Allahabad High Court Ruling: Vehicle Seizure Without Notice Infringes Civil Rights of the Transporter Legality of Seizure of vehicles without Notice: In a landmark judgment on January 9, 2024, the Allahabad High Court, in the case of Akbar Ali Transport …
GST Advisory: Introduction of New Modes of GST Payment by Debit Card/Credit Card/UPI Advisory 622: In a significant move towards digitalization and simplified tax processes, the Goods and Services Tax (GST) system has introduced an innovative feature, allowing taxpayers to …
Expectation of Salaried Taxpayers from Budget 2024Â As Finance Minister Nirmala Sitharaman prepares to present the budget for the fiscal year 2024-25 on February 1, 2024, salaried taxpayers are eager to see how it might impact their finances. Although the …
Orissa HC Advices for Approaching Appropriate Tribunal when GST Department fails to Comply CESTAT Directives In a recent development, the Orissa High Court has underscored the significance of approaching the appropriate tribunal for redressal in matters related to the Goods …
GST Council Relinquished the Authority to Levy GST on ENA Outside the GST Ambit Liquor companies are eagerly awaiting clarity on the taxation of Extra Neutral Alcohol (ENA) used in distilling alcoholic beverages for human consumption, as the amendment to …
MPC Member of RBI Ashima Goyal Recommends for Taxing Wealthy Farmers in the Budget 2024 to Enhance Tax Fairness As the nation eagerly anticipates the upcoming Interim Budget 2024, Reserve Bank Monetary Policy Committee (MPC) member Ashima Goyal has proposed …
NRAI Urges Government for Restoration of ITC in Budget 2024 In a significant appeal to the government ahead of Union Budget 2024, the National Restaurant Association of India (NRAI) has called for the reinstatement of input tax credit (ITC) for …
Income Tax Deductions for FY 2023-24 under Old Tax Regime Deductions for Individuals under I-T Act: In a financial year, individuals accumulate income across five distinct categories, contributing to the calculation of their gross total income, which is subject to …
Court held that imposing a penalty under Section 129 of the Act is without jurisdiction Penalty u/s. 129 unjustifiable for Typo Error in GST e-Way Bill: In a recent judgment by the Allahabad High Court in case of M/s. Hindustan …
Kerala High Court reaffirms the constitutionality of GST Section 16(2)(c) and CGST Rule 36(4) In a recent development, the High Court of Kerala at Ernakulam, in Case No. WA Nos.1853 & 1857/2023, has upheld the constitutional validity of specific provisions …
GSTN Advisory No.621 Dated. 15 January 2024: Introduction of Table 14 & 15 in Form GSTR-1 In a recent development, the Goods and Service Tax Network (GSTN) issued Advisory No. 621 on dated 15 January 2024 pertaining to introduction of …
Effective Rebate under Section 87A of Income-Tax Applicable to New Regime in FY 2023-24 Explore the amendments to Section 87A of the Income-Tax Act, effective from April 1, 2024, providing valuable insights into the rebate available to individual residents in …
Gujarat High court expressed its dissatisfaction with the department’s failure to adhere to the guidelines In a recent development, the Gujarat High Court has summoned three high-ranking officials from the state and central GST departments to address concerns regarding the …
A Highlight of the Performance of DGGI in 2023 According to a Press release by PIB on 11th January 2024, the Directorate General of GST Intelligence (DGGI), the agency has demonstrated exceptional performance in combating GST evasion and ensuring fiscal …
TDS Deduction from Salary: A Guide for Salaried Individuals In the ever-evolving landscape of income tax laws, staying informed is crucial for salaried individuals looking to optimize the TDS deduction from their salary and to save tax. With changes effective …
Interview with Former CBIC Chief Mr. John Joseph on GST for Online Gaming In a recent discussion, John Joseph, former chairman of the Central Board of Indirect Taxes and Customs (CBIC) and current Strategic Adviser with DeepStrat, highlighted key insights …
Six Types of High Value Cash Transactions That May Trigger Towards a I-T Notice on You The Income Tax Act imposes restrictions on cash transactions above specified limits, aiming to combat black money and tax evasion while promoting transparent business …
The Finance Act of 2020, effective from the Assessment Year 2021-22, introduced an amendment in the rule of determining NRI status To ascertain whether an individual qualifies as a Non-Resident Indian (NRI), it is crucial to determine their residential status …
Opting for Composition Levy Scheme of GST under Section 10 and Process of Related Filing Requirements as per Rule 3 Learn about the Composition Levy process under CGST Rule 3, providing crucial information for businesses opting to pay tax under …
Income Tax Scrutiny on NRIs – Focussing on 181 Days Threshold Triggering the Tax Liability In recent developments, the Income Tax Department has intensified its scrutiny of Non-Resident Indians (NRIs), requesting sworn statements to ascertain the exact number of days …