Understanding the Taxability of Gifts under Income Tax Act 1961: Exemptions and Taxable Gifts Explained The concept of gifts in India has undergone several changes over the years, particularly in terms of taxation. Initially introduced in April 1958 under the …
Union Finance Minister Nirmala Sitharaman is poised to inaugurate a pivotal one-day National Conference of Enforcement Chiefs of State and Central GST formations in the heart of New Delhi on Monday, March 4, 2024. This significant event, organized by the …
Maharashtra Anti-Corruption Bureau Books Sales tax Officer and 16 Traders for Rs 175.93 Crore GST Fraud. Charges framed under several sections of PCA and IPC In a significant development, the Maharashtra Anti-Corruption Bureau (ACB) has unearthed a massive Rs 175.93 …
Gauhati HC Ruling: Conducting 2 Similar Proceedings for a same period not permissible under section 6 of CGST/SGST Act In a recent ruling, the Gauhati High Court, in case of Mohan Singh vs UOI [WP(C)/7975/2018], has emphasized that conducting two …
According to CBDT Order Dated 1 march 2024, all electronically filed valid returns for AY 2021-22 with refund claims, for which the date of sending intimation has lapsed, can now be processed. In a recent development, the Central Board of …
Average monthly gross GST collection for FY 2023-24 is ₹1.67 lakh crore, exceeding ₹1.5 lakh for FY 2022-23; Gross GST collection reaches ₹18.40 lakh crore for FY 2023-24, grows 11.7% Y-o-Y; Net revenue at ₹1.51 lakh crore is up 13.6% …
FIU-IND has imposed a penalty of Rs. 5,49,00,000 on Paytm Payments Bank Ltd for breaching obligations under the Prevention of Money Laundering Act (PMLA) and its associated rules Penalty of 5.49 Cr imposed on Paytm Payments Bank: According to a …
A startling scam has been uncovered in Uttar Pradesh, revealing a scam where fraudsters exploited hand pumps to claim false refunds using the Inverted Duty Structure (IDS) mechanism under GST. GST Scam Unearthed: Under normal circumstances, taxes on inputs are …
The government is actively reviewing the concerns of stakeholders and assessing whether there are valid grounds for amendments to this 45-days payment rule for MSMEs. 45-days Payment Rule for MSMEs: The Finance Ministry is contemplating a revision to a recent …
March 2024 is set to bring in a wave of new rules and updates that will impact various sectors, from businesses to road travellers. Stay informed about these changes to ensure a smooth transition into the new financial year. Here …
The crux of the telecom companies’ defence rested on the assertion that their relationship with distributors was that of principal to principal, not principal to agent as argued by the Income Tax department In a recent landmark judgement, the Supreme …
Diamond Trader of Katargam (Surat) Looted of Rupees Eight Crores by a Man Posing as Income Tax Officer Diamond Trader Robbed by Fake Income Tax Officer: A shocking incident unfolded in the Katargam region as a diamond trader fell victim …
GSTN Update on clarification about delays in some instances of GST registration despite successful Aadhar authentication aims to provide transparency. Learn about the reasons and processing timelines here. In a recent development, the Goods and Services Tax Network (GSTN) has …
Authorities allege that this person has been orchestrating this GST scam for the past five years In a significant development, a 29-year-old man was arrested from Delhi for his alleged role in a massive GST scam amounting to Rs 10,000 …
GST & CE Superintendent has no Jurisdiction to pass Order Exceeding Rs 10 Lakh: Allahabad High Court In a significant ruling, in case of M/s. Mansoori Enterprises (Writ Tax No. 35/ 2024), the Lucknow bench of the Allahabad High Court …
Court’s ruling emphasized that when a registered person asserts their eligibility for ITC claim with reference to GSTR-2A and GSTR-9 returns, the assessing officer must thoroughly examine the validity of the claim Legality of Assessing ITC Claim Solely based on …
The On-screen Functionality is Designed for Allowing the Taxpayers to Reconcile the Discrepancies Directly on the Income Tax Portal The Income Tax Department has recently identified discrepancies between the interest and dividend income reported by taxpayers in their Income Tax …
ITC Claims Should not be Dismissed merely due to Administrative Actions such as the Retrospective Cancellation of Supplier’s GST Registration In a recent ruling on Writ Petition No.3505 of 2024 and W.M.P.Nos.3758 & 3759 of 2024, the Madras High Court …
CGAS deposit is not a mandatory requirement for claiming capital gain deductions, if it has been invested within the prescribed time limit under section 54(1) of the Income Tax Act for the purchase or construction of a new property Relevance …
This GST Fraud came to light when a Noida resident and editor of a media firm lodged a complaint GST Fraud: The Noida police recently took action to attach immovable assets of two individuals from Delhi, following their arrest in …