DGGI Has Detected Cases where Individuals with Malicious Intention Issuing Fake Summons CBIC Warns Taxpayers about Fake Summons: In a recent development, the Central Board of Indirect Taxes and Customs (CBIC) has issued a cautionary advisory regarding the emergence of …
Provisions under Clause(h) of Section 43B of Income Tax Act The Finance Act of 2023 brought about a crucial amendment to Section 43B of the Income Tax Act, 1961, with the addition of clause (h) which took effect from April …
Supreme Court Order for Vardan Associates Pvt Ltd In a recent landmark judgment, the Supreme Court of India addressed penalties imposed for transporting goods after the expiry of E-way bill validity. The case of Vardan Associates Pvt Ltd. vs. Assistant …
Court Upheld the Applicability of GST on Transfer of Land development Rights under JDA, Distinguishing it from Sale of Land GST on Transfer of Land Development Rights: In a significant development, the Telangana High Court has rejected a writ petition …
This Raid is a Part of an Extensive Investigation Against a Former MLA & MP Suspected in Significant Tax Evasion and Accumulating Disproportionate Assets The Income Tax Department’s Investigation Wing recently carried out a raid at the residence of former …
Bribe Demand was Confirmed during the Course of the Investigation, Leading to the Registration of the FIR In a recent development, an Assistant Commissioner of Maharashtra’s tax department, along with several other officers from the State GST department, has come …
Recommended a reduction in GST rates applicable to various health insurance products, including retail policies for senior citizens and micro-insurance policies, along with term policies The Standing Committee on Finance has recommended a reduction in the Goods and Services Tax …
A List of Changes in ITR Forms (ITR-1 to 6) Applicable for Financial Year 2023-24 (AY 2024-25) ITR Form for AY 2024-25: As per the recent notifications of CBDT, specifically Notification No. 19 of 2024 dated January 31, 2024, ITR …
How to respond to Notices under Section 133(6) of I-T Act Notice under section 133(6) is a crucial provision granting investigative powers to designated officers within the income tax department. This section empowers the designated officers to ask the taxpayers …
New Reporting Requirement of GSTR 1 from January 2024 Learn about the latest reporting updates in the Goods and Services Tax Return-1 (GSTR-1) form, effective from January 2024. Notification no 26/2022, dated 26th December 2022, introduced two crucial tables, Table …
Penalty Cannot be Imposed u/s.129 If all Dues of Tax are Already Paid In a landmark legal development, the Calcutta High Court quashes a penalty order on 1 February 2024, in the case of Mohammad Shamasher vs. State of West …
Govt Plans to Remove Invoice Editing Feature in Next Financial Year Govt Plan to Remove Invoice Editing Option: In a bid to boost compliance and tackle the issue of fake invoicing, the Indian government is considering a significant change to …
GST Appellate Tribunal (GSTAT) May Begin Operation by July-August 2024 The much-awaited Goods and Services Tax (GST) Appellate Tribunals, intended to resolve taxpayer disputes under the six-and-a-half years old indirect tax regime, may begin operations around July or August, Revenue …
Amendment in GST: Insertion of New Section 122A Prescribing Penalty, Seizure & Confiscation for Non-Registration of Machines by Tobacco Product manufacturers In a significant amendment to combat revenue leakage in the tobacco products manufacturing sector, the Finance Bill 2024 has …
Capital gain is the profit that one earns from selling of capital assets, such as stocks, bonds, or real estate. This gain occurs when the selling price of the asset is higher than its purchase price. In other words, it’s …
Income Tax Exemption Deadline for Three Crucial Sectors Extended up-to 31 March 2025Â I-T Exemption Extended in 3 Crucial Areas: In the latest budget announcement for 2024, the Indian government has chosen to maintain existing tax rates while extending income …
Massive ITC Fraud Detected by DGGI: 1700 Cases with Rs. 18000 Crores of ITC Evasion Detected this Year & 98 Arrested DGGI Unveils Massive ITC Fraud: According to a recent press release of Ministry of Finance on 3 February 2024, …
Who is Required to File Income Tax Return Mandatorily? Persons required to file Income Tax Return: Compliance with tax regulations is essential for every taxpayer, necessitating the comprehensive disclosure of income details to the Income Tax Department. For this purpose, …
GST Council may Consider Nationwide Rollout of Biometric Authentication for registration – Statement of CBIC Chief Biometric Authentication: The Goods and Services Tax (GST) Council is contemplating the implementation of biometric based Aadhaar authentication across India for individuals seeking GST …
CBDT Press Release about Release of Almost all ITR Forms for FY 2023-24 In a recent press release on February 2, 2024, the Central Board of Direct Taxes (CBDT) has officially announced the release of all Income Tax Return (ITR) …