Effective October 1, 2024, the DTVSV Scheme provides an amicable resolution mechanism for income tax disputes pending before appellate authorities, such as the Income Tax Appellate Tribunal (ITAT), High Court, and Supreme Court. The Direct Tax Vivad Se Vishwas (DTVSV) …
This Awareness Campaign primarily focuses on resident taxpayers who have already filed their ITR for AY 2024-25 but may have missed or incorrectly completed Schedule FA (Foreign Assets) or FSI (Foreign Source Income). Taxpayers are encouraged to take advantage of …
During the meeting, state finance ministers will present their recommendations for the 2025-26 Budget to be tabled on February 1, 2025. The GST Council is also likely to take up some rationalisation exercises and slash tax rates on a number …
As an added convenience for taxpayers under Invoice Management System (IMS), a Suppliers View functionality is now available on the GST Portal. Suppliers View under IMS: The Invoice Management System (IMS) has been launched on the GST Portal, effective from …
Taxpayers can update the action taken on the Invoice Management System (IMS) (e.g., changing an invoice from “rejected” to “accepted” or vice versa) and recompute GSTR-2B anytime before filing GSTR-3B Starting October 2024, the GST Portal introduced the Invoice Management …
GSTN Advisory on Waiver of Interest & Penalty in Demand Notices or Orders for the Financial Year 2017-18 to 2019-20. To reduce tax disputes and provide significant relief to taxpayers, the GST Council, in its 53rd meeting on June 22, …
Only payments made through Form DRC-03 under the “Voluntary” or “Others” categories are eligible for adjustment using Form DRC-03A. The GST Portal has introduced Form DRC-03A to help taxpayers adjust demand amounts that were mistakenly paid through DRC-03 instead of …
Under Section 220(2A), certain income tax authorities have the power for reduction or waiver of interest, upon satisfaction of certain condition. Reduction or Waiver of Interest: The Central Board of Direct Taxes (CBDT) has recently issued Circular No. 15/2024 on …
Top Common Mistakes to Avoid While Claiming Input Tax Credit (ITC) Input Tax Credit (ITC) is key in India’s Goods and Services Tax (GST) system. Claiming ITC correctly helps businesses get the most tax benefits and stay in line with …
Circular 14/2024 addressing the condonation of delays in filing income tax returns by cooperative societies claiming deductions under Section 80P of the Income Tax Act for the Financial Year 2022-23. The Central Board of Direct Taxes (CBDT) has issued Circular …
CBDT Specified Forms Prescribed in Appendix II of IT Rules 1962, to be Furnished Electronically under Sub-rule (1) & (2) of Income Tax Rules 1962. The Central Board of Direct Taxes (CBDT) has issued Notification No. 5/2024, which mandates the …
This update specifically affects filings of GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, and GSTR-9. In accordance with the Finance Act, 2023, dated March 31, 2023, new restrictions on GST return filing have been implemented from October 1, 2023, …
The court emphasized that Section 119(2)(b) is a beneficial provision, intended to allow for exceptions and refunds in cases of genuine hardship. Decisions made under this provision must include proper justification, aligning with both procedural fairness and the legislative intent …
Previously, airlines had the flexibility to submit this information either 24 hours before departure or at wheels-off time. The Central Board of Indirect Taxes and Customs (CBIC) has recently updated regulations for passenger data submission by airlines, enforcing stricter compliance …
A government panel on Goods and Services Tax (GST) for the real estate sector is preparing an interim report that may significantly influence affordable housing across India. The Group of Ministers (GoM) is recommending an increase in the affordable housing …
For those with high home loan interest payments on self-occupied properties, the old tax regime may still be beneficial due to the deductions it offers. However, if your focus is on simplicity and lower tax rates with fewer deductions, the …
These changes are designed to ensure Registration compliance with the latest GST requirements under Notification No. 25/2024 – Central Tax, which was issued on October 9, 2024. In a recent update, GSTN has introduced a new feature on the GST …
New Definition of Arm’s Length Price of an International or Specified Domestic transaction as per the second proviso under sub-section (2) of Section 92C of Income-tax Act 1961 The Central Board of Direct Taxes (CBDT) has issued Notification No. 116/2024, …
The first GSTR-2B report reflecting the actions performed within IMS will be available for the October 2024 return period on 14th November 2024. The Invoice Management System (IMS) is now accessible to taxpayers, offering a streamlined way to reconcile their …
As per the New Guidelines, the time restriction of 36 months for filing compounding applications from the date of complaint filing has been removed. The Central Board of Direct Taxes (CBDT) has released New Guidelines for Compounding of Offences under …