer more flexibility to taxpayers by allowing …
The 52nd GST Council meeting, chaired by Union finance minister Nirmala Sitharaman, will be held on October 7 at Vigyan Bhawan in New Delhi. In a post on X (formerly Twitter), the GST Council wrote, “The 52nd meeting of the GST …
Introduction Input Tax Credit (ITC) is a tax benefit that allows you to offset the tax you’ve paid on your purchases (inputs) against the tax you need to pay on your sales (outputs). Essentially, if you’re a GST registered manufacturer, …
In a bid to combat potential GST evasion, tax authorities are expanding their investigation into online gaming firms. Reliable sources indicate that the Directorate General of GST Intelligence (DGGI) plans to launch probes into 100 additional companies in the coming …
In a recent ruling, the Allahabad High Court shed light on ownership determination in goods transportation concerning the Goods and Services Tax Act, 2017. The Court emphasized that when goods are accompanied by specified documents like invoices, either the consigner …
Facts of the Case In a recent judgment on 12th September 2023, the Bombay High Court ruled on a case involving the amendment of Section 54F in 2015 and its prospective application. The case, Hemant Dinkar Kandlur Vs Commissioner of …
Extract of the Notification-79/2023Â NBFC Classification for the Purpose of Section 43D: The Central Board of Direct Taxes (CBDT) has recently issued a crucial notification, Number 79/2023 dated September 22, 2023. This notification pertains to the classification of Non-Banking Financial …
Extract of the CBDT Notification-80/2023Â The Central Board of Direct Taxes (CBDT) recently issued an important notification, Number 80/2023 dated September 22, 2023, pertaining to the classification of Non-Banking Financial Companies (NBFCs) for the purpose of clause (da) of section …
Clearing old dues to expedite refund process: The Income Tax Department has urged taxpayers to promptly respond to notifications regarding outstanding tax demands from previous years. This proactive step is aimed at expediting the clearance of refund for the fiscal …
Delta Corp, India’s leading casino chain, has received communication from the Directorate General of GST Intelligence in Hyderabad, notifying them of a tax liability amounting to Rs 11,139 crore for the period between July 2017 and March 2022, inclusive of …
Meaning of Charitable Activity As per the GST Act, Charitable activities includes, (i) Public health by way of care or counselling of terminally ill persons or persons with severe physical or mental disability, persons afflicted with HIV or AIDS, or …
Faceless Notice for Income Tax Reassessment u/s.148A: Telangana High Court The Telangana High Court has underlined that notices issued by the income-tax department to taxpayers for reassessment of returns under Section 148A of the Income Tax Act must now follow …
Introduction Tax Audit u/s. 44AB of Income Tax Act: An ‘audit’ is essentially a thorough examination, review, or inspection of various records, transactions, or accounts to ensure accuracy, compliance, and reliability. In the realm of taxation, a ‘tax audit’ holds …
In an advisory Dated.19 September 2023, GSTN informed that the geocoding functionality for the “Additional Place of Business” address is now active across all States and Union Territories. This builds upon the geocoding functionality earlier implemented for the principal place …
Composite Supply and Mixed Supply: In the realm of GST regulations, distinct rates are assigned to various goods and services. However, complexities arise when dealing with bundled supplies that encompass a mix of individual goods and/or services. Determining the precise …
On consideration of difficulties reported by taxpayers and other stake holders, the CBDT has extended time limit in respect of the following compliances: 1. The due date of furnishing audit report in form 10B/10BB by a fund/trust/institution or any university/ …