The department claimed that the “escaped” income by the congress party amounted to over ₹520 crore. The Delhi High Court delivered a verdict on Friday, rejecting the Congress party plea challenging the Income Tax (IT) department’s move to initiate reassessment …
The Court highlighted that a civil suit needs to be filed as per Rule 11(6) of 2nd Schedule of Income Tax Act, by the party against whom the attachment order has been issued, to establish their rights over the disputed …
The Congress Party stands to face substantial financial repercussions if violations under Section 13(1) of Income Tax Act are proved. The Congress party finds itself embroiled in a series of tax challenges, with the Income Tax Department delving into its …
Exit load is a fee levied by Mutual Fund firms when investors redeem or sell their units before the lock-in period expires. In a recent development, the Directorate General of Goods and Services Tax Intelligence (DGGI) has issued show-cause notices …
CBDT Notification 33/2024: Amendment in Existing Convention Between India & Spain Pertaining to Taxation of Royalties & Fees on Technical Services (FTS) The Government of India (GOI), vide its Notification 33/2024 dated 19th March 2024, has introduced favorable adjustments in …
CBDT Notification 34/2024 Dated 19 March 2024 In a new update, the Central Board of Direct Taxes (CBDT), through its Notification No. 34/2024 dated 19 March 2024, has issued a correction notice regarding its Notification No. 27/2024 dated March 5, …
This demand of Bribe was made by the Deputy Commissioner in exchange for refunding GST worth ₹20 lakh belonging to the firm “ARDEM Data Services Private Limited In a recent development, a vigilance team in Uttar Pradesh made a significant …
E-Verification Instructions Issued by Directorate of I-T (Systems) to Assessing Officers for Initiating Proceedings u/s.147 of Income Tax Act against the High Risk Cases of FY 2020-21. Taxpayers in Default can also treat this as a reminder for them from …
Discover the latest from the Orissa High Court’s stay on demands related to Input Tax Credit (ITC) under GST laws. M/s. OSL Securities Limited challenged the constitutionality of Section 16(2)(c) of the OGST/CGST Act. In a recent development, the Orissa …
The circular emphasizes the decision of Departmental appeals to be based on Merits of the case, aiming to reduce unnecessary litigation. In its latest Circular No. 5/2024 dated March 15, 2024, the Central Board of Direct Taxes (CBDT) has introduced …
The ITAT noted that the non-compliance under Section 12A of the Act is a procedural lapse, and when the Audit Report was eventually filed, it should have been considered for Section 11 Exemption. ITAT Ahmedabad Ruling on Section 11 Exemption: …
Circular of MoF in 2014 Allows ad hoc Exemption of GST on Imported Goods, to be evaluated on a case-by-case basis, specifically for GST payable on imported medicines aimed at treating individuals grappling with life-threatening illnesses In a recent development, …
Tax Benefits of national Pension Scheme (NPS) Tier-1 & Tier-2 under Income Tax Act The National Pension Scheme (NPS) is a pivotal social security initiative introduced by the Central Government, catering to employees across various sectors, excluding the armed forces. …
Last Date to Opt Composition Scheme for FY 2024-25 is 31 March 2024 The GST Composition Scheme offers a simplified tax structure for eligible taxpayers with a turnover within specified thresholds. Existing GST taxpayers can apply to avail this scheme …
This move by the RBI aims to stabilize liquidity levels amidst the anticipated drain due to tax payments, ensuring banks have enough funds to smoothly navigate the financial landscape. The Reserve Bank of India (RBI) injected a hefty sum of …
As per the amendments under budget 2020 from FY 2020-21 onwards, when an employee receives ESOPs from an eligible startup, they need not pay tax in the year of exercising the option. Employee Stock Option Plans (ESOPs) are a fantastic …
The Central Board of Indirect Taxes and Customs (CBIC) Directs DGGI Officials to Adopt Bottom-Up Approach in GST Investigations of MNCs, Avoiding Immediate Summons for CEOs/CFOs/Directors CBIC Directive to DGGI Officials: The Central Board of Indirect Tax and Customs (CBIC) …
The landscape of tax compliance received a significant update with the unveiling of the Updated Return provision in the Income Tax Act of 1961, through the Budget 2022. This transformative change, brought to life with the insertion of a new …
IIT-Hyderabad has affirmed its commitment to extending all possible support to the Commercial Taxes officials throughout the investigation process IIT-Hyderabad Support in GST Scam: The Indian Institute of Technology, Hyderabad (IIT-H) has announced its commitment to assisting Telangana Commercial Taxes …
Looking to maximize your tax deductions beyond the Rs 1.5 lakh limit under Section 80C of the Income Tax Act? Section 80D is your solution! This section of the Income-tax Act, 1961, provides tax benefits for various healthcare expenses, under …