Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The Chennai bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that no tax liability is there on the petitioner for the impugned flats made before July 1, 2010, that has less than 12 units or flats. The bench of P. Dinesha (Judicial Member) and M. Ajit Kumar (Technical Member) witnessed that […]
Nowadays, it has become a common thing to invest in the name of minor children, whether it’s through fixed deposits, insurance policies, or government schemes. However, if any of these investments generate income, such as interest from a fixed deposit, it raises the question of tax implications on the child’s income. Individuals below the age […]
The count of individuals reporting zero-tax liability for their income from the prior year continued to rise. According to data provided by the income tax department, 44.6 million tax returns, constituting two-thirds of all filings for the 2021-22 assessment year, made this declaration. This reflects a 4% increase in zero-tax returns compared to the previous […]
Maruti Suzuki India recently announced that it received a show-cause notice from the GST Authority. This notice outlines a demand for interest and penalty in addition to the appropriate tax already paid, totalling Rs 139.3 crore. The issuance of this notice is related to a tax liability, specifically concerning the reverse charge mechanism applied to […]
Approx 70% of taxpayers who filed income tax returns in FY23 reported zero tax liability, Finance Minister Nirmala Sitharaman presented the data to the Parliament in writing in response to a question. According to the data, 74 million people submitted income tax returns in FY23, while 51.6 million declared zero tax liability. This accounts for […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, has ruled that the tax imposed on the principle of estoppel should be exempted. The tribunal emphasised that incorrectly categorising receipts or income under the in does not render the taxpayer liable for taxation. The bench, chaired by Judicial Member N.K. Choudhary noted that payments for management […]
In a recent move, taxpayers under the Goods and Services Tax (GST) are allowed to explain the errors or discrepancies in their inward and outward supply filed in tax returns on the GST portal itself, without being worried about receiving notice from the tax authorities. The Central Board of Indirect Taxes and Customs (CBIC) has […]
The Finance Minister has decided to reform tax rates as long as the new tax regime is considered. It is expected to be better than the existing tax system because of the standard deduction which was not given in the earlier tax regime. Despite the debate on whether the new tax regime is much better […]
The purchaser would not be qualified for claiming the ITC on the subject of purchases that the seller made, who would have released its tax liability, Punjab Authority of Advance Ruling (AAR) stated. No registered individual would be eligible to get the ITC for any supply of goods or services or both until the tax […]
