Key Income Tax Changes in Budget 2023 that will Impact your Current Year In the recently announced Union Budget 2023-24, the government has introduced a series of fresh Income Tax rules, reshaping the personal taxation landscape. These changes, aimed at …
Monthly Tax Chronicle Containing Income Tax & GST Updates of December 2023 Impacting your Current Tax Year Stay updated on the latest Income Tax and GST developments with our comprehensive monthly Tax Chronicle, offering a concise overview of crucial tax …
GST Advisory No. 620 Dt. 01.01.2024: New Online Filing functionalities for GTAs to Declare their Choice of FCM and RCM for GST Payment Explore the latest functionalities introduced by the Goods and Service Tax Network (GSTN) through Advisory No. 620 …
Key GST Reforms Initiated by CBIC during the year 2023 In a ground-breaking year for GST reforms, 2023 witnessed the Central Board of Indirect Taxes and Customs (CBIC) achieving unprecedented success, marking six years of seamless GST implementation. The latest …
Key Income Tax Reforms Initiated by CBDT in the Year 2023 In the dynamic landscape of Income Tax reforms, the Central Board of Direct Taxes (CBDT) has spearheaded citizen-centric initiatives in 2023, focusing on transparency and efficiency. These transformative tax …
Extension of Due Date for Reporting Opening Balance for ITC Reversal – GST Advisory 619 Dated. 29 December 2024 Discover the latest update from the Goods and Service Tax Network (GSTN) in Advisory 619 Dated 29 December 2023, providing a …
CBIC Notification No. 56/2023 Dated. 28 December 2023: Extension of Time Limit of Order Issuance Under Section-73(9) of CGST Act for Recovery of Tax Relating to FY 2018-19 & FY 2019-20 In line with the dynamic tax landscape, CBIC Notification …
CBDT Circular No. 20/2023 Dated. 28 December 2023: Comprehensive Guidelines on Deduction of Tax (TDS) by e-Commerce Operators (ECOs) from Sale of Goods or Services Using their Digital Platform In a recent update, the Central Board of Direct Taxes, through …
Government Explores on Inclusion of Electricity in GST to Enhance the Tax Base While Benefiting both the Industry and Consumers In a significant development, the government is actively exploring the inclusion of electricity in GST framework. This move aims to …
CBIC is Working on Introduction of Revised GST Return Filing Option for Taxpayers by April 2025 In a potential game-changer for taxpayers, the government is considering the introduction of a revised GST return filing option as early as April 2025. …
The court set aside the cancellation order and directed for immediate restoration of the petitioner’s GST registration. In a ground-breaking decision pertaining to cancellation of GST registration, the Delhi High Court recently ruled in favour of M/s. S K Enterprises …
The Court refused to accept the department’s undertaking on Seizure to seal Non-incriminating data and decided next Hearing on January 9 In a significant development, the Gujarat High Court has raised objections to the Income Tax department’s seizure of documents …
CBDT Notifies Amendment in Safe Harbour Rules for International Transactions – Notification No. 104/2023 Dated 19th December 2023 The Central Board of Direct Taxes (CBDT) vide its Notification No.104/2023 Dated. 19th December 2023 has notified some amendment in Rule 10TA …
Section 69A cannot be Invoked if Books of Accounts are not Maintained: Delhi High Court In a significant ruling on December 12, 2023, the Delhi High Court delivered a landmark judgement on Section 69A invocation criteria, in the case of …
CGST (Second Amendment) Bill 2023 Passed in the Lok Sabha: Age Limit of President and Members of GST Appellate Tribunal Set at 70 and 67 Respectively. Taxpayers can Withdraw Cases from High Court or Supreme Court and Appeal to Tribunals …
Supreme Court rejected a plea filed by GST authorities challenging a Calcutta High Court decision against ITC denial to Buyer for Non-Payment of Tax by Seller Supreme Court Rejected Plea filed by GST Authorities: In a significant development, the Supreme …
Madras HC Sets Aside the Order of Assistant Commissioner Due to Confusing Delivery of Order in GST Portal In a recent legal development, technical issues on the GST portal have played a crucial role in case of East Coast Constructions …
CBIC Instruction 5/2023 (GST) Benefiting MNCs: Evaluate Secondment Cases Carefully. Supreme Court Ruling In Northern Operating Systems Case Does Not Apply Mechanically. Apply Section 74(1) only When there is Material Evidence of Fraud, Wilful Misstatement, or Suppression of Fact by …
Age Limit in the Bill for President & Members of GST Appellate Tribunal (GSTAT) set to be Raised to 70 years & 67 years respectively, as opposed to the previous specifications of 67 years & 65 years. Advocates with 10 …
ITAT emphasized the need for the assessing officer to establish the absence of reasonable cause before imposing penalty under section 271C of I-T Act ITAT Jaipur waives Penalty Imposed for non-deduction of TDS on Foreign Remittances: In a recent judgement …