These changes are designed to ensure Registration compliance with the latest GST requirements under Notification No. 25/2024 – Central Tax, which was issued on October 9, 2024. In a recent update, GSTN has introduced a new feature on the GST …
Delhi High Court Ruling in case of Amir Malik vs. Commissioner of GST [W.P.(C) 13706/2024] In a significant ruling, the Delhi High Court cancelled a show cause notice (SCN) and the subsequent order for the cancellation of GST registration in …
New Definition of Arm’s Length Price of an International or Specified Domestic transaction as per the second proviso under sub-section (2) of Section 92C of Income-tax Act 1961 The Central Board of Direct Taxes (CBDT) has issued Notification No. 116/2024, …
The first GSTR-2B report reflecting the actions performed within IMS will be available for the October 2024 return period on 14th November 2024. The Invoice Management System (IMS) is now accessible to taxpayers, offering a streamlined way to reconcile their …
As per the New Guidelines, the time restriction of 36 months for filing compounding applications from the date of complaint filing has been removed. The Central Board of Direct Taxes (CBDT) has released New Guidelines for Compounding of Offences under …
CBDT Notifies Amendments in Income-tax Rules for Ease in Claiming Credit for TCS Collected/TDS Deducted for Salaried Employees and Enabling claiming TCS Credit of Minors in the Hands of Parents The Central Board of Direct Taxes (CBDT) has recently notified …
The new portal is designed to retain the key services of IEC 2.0, which include e-filing of Income Tax Returns (ITR), submission of statutory forms, and other services. The Income Tax Department is set to revamp its e-filing portal with …
FAQs are designed to guide stakeholders, helping them understand the nuances and benefits of the scheme. The Central Board of Direct Taxes (CBDT) has issued a comprehensive Guidance Note in the form of Frequently Asked Questions (FAQs) to address various …
In the context of GST, the phrase “regularized on an as is, where is basis” means that tax payments made at a lower rate, or exemptions claimed by taxpayers, will be accepted. Additionally, no refund will be provided if the …
This Clarification regarding GST rates & classification (goods) is based on the recommendations of the GST Council in its 54th meeting held on 9th September, 2024, at New Delhi. Clarification regarding GST Rates & Classification of certain Goods: Based on …
As per this waiver, the total late fee, as per Section 47 of CGST Act, will not exceed Rs. 1,000 for each delayed GSTR-7 return filing. The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 23/2024-CT, …
As per the Notification, the Taxpayers against whom an order under sections 73, 74, 107, or 108 of the CGST Act has been passed, confirming the demand for wrong ITC availment in contravention of section 16(4), are eligible to apply …
Some trusts, institutions, and funds faced challenges in submitting their reports in the correct form. As a result, the CBDT has granted these entities an extended deadline to file their audit reports in Form 10B/10BB by 10 November 2024. The …
Taxpayers and stakeholders can submit their suggestions by visiting the webpage via the following link: https://eportal.incometax.gov.in/iec/foservices/#/pre-login/ita-comprehensive-review. In the Budget 2024-2025 speech, the Hon’ble Finance Minister announced a comprehensive review of the Income-tax Act, 1961. This initiative aims to simplify the …
This verdict of Supreme Court ensures the taxpayers a greater clarity on the validity of reassessment notices, while the Revenue can benefit from extended timelines due to pandemic-related challenges, albeit within defined limits. The Supreme Court recently ruled in favour …
Taxpayers who transport goods via Indian Railways’ Parcel Management System (PMS) must make the accurate entry of the Parcel Way Bill (PWB) number or RR No. into Part-B of the e-way bill on the EWB portal. Guidelines for Accurate Entry …
GSTN Advisory 528: GSTN e-Services App launched to replace the existing e-Invoice QR Code Verifier App The GSTN (Goods and Services Tax Network) is excited to announce the launch of its new GSTN e-Services App, which will soon replace the …
Notification No. 18 & 19 of 2024 (Central Tax) In a recent update, the Central Government, vide Notification 18/2024-CT, has taken a significant step by empowering the Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) to ensure …
No condonation application will be entertained by Income Tax Authorities beyond five years from the end of the relevant assessment year. Power of Income Tax Authorities in condoning delays in filing returns that claims refunds/ carry forward of losses: In …
New Rules to be Effective from 1 October 2024 As we step into October, several key rules regarding income tax, Aadhaar Card, TDS, and other financial regulations are set to change. From TDS adjustments on mutual funds and rent to …