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) …
Cash Transaction Limits under Various Sections of Income Tax Act Income Tax Act restricts cash transaction over a certain limit according to the provisions under some sections of the act. The main purpose behind enacting such a provision on cash …
Summary of Tax Related Announcements in the Interim Budget 2024 Explore the latest tax-related updates from the Union Budget 2024-2025, presented by Finance and Corporate Affairs Minister Smt Nirmala Sitharaman. This summary delves into the significant tax measures announced on …
Highlights of Interim Budget 2024: Income Tax & GST Finance Minister Nirmala Sitharaman unveiled the Interim Budget 2024 on February 1, 2024, outlining the financial landscape for the upcoming fiscal year starting April 1, 2024. As widely anticipated, there were …
Income Tax Slabs & Rates Applicable to Individuals in FY 2023-24 (AY 2024-25) For the financial year 2023-24, the default tax regime is the New Tax Regime, offering individuals a lower rate of taxation under section 115BAC. However, those individuals …
GST Officer Caught Red-Handed in a Sting Operation by Anti-Corruption Bureau (ACB) In a major development, Anti-Corruption Bureau (ACB) officials in Srikakulam district successfully apprehended a GST officer, N. Kishore Kumar, while accepting a bribe of Rs. 1 lakh from …
Amendment in CBIC Notification 2/2017-Central Tax Dt. 19 June 2017 In a significant move, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification 5/2024 on Dated 30th January 2024, exercising powers under the Central Goods and Services …
Income Tax Exemptions Applicable to Salaried Individuals in FY 2023-24 Salaried individuals often seek ways to optimize their income and minimize tax liabilities. Understanding the array of income tax exemptions and deductions available is crucial for achieving this financial objective. …
ITAT Kolkata: Income Tax Exemption under Section 10 (23C)(vi) Allowed on Gross Receipts Including Rental Income I-T Exemption on Educational Income: In a recent decision on 1.12.23, the Kolkata bench of the Income Tax Appellate Tribunal (ITAT), in Case no.498/Kol/2023, …
A Comprehensive List of Relief Measures Expected from Budget 2024Â As we gear up for the interim budget announcement on February 1, 2024, by Union Minister Nirmala Sitharaman, taxpayers eagerly await potential amendments that could impact their financial landscape. Although …
Delhi High Court upholds Constitutional Validity of GST Anti-Profiteering Provisions Constitutional validity of Anti-Profiteering Provisions: In a significant development, the Delhi High Court, led by Acting Chief Justice Manmohan and Justice Dinesh Kumar Sharma, has affirmed the constitutional validity of …
Income Tax (First Amendment) Rules 2024: CBDT Notification 16/2024 CBDT Notification 16/2024, issued on January 24, 2024, marks a significant update from the Central Board of Direct Taxes. This notification brings forth changes to the Income Tax Return (ITR) Form …
Customs & GST Officers Need to Stop Using Public Email IDs & to Use gov.in/nic.in Email IDs for all Official Communication from 01.02.2024 Direction to Stop using Public Email IDs for Official Communications: In a recent move to bolster cybersecurity, …
The Orders were annulled by Court and Cases were Remitted Back to 2nd Respondent for a Fresh Decision In a recent legal development, the Kerala High Court, in the case of V G Suresh vs CIT [W.P(C)No.41507/203], has nullified an …
The Court Rejects the Notion that the DGGI officer Questions the Credibility of the State GST Authorities Verdict on Power & Privilege of DGGI officer vs State GST Officer: In a recent verdict, the Jharkhand High Court has clarified the …
Tentative CBI Probe on Officials involved in Alleged Compromised Investigations: A Step to Combat Tax Evasion CBI Probe on Officials: In the ongoing battle against tax evasion, concerns have been raised over substantial losses incurred by the government due to …
Bombay HC Granted Bail to Individual Accused of 144 Cr GST Evasion In a recent development, the Bombay High Court has granted a bail on 25 January 2024 to an individual accused of evading Rs. 144 crores in Goods and …
Computation of Income from House Property as per I-T Act Income from House Property: According to Section 22 of the Income Tax Act, the annual value of house property, including any buildings or associated lands owned by the taxpayer, is …
Adjustments and Compliance Requirements on Issue of Credit Notes under GST In the realm of Goods and Services Tax (GST), managing credit-note efficiently is crucial for both suppliers and recipients. This article delves into the treatment of credit-notes under GST, …