CBDT Issues New Guidelines for ITR Scrutiny for FY 2024-25 The Central Board of Direct Taxes (CBDT) recently released a notification outlining the scrutiny process for income tax returns (ITR) for the financial year 2024-25. This notification aims to provide …
Government Plan to Rejig GST & Customs Duty to Address Inverted Duty Structure Issues Government plan to Rejig GST & Customs:The government is actively working to resolve the issues caused by the inverted duty structure, which distorts trade and hampers …
Understanding Capital Gain Tax on Transfer of Shares Capital Gain on Share Transfers: Navigating the tax landscape for transferring shares in India involves various considerations. Factors such as the holding period, acquisition method (primary market, secondary market, gift, inheritance), market …
Under a typical co-lending setup, multiple lenders collaborate to extend loans, facilitating broader customer reach for banks and access to cheaper funds for NBFCs, along with a share in the loan portfolio. GST on NBFC Co-Lending: The government, spearheaded by …
Income Tax Benefits on Withdrawals from and Deposits in National Pension System (NPS) Tax Benefits of NPS: The National Pension System (NPS) is a tax-saving investment-cum-pension scheme designed for individuals aged 18 to 70 years, irrespective of their residential status. …
There is an urgent need to alter the GST portal to permit the acceptance of monthly returns even when the full tax is not paid. The portal can record the tax arrears for that month. The monthly collection of GST …
Income Tax Return form ITR-1 consists of some pre-filled sections that you need to validate/edit before submission. The income tax return (ITR) filing season is in full swing, with the deadline for filing returns for FY 2023-24 set for July …
GSTN Notifies Form SRM-I and SRM-II for Information from Manufacturers of Pan Masala & Tobacco. GSTN Update 497: In a recent update, the Goods and Services Tax Network (GSTN) has introduced new compliance measures for manufacturers of pan masala and …
These industry leaders call for simplified procedures and improved communication between MSMEs and GST authorities to ensure smoother GST registration. Challenges in GST Registration for MSMEs in TN: The Federation of Indian Micro and Small & Medium Enterprises (FISME) and …
This dispute centers on whether the central government has the authority to impose taxes on land sales, as development rights are considered incidental to these transactions. A significant legal battle has emerged as a real estate developer escalates the issue …
Taxpayers can now check in AIS whether their feedback is acted upon by the Source/Reporting Entities New Functionality in AIS: According to a recent press release by the Ministry of Finance on dated 13th May 2024, the Central Board of …
The Income Tax e-filing portal has got you covered with its recent update introducing new functionalities in the ‘e-Proceedings’ tab. Explore the latest enhancements in the e-Proceedings tab of the Income Tax e-filing portal, facilitating easier access to tax notices, …
The court stressed the importance of adhering strictly to legal procedures, particularly in cases involving arrests under section 69 of the GST Act. In a significant directive, the Supreme Court has instructed the Centre to refrain from using threats or …
CBDT highlighted that, the recent amendments, introduced by the Finance Act 2021, have reduced the time limit for serving notices under Section 143(2) to three months from the end of the financial year in which the return is filed. The …
XVIFC invites Suggestions & Views from General Public, Institutions and Organisations According to a press release of MoF dated. 8 May 2024, the Sixteenth Finance Commission (XVIFC) is reaching out to the public, organizations, and individuals for their valuable suggestions …
The court has granted temporary relief, allowing companies served with show cause notices based on the contentious circular on GST applicability on corporate guarantee, to challenge them in court. GST on Corporate Guarantee: In a significant development, the Punjab & …
The supreme court advised MSMEs associated with Vyapar Mandal to seek relief through the respective high courts if needed. In a recent development, the Supreme Court dismissed a petition by the Federation of All India Vyapar Mandal contesting the constitutionality …
With his extensive experience and commendable track record, appointment of Justice Sanjaya Kumar Mishra as the head of GSTAT signifies a significant step towards efficient dispute resolution in tax matters. The Goods & Services Tax Appellate Tribunal (GSTAT) has been …
High Court, which quashed the assessment order and directed a fresh assessment, ensuring due consideration of the petitioner’s deduction claim under Section 80IB(10). In a recent ruling, the Bombay High Court emphasized the importance of avoiding over-analysis by the Income …
The Supreme Court raised questions about the ambiguity surrounding section 69 of the GST Act, particularly concerning the powers of arrest. In a significant development, the Supreme Court has directed the Centre to provide detailed information regarding the issuance of …