In a recent Ruling, the Supreme Court declared the electoral bonds scheme unconstitutional. But it’s essential to note that the tax deduction for donors remain unaffected until an amendment is brought under the Income Tax Act Tax Deduction on Electoral …
Learn about the recent ITC reversal notices issued to builders, implications of reversing Input Tax Credit (ITC), and compliance requirements for ongoing and new projects under GST regulations In a recent development, numerous builders have been served with notices by …
ITRs of salaried employees in Odisha are assessed by the I-T dept and cases of mismatch in claims of deductions/exemptions in ITRs vis-s-vis Form 16 resulting into refunds of more than Rs.50000 Targeted Huge Mismatch Found in ITRs of Salaried …
Department of Revenue, Ministry of Finance, invites applications for appointment to the posts of the Judicial Members, Technical Members (Centre) and Technical Member (State) in Principal Bench and States Benches of GST Appellate Tribunal Applications Invited for Appointment of GSTAT …
Insurance agents have been served notices under the Benami Transactions (Prohibition) Amendment Act, 2016 In a significant revelation, the Income Tax (I-T) Department has uncovered a staggering Rs 25,000 crore benami deal within the insurance sector. The probe sheds light …
Action of Anti-Corruption Bureau was in Response to a Complaint by an Export Company In a recent development, the Anti-Corruption Bureau (ACB) has apprehended Pankaj Khurana, a chartered accountant (CA), and Prem Raj Meena, a Central GST superintendent, on charges …
Notes on Tax Structure in India: Corporate Tax Vs Personal Income Tax In the realm of tax collections, a notable shift has emerged where personal income tax (PIT) now surpasses corporations tax contributions to the central government’s coffers. This nuanced …
DGGI Has Detected Cases where Individuals with Malicious Intention Issuing Fake Summons CBIC Warns Taxpayers about Fake Summons: In a recent development, the Central Board of Indirect Taxes and Customs (CBIC) has issued a cautionary advisory regarding the emergence of …
Provisions under Clause(h) of Section 43B of Income Tax Act The Finance Act of 2023 brought about a crucial amendment to Section 43B of the Income Tax Act, 1961, with the addition of clause (h) which took effect from April …
This Raid is a Part of an Extensive Investigation Against a Former MLA & MP Suspected in Significant Tax Evasion and Accumulating Disproportionate Assets The Income Tax Department’s Investigation Wing recently carried out a raid at the residence of former …
Bribe Demand was Confirmed during the Course of the Investigation, Leading to the Registration of the FIR In a recent development, an Assistant Commissioner of Maharashtra’s tax department, along with several other officers from the State GST department, has come …
Recommended a reduction in GST rates applicable to various health insurance products, including retail policies for senior citizens and micro-insurance policies, along with term policies The Standing Committee on Finance has recommended a reduction in the Goods and Services Tax …
A List of Changes in ITR Forms (ITR-1 to 6) Applicable for Financial Year 2023-24 (AY 2024-25) ITR Form for AY 2024-25: As per the recent notifications of CBDT, specifically Notification No. 19 of 2024 dated January 31, 2024, ITR …
How to respond to Notices under Section 133(6) of I-T Act Notice under section 133(6) is a crucial provision granting investigative powers to designated officers within the income tax department. This section empowers the designated officers to ask the taxpayers …
New Reporting Requirement of GSTR 1 from January 2024 Learn about the latest reporting updates in the Goods and Services Tax Return-1 (GSTR-1) form, effective from January 2024. Notification no 26/2022, dated 26th December 2022, introduced two crucial tables, Table …
Govt Plans to Remove Invoice Editing Feature in Next Financial Year Govt Plan to Remove Invoice Editing Option: In a bid to boost compliance and tackle the issue of fake invoicing, the Indian government is considering a significant change to …
GST Appellate Tribunal (GSTAT) May Begin Operation by July-August 2024 The much-awaited Goods and Services Tax (GST) Appellate Tribunals, intended to resolve taxpayer disputes under the six-and-a-half years old indirect tax regime, may begin operations around July or August, Revenue …
Amendment in GST: Insertion of New Section 122A Prescribing Penalty, Seizure & Confiscation for Non-Registration of Machines by Tobacco Product manufacturers In a significant amendment to combat revenue leakage in the tobacco products manufacturing sector, the Finance Bill 2024 has …
Income Tax Exemption Deadline for Three Crucial Sectors Extended up-to 31 March 2025 I-T Exemption Extended in 3 Crucial Areas: In the latest budget announcement for 2024, the Indian government has chosen to maintain existing tax rates while extending income …
Massive ITC Fraud Detected by DGGI: 1700 Cases with Rs. 18000 Crores of ITC Evasion Detected this Year & 98 Arrested DGGI Unveils Massive ITC Fraud: According to a recent press release of Ministry of Finance on 3 February 2024, …