Extract of the CBDT Notification-80/2023 The Central Board of Direct Taxes (CBDT) recently issued an important notification, Number 80/2023 dated September 22, 2023, pertaining to the classification of Non-Banking Financial Companies (NBFCs) for the purpose of clause (da) of section …
Clearing old dues to expedite refund process: The Income Tax Department has urged taxpayers to promptly respond to notifications regarding outstanding tax demands from previous years. This proactive step is aimed at expediting the clearance of refund for the fiscal …
Delta Corp, India’s leading casino chain, has received communication from the Directorate General of GST Intelligence in Hyderabad, notifying them of a tax liability amounting to Rs 11,139 crore for the period between July 2017 and March 2022, inclusive of …
Meaning of Charitable Activity As per the GST Act, Charitable activities includes, (i) Public health by way of care or counselling of terminally ill persons or persons with severe physical or mental disability, persons afflicted with HIV or AIDS, or …
Faceless Notice for Income Tax Reassessment u/s.148A: Telangana High Court The Telangana High Court has underlined that notices issued by the income-tax department to taxpayers for reassessment of returns under Section 148A of the Income Tax Act must now follow …
Introduction Tax Audit u/s. 44AB of Income Tax Act: An ‘audit’ is essentially a thorough examination, review, or inspection of various records, transactions, or accounts to ensure accuracy, compliance, and reliability. In the realm of taxation, a ‘tax audit’ holds …
In an advisory Dated.19 September 2023, GSTN informed that the geocoding functionality for the “Additional Place of Business” address is now active across all States and Union Territories. This builds upon the geocoding functionality earlier implemented for the principal place …
Composite Supply and Mixed Supply: In the realm of GST regulations, distinct rates are assigned to various goods and services. However, complexities arise when dealing with bundled supplies that encompass a mix of individual goods and/or services. Determining the precise …
On consideration of difficulties reported by taxpayers and other stake holders, the CBDT has extended time limit in respect of the following compliances: 1. The due date of furnishing audit report in form 10B/10BB by a fund/trust/institution or any university/ …
Introduction In case you’ve already filed your Income Tax Return, there is always a possibility of getting an Income Tax notice for various reasons. It is essential not to stress, if you’ve accurately provided all the necessary details to the …
Introduction In line with section 2(68) of the CGST Act 2017, job work refers to the process or treatment of goods conducted by one individual on behalf of another registered taxable person. The person carrying out the treatment or processing …
Introduction The process of income tax return filing involves adhering to specific timelines set by the government. These deadlines are established to streamline the taxation system and ensure smooth operations. A taxpayer who misses these due dates may face penalties …
Introduction Revocation of GST Registration Cancellation: Any GST registration granted to a person can be cancelled for several reasons. A person registered under GST can apply for the cancellation of their GST registration. This may be done for various reasons, …
Introduction Capital Gain Tax on Sale of Securities: Capital gains tax is a crucial aspect of the investment world, one that demands careful attention and consideration from investors. As far as capital gain tax on sale of securities is concerned, …
Introduction E-invoicing has become a crucial aspect of GST compliance in India, streamlining the way businesses generate and report invoices. With a recent notification, the new rule for E-invoicing threshold limit of 5 crore came into effect from August 1, …
Introduction Capital gains refer to the profit earned from the sale of a capital asset, such as stocks, bonds, or real estate. In simple terms, if the selling price of the asset is higher than its purchase cost, the difference …
The term, “supply” has been clearly defined in the GST Act. As per Sec.7 of the CGST Act, Supply includes, “Taxable supply of goods or services or both, made by a taxable person, within taxable territory, in the course or …
Time of Supply Under GST: To calculate your tax liability under the Goods and Services Tax (GST) system, it’s crucial to know when the tax liability arises, which is referred to as the “Time of Supply” in GST law. GST …
Introduction Cryptocurrency Taxation in India: In the wake of the 2022 Union Budget, the Indian government made a significant shift in its stance on cryptocurrencies and virtual digital assets (VDAs). As a result, it has become imperative for individuals to …
Relief u/s.89 of IT Act: Section 89 of the Income Tax Act is a provision that helps individuals reduce the extra tax burden they may face due to receiving salary, pension, compensation, or gratuity in arrears or advance. Sometimes, an …