New Tax Regime under Income Tax Act The Budget 2020 introduced a new tax regime under section 115BAC, offering individuals and Hindu Undivided Families (HUFs) the choice to pay income tax at reduced rates with fewer exemptions and deductions. This …
The Delhi High Court acts as a protection against arbitrary cancellations of GST registration based on inaccurate field visit reports. In a recent case of Gulab Nagar v. Assistant Commissioner [W.P No. 3383 of 2024 on March 06, 2024], the …
GST Collection During Financial Year 2023-24 In a recent press release by the Ministry of Finance dated April 1, 2024, it was revealed that Gross Goods and Services Tax (GST) revenue for March 2024 reached a remarkable ₹1.78 lakh crore. …
CBDT Notification No. 2/2024 dated 31 March 2024 In a recent update on March 31, 2024, the Central Board of Direct Taxes (CBDT) has issued Notification No. 2 of 2024 to provide clarity on the verification of income tax returns …
The vulnerabilities in the system prompted the High Court to intervene and rectify the injustice caused by technical glitches in this case. Mr. Rohit Gupta, representing Polytec Industries, contested in the High Court, against an order from the Delhi Goods …
Significant Changes Effective from April 1 of Financial Year 2024-25 As we step into the new financial year FY 2024-25 starting April 1, several significant changes in governance rules related to taxation, National Pension Scheme (NPS), mutual funds, and other …
The student received notices from both the Income Tax and GST departments concerning a company registered under his PAN card, purportedly conducting business activities in Mumbai and Delhi during the year 2021. A startling incident has shaken 25-year-old college student …
This HUF Tax saving trick is not exclusive to the Hindu community but also extends to the Jain, Baudh, and Sikh communities. As we approach the end of the financial year 2023-24, many individuals are seeking ways to optimize their …
The Congress party has received a ₹ 1,800 crore notice from the Income Tax Department, a day after the Delhi High Court dismissed the party’s petition challenging the tax notices. The fresh notice on congress party is for assessment years …
The six-page SOP provides clear instructions to DGGI officials on their conduct during various stages of tax investigations, including summons and searches. The Central Board of Indirect Tax and Customs (CBIC) has rolled out a new standard operating procedure (SOP) …
Delhi High Court ruling for Pedersen Consultants India Pvt Ltd The Delhi High Court has directed the timely application for GST refunds, following section 54 of the CGST Act, 2017. This ruling comes after the exclusion of the period between …
CBDT Notification No.37/2024 dated 27 March 2024: Income Tax (Fifth Amendment) Rules 2024 The Central Board of Direct Taxes (CBDT), vide its Notification No. 37 of 2024 dated 27th March 2024, notifies about the amendments brought in the Income Tax …
Today, the last trading day before the market closure, is the final opportunity to invest in ELSS for tax Exemption ELSS Tax Exemption: As the financial year draws to a close, investors are reminded that today marks the deadline for …
Rule 21A(4) dictates that if the proper officer fails to decide on the SCN within 30 days, the suspension is deemed to be revoked. In a recent ruling by the Punjab and Haryana High Court, in case of Shri Balaji …
The ITAT dismissed the revenue’s petition, finding that the AO failed to establish a clear link between the tangible material and the conclusion of escaped income. In a significant ruling, in case of Surender Dalai vs ITO [I.T.A No.7714/Del/2029], the …
The complainant, in a handwritten note submitted to the CBI, detailed how the officials asked for a bribe to resolve the issue. In a recent development, the Central Bureau of Investigation (CBI) has taken action against three GST officials for …
Five Important Income Tax Related Tasks you Need to Complete on or before 31 March 2024 As we approach the end of the current financial year, it’s crucial for taxpayers to complete all income tax-related tasks before March 31 to …
The Justice suggested that, arrested individuals should generally be granted bail, reflecting the legislative intent. SC Justice Urges Caution by GST Authorities: Encouraging GST authorities to exercise careful consideration and thorough examination before proceeding with the arrest of businessmen for …
ITAT clarifies that a builder’s mistake in flat allotment will not hinder a taxpayer’s ability to claim tax benefits under section 54 of the I-T Act. In a recent case adjudicated by the Income-tax Appellate Tribunal (ITAT), Mumbai bench, a …
The High Court emphasized that these hostels fall under the category of “exclusively residential purpose,” as per a 2017 notification of the central government. In a recent ruling by the Madras High Court, hostels renting rooms exclusively to girl students …