GST Collection During Financial Year 2023-24 In a recent press release by the Ministry of Finance dated April 1, 2024, it was revealed that Gross Goods and Services Tax (GST) revenue for March 2024 reached a remarkable ₹1.78 lakh crore. …
CBDT Notification No. 2/2024 dated 31 March 2024 In a recent update on March 31, 2024, the Central Board of Direct Taxes (CBDT) has issued Notification No. 2 of 2024 to provide clarity on the verification of income tax returns …
Significant Changes Effective from April 1 of Financial Year 2024-25 As we step into the new financial year FY 2024-25 starting April 1, several significant changes in governance rules related to taxation, National Pension Scheme (NPS), mutual funds, and other …
The student received notices from both the Income Tax and GST departments concerning a company registered under his PAN card, purportedly conducting business activities in Mumbai and Delhi during the year 2021. A startling incident has shaken 25-year-old college student …
This HUF Tax saving trick is not exclusive to the Hindu community but also extends to the Jain, Baudh, and Sikh communities. As we approach the end of the financial year 2023-24, many individuals are seeking ways to optimize their …
The Congress party has received a ₹ 1,800 crore notice from the Income Tax Department, a day after the Delhi High Court dismissed the party’s petition challenging the tax notices. The fresh notice on congress party is for assessment years …
The six-page SOP provides clear instructions to DGGI officials on their conduct during various stages of tax investigations, including summons and searches. The Central Board of Indirect Tax and Customs (CBIC) has rolled out a new standard operating procedure (SOP) …
CBDT Notification No.37/2024 dated 27 March 2024: Income Tax (Fifth Amendment) Rules 2024 The Central Board of Direct Taxes (CBDT), vide its Notification No. 37 of 2024 dated 27th March 2024, notifies about the amendments brought in the Income Tax …
Today, the last trading day before the market closure, is the final opportunity to invest in ELSS for tax Exemption ELSS Tax Exemption: As the financial year draws to a close, investors are reminded that today marks the deadline for …
The complainant, in a handwritten note submitted to the CBI, detailed how the officials asked for a bribe to resolve the issue. In a recent development, the Central Bureau of Investigation (CBI) has taken action against three GST officials for …
Five Important Income Tax Related Tasks you Need to Complete on or before 31 March 2024 As we approach the end of the current financial year, it’s crucial for taxpayers to complete all income tax-related tasks before March 31 to …
The Justice suggested that, arrested individuals should generally be granted bail, reflecting the legislative intent. SC Justice Urges Caution by GST Authorities: Encouraging GST authorities to exercise careful consideration and thorough examination before proceeding with the arrest of businessmen for …
The department claimed that the “escaped” income by the congress party amounted to over ₹520 crore. The Delhi High Court delivered a verdict on Friday, rejecting the Congress party plea challenging the Income Tax (IT) department’s move to initiate reassessment …
The Congress Party stands to face substantial financial repercussions if violations under Section 13(1) of Income Tax Act are proved. The Congress party finds itself embroiled in a series of tax challenges, with the Income Tax Department delving into its …
Exit load is a fee levied by Mutual Fund firms when investors redeem or sell their units before the lock-in period expires. In a recent development, the Directorate General of Goods and Services Tax Intelligence (DGGI) has issued show-cause notices …
CBDT Notification 33/2024: Amendment in Existing Convention Between India & Spain Pertaining to Taxation of Royalties & Fees on Technical Services (FTS) The Government of India (GOI), vide its Notification 33/2024 dated 19th March 2024, has introduced favorable adjustments in …
CBDT Notification 34/2024 Dated 19 March 2024 In a new update, the Central Board of Direct Taxes (CBDT), through its Notification No. 34/2024 dated 19 March 2024, has issued a correction notice regarding its Notification No. 27/2024 dated March 5, …
This demand of Bribe was made by the Deputy Commissioner in exchange for refunding GST worth ₹20 lakh belonging to the firm “ARDEM Data Services Private Limited In a recent development, a vigilance team in Uttar Pradesh made a significant …
E-Verification Instructions Issued by Directorate of I-T (Systems) to Assessing Officers for Initiating Proceedings u/s.147 of Income Tax Act against the High Risk Cases of FY 2020-21. Taxpayers in Default can also treat this as a reminder for them from …
The circular emphasizes the decision of Departmental appeals to be based on Merits of the case, aiming to reduce unnecessary litigation. In its latest Circular No. 5/2024 dated March 15, 2024, the Central Board of Direct Taxes (CBDT) has introduced …