Adjustments and Compliance Requirements on Issue of Credit Notes under GST In the realm of Goods and Services Tax (GST), managing credit-note efficiently is crucial for both suppliers and recipients. This article delves into the treatment of credit-notes under GST, …
Court Dismissed the Recovery Proceedings and Quashed the Interest Recovery Notice Interest Should not be Charged for Late Filing of Return if GST is Paid on Time: In a recent ruling, the Madras High Court has clarified that tax assessees …
Residential Status Dispute Resolved by ITAT: Non-Resident Status Confirmed on 176 Days Stay in India Residential Status of Individual: In a recent decision, the Income Tax Appellate Tribunal (ITAT) Mumbai dismissed the Revenue’s appeal and upheld the order passed by …
CBIC Chairman Advises that SCNs Should be Based on a Thorough Examination of Facts and Relevant Documents The Central Board of Indirect Taxes & Customs (CBIC) is urging caution among its officers to avoid the reckless issuance of show cause …
Court Rejected AAAR Stance that ‘Time of Supply’ is Solely Determined by the Date of Issuance of the Gift Voucher The Madras High Court has recently provided crucial clarity on the applicability of Goods and Services Tax (GST) on gift …
Unconventional but Effective Tax Saving Tips for Salaried Individuals Applicable for the FY 2023-24 (AY 2024-25) Optimizing your tax saving is crucial, especially for individuals falling under tax bracket. Strategic planning well in advance is key to navigating the complexities …
Retrospective Cancellation of GSTIN should not Cover the Period when Taxpayer was Compliant and Filed the Returns Legality of Retrospective Cancellation Only Due to Non-filing of Returns: In a recent ruling on 18 January 2024, the Delhi High Court, in …
Supreme Court Order: Case of Mangalam Publications vs CIT In a recent landmark decision on 23.01.2024, in case of Mangalam Publications vs CIT (Civil Appeal No. 8580-8582 of 2011), the Supreme Court addressed the reopening of a concluded assessment under …
Court Directed the State Commercial Taxes Department to Refund the Forcibly Collected Tax Within a Two-week Period Patna High Court Order: In a landmark ruling on January 15, 2024, the Patna High Court slapped a Rs 5,000 fine on a …
CBDT Press Release Dated 23 January 2024: Direct Tax Statistics for Financial Year 2022-23 In a recent development, the Central Board of Direct Taxes (CBDT) has unveiled crucial statistics regarding Direct Tax collections and administration for the financial year 2022-23 …
CBDT Circular 1/2024 Dt 23 January 2024 – Circular Providing Explanatory Notes on the Provisions of Finance Act 2023 In a significant update on 23rd January 2024, the Central Board of Direct Taxes (CBDT) released Circular No. 1/2024, providing detailed …
New Functionality Developed to Address Failure in Furnishing Bank Account Details by Registered Persons within Stipulated Deadline under CGST Rule-10A: GST Advisory In a recent update on January 23, 2024, the Goods and Service Tax Network (GSTN) has released Advisory-623, …
FIR Filed Against 5 GST Officials for Demanding 5 Crore Bribe from Ghaziabad Based Businessman In a recent development, Ghaziabad police have registered an FIR against five officials from the Directorate General of Goods and Services Tax Intelligence (DGGI) for …
Did you Fail to File your Income Tax Return? Find the Options Still Available Before you When taxpayers find themselves unable to meet the Income Tax return deadline due to valid reasons, there are still options available to file their …
SC to Decide upon Applicability of Income-Tax Exemption on Nuns & Priests Working as Teachers in Govt Aided Christian Missionary Schools Applicability of Tax Exemption on Nuns & Priests: The Supreme Court has recently acknowledged the significance of addressing a …
Ways and Significance of Verifying validity of SCNs and Orders Issued under GST Verifying Validity of SCNs & Orders: Maintaining tax compliance in the realm of Goods and Services Tax (GST) is crucial, and businesses must prioritize the verification of …
Allahabad High Court Ruling: Vehicle Seizure Without Notice Infringes Civil Rights of the Transporter Legality of Seizure of vehicles without Notice: In a landmark judgment on January 9, 2024, the Allahabad High Court, in the case of Akbar Ali Transport …
GST Advisory: Introduction of New Modes of GST Payment by Debit Card/Credit Card/UPI Advisory 622: In a significant move towards digitalization and simplified tax processes, the Goods and Services Tax (GST) system has introduced an innovative feature, allowing taxpayers to …
Expectation of Salaried Taxpayers from Budget 2024 As Finance Minister Nirmala Sitharaman prepares to present the budget for the fiscal year 2024-25 on February 1, 2024, salaried taxpayers are eager to see how it might impact their finances. Although the …
Orissa HC Advices for Approaching Appropriate Tribunal when GST Department fails to Comply CESTAT Directives In a recent development, the Orissa High Court has underscored the significance of approaching the appropriate tribunal for redressal in matters related to the Goods …