CBIC has unveiled a common audit plan for both central and state Goods and Services Tax (GST) officials when auditing banks. In a significant development aimed at streamlining audit procedures, the Central Board of Indirect Taxes and Customs (CBIC) has …
Tax Exemption on Long-Term Capital Gain on Sale of Jewellery to Purchase a House. Capital Gain Tax Exemption on Sale of Jewellery: Are you considering selling your jewellery to fund your dream home? Understanding the tax implications and exemptions can …
To qualify for this exemption, SEZ units must furnish a Letter of Undertaking (LUT) or a bond as specified by the government. In a significant development for SEZ Units, a recent ruling by the Gujarat-based Authority for Advance Rulings (AAR) …
GSTN Advisory No. 633 Dated 26 April 2024: Enhancement in GST Portal Exciting news for all GST portal users! The Goods and Services Tax Network (GSTN) is gearing up to roll out a significant enhancement to its portal on May …
Responding to representations received, CBDT has further extended the deadline for filing Form 10A (Provisional registration) and Form 10AB (Permanent Registration) to 30th June, 2024. The Central Board of Direct Taxes (CBDT) has issued Circular No. 07/2024 dated 25.04.2024, extending …
Circular No. 6/2024 dated 23 April 2023 In a significant update, the Central Board of Direct Taxes (CBDT) has issued Circular No. 6/2024 dated April 23, 2024, stating that deductors/collectors won’t be held liable for short deductions/collections of tax until …
CBDT Notification No. 39/2024 Dated 22 April 2024 In a recent development, the Central Board of Direct Taxes (CBDT), introduces pivotal changes to the Income-tax Act, 1961 vide its Notification No. 39/2024 Dated 22nd April, 2024. This notification reshapes the …
Income Tax Implications of Rising Gold Prices Income Tax Application on Gold Price Rise: In the midst of geopolitical tensions and market uncertainties, gold has emerged as a favoured investment option, witnessing a significant uptrend in gold prices. As of …
Net Direct Tax collections for the FY 2023-24 stand at Rs. 19.58 lakh crore marking a growth of 17.70%. In the fiscal year 2023-24, India witnessed a substantial boost in its direct tax collections, reaching a notable Rs. 23.37 lakh …
Madras High Court Ruling in case of M/s. Bajrang & Bajrang; W.P No.9960 of 2024 and W.M.P No. 10982 & 10983 0f 2024 In a significant ruling, the Madras High Court has underscored the obligation of taxpayers to track the …
Aligning with Modi’s vision for the first 100 days of his third term, the revamp of direct taxes is expected to address current economic imperatives and contribute to India’s aspirations of becoming a developed nation by 2047. In a significant …
The ITAT also clarified that a mere transfer of Property through a registered sale, without the buyer making the payment to the seller, cannot lead to an addition. The Ahmedabad Income Tax Appellate Tribunal (ITAT) recently made a significant ruling …
By scrutinizing data, Artificial Intelligence (AI) can identify anomalies and suspicious activities indicative of fraudulent behaviour. In the ever-evolving landscape of tax administration, the advent of Artificial Intelligence (AI) has brought about a significant transformation. The role of Artificial Intelligence …
Madras High Court Ruling in case of L&T ITC Dispute In a recent development, the Madras High Court has delivered a significant ruling favouring Larsen & Toubro (L&T) by overturning a Goods and Services Tax (GST) order. This decision has …
The Supreme Court emphasized that such premature opinions could compromise both prosecution and defence if left unaddressed. The Supreme Court came to the rescue of GST officials by overturning critical remarks made by the Gujarat High Court in an interim …
Starting next week, from April 15, the Central Board of Direct Taxes (CBDT) has directed its field officers to reach out to these individuals having TDS but failed to file their Income Tax Return. The Income Tax Department is set …
Earlier in the investigation, two businessmen from Haryana, Ajay Sharma (28) and Sanjay Jindal (38) from Sonipat, were arrested for their roles in this fraud case. A Delhi-based businessman, Tushar Gupta, aged 39, has been apprehended by the Noida police …
The immediate focus of income tax department is on approving pending refunds, particularly those withheld under section 241A where scrutiny assessments have been completed and necessary orders passed. If you’re waiting for your income tax refund, here’s some good news …
Immediate steps of this Interim Plan includes addressing grievances through e-Nivaran and CPGRAM platforms. The Income Tax Department has unveiled its interim action plan for the fiscal year 2024-25, focusing on crucial areas such as the identification of cases related …
CBIC Notifies that the effective date for following the special procedure by registered persons engaged in manufacturing of Pan-masala, Tobacco and Tobacco products has been extended to 15 May 2023. In a recent development, the Central Board of Indirect Taxes …