Customs & GST Officers Need to Stop Using Public Email IDs & to Use gov.in/nic.in Email IDs for all Official Communication from 01.02.2024 Direction to Stop using Public Email IDs for Official Communications: In a recent move to bolster cybersecurity, …
Tentative CBI Probe on Officials involved in Alleged Compromised Investigations: A Step to Combat Tax Evasion CBI Probe on Officials: In the ongoing battle against tax evasion, concerns have been raised over substantial losses incurred by the government due to …
Bombay HC Granted Bail to Individual Accused of 144 Cr GST Evasion In a recent development, the Bombay High Court has granted a bail on 25 January 2024 to an individual accused of evading Rs. 144 crores in Goods and …
Computation of Income from House Property as per I-T Act Income from House Property: According to Section 22 of the Income Tax Act, the annual value of house property, including any buildings or associated lands owned by the taxpayer, is …
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, …
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 …
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 …
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 …
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 …
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 …
GST Council Relinquished the Authority to Levy GST on ENA Outside the GST Ambit Liquor companies are eagerly awaiting clarity on the taxation of Extra Neutral Alcohol (ENA) used in distilling alcoholic beverages for human consumption, as the amendment to …
MPC Member of RBI Ashima Goyal Recommends for Taxing Wealthy Farmers in the Budget 2024 to Enhance Tax Fairness As the nation eagerly anticipates the upcoming Interim Budget 2024, Reserve Bank Monetary Policy Committee (MPC) member Ashima Goyal has proposed …
NRAI Urges Government for Restoration of ITC in Budget 2024 In a significant appeal to the government ahead of Union Budget 2024, the National Restaurant Association of India (NRAI) has called for the reinstatement of input tax credit (ITC) for …
Income Tax Deductions for FY 2023-24 under Old Tax Regime Deductions for Individuals under I-T Act: In a financial year, individuals accumulate income across five distinct categories, contributing to the calculation of their gross total income, which is subject to …
GSTN Advisory No.621 Dated. 15 January 2024: Introduction of Table 14 & 15 in Form GSTR-1 In a recent development, the Goods and Service Tax Network (GSTN) issued Advisory No. 621 on dated 15 January 2024 pertaining to introduction of …