Section 75(2) of the Act specifies that if any Appellate Authority, Appellate Tribunal, or Court determines that a notice issued under section 74(1) is unsustainable due to the failure to establish fraud, wilful misstatement, or suppression of facts to evade …
Recommendations of 54th GST Council Meeting The 54th GST Council meeting, chaired by the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, was held in New Delhi on 9th September 2024. The meeting included Union Minister of State …
These 4 options of GST Relief on Health Insurance stem from a detailed analysis by the Council’s fitment panel, comprising both central and state revenue officials. The Goods and Services Tax (GST) Council is expected to address four crucial options …
Reporting of Inter-State Taxable Supplies to Unregistered Dealers (B2C): The Indian government has introduced a notable amendment on reporting supplies to unregistered dealers under Notification No. 12/2024 – Central Tax, dated 10th July 2024. As per the notification, the threshold …
This Invoice Management system (IMS) will be available on the GST portal starting October 1st. This will allow recipient taxpayers to review and either accept, reject, or keep invoices pending for later action. The GST Network (GSTN) is set to …
The current review of the Income-Tax Act holds the potential to revolutionize India’s tax system by reducing complexities, improving clarity, and making it easier for taxpayers to comply. The Indian government is currently undertaking a significant review of the Income-Tax …
With critical sectors like insurance, petroleum, and online gaming under scrutiny, this GST council meeting could set the course for the future of India’s indirect tax system. The 54th GST Council Meeting is set to take place on September 9, …
By adhering to these Income Tax Compliance deadlines for September 2024, taxpayers can ensure they remain compliant with the law and avoid last-minute financial stress. Income Tax Calendar for September 2024: Adhering to tax compliance in the month of September …
The committee has been given a six-month timeframe to complete the review, a timeline assured by CBDT Chairman Ravi Agrawal to Union Finance Minister. The Central Board of Direct Taxes (CBDT) has established an internal committee to review and simplify …
If no personal gain is proven, such penalties could face constitutional challenges in appellate forums or high courts. Personal Penalties on Executives: The Directorate General of Goods and Services Tax Intelligence (DGGI) has recently issued thousands of notices to various …
The Council, in its 54th meeting scheduled for September 9, will discuss the GoM’s findings and the next steps in GST slab/rate rationalization efforts. GST Slab & Rate Change: The Group of Ministers (GoM) meeting on Goods and Services Tax …
Income-Tax Clearance Certificate u/s. 230(1A) is required by residents domiciled in India, only in cases (a) where a person is involved in serious financial irregularities or (b) where a tax demand of more than Rs. 10 lakh pending but not …
The conference focused on sector-specific enforcement challenges, emerging evasion tactics, and innovative strategies to strengthen enforcement efforts. The second edition of the National Conference of Enforcement Chiefs from State and Central GST Formations took place in New Delhi on August …
The recent guideline emphasizes that, during the audit process, if a Principal Commissioner of CGST Audit encounters scenarios where taxpayers have followed prevalent trade practices based on specific interpretations of GST laws, which could lead to multiple understandings and potential …
CBDT has directed the income tax department to monitor such high value cash transactions in a “non-intrusive” manner. High-Value Cash Transactions under ITD Scrutiny: The Income Tax Department is tightening its scrutiny on sectors like hotels, luxury brand sales, hospitals, …
IIT-D has been given a 30-day window to respond to the notice, explaining why the demanded amount and associated penalties should not be collected. The Indian Institute of Technology-Delhi (IIT-D) has received a show-cause notice from the Directorate General of …
Starting in October 2024, share buyback proceeds will be treated as dividend income and taxed according to the shareholder’s applicable income tax slab. Starting October 1, 2024, the landscape for share buyback in India will undergo a significant transformation. The …
CBIC Instruction Dated 12 August 2024: Guidelines for 2nd All-India Drive against Fake GST Registrations The Central Board of Indirect Taxes & Customs (CBIC) has issued new guidelines in preparation for the second All-India drive against fake GST registrations, as …
If you’ve received an intimation under Section 143(1) but believe the refund amount is incorrect, you can file a rectification request under Section 154(1) Raising Rectification Request u/s.154(1): When you successfully file your Income Tax Return (ITR), the next phase …
The CBDT typically issues a circular on TDS from salaries for employers after the Finance Bill receives the President’s assent and is notified. The July 2024 Budget introduced significant changes to the income tax laws under the new tax regime, …