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The Central Board of Direct Taxes (CBDT) clarified the calculation procedures of interest in the case of Disputed Tax. According to the amendment in the Direct Tax Vivad se Vishwas Bill, 2020 Know about the tax dispute settlement scheme (Vivad se Vishwas Bill) under the IT act. Under this scheme, taxpayers can settle all disputes […]
Recently the GST council has made some recommendations in order to provide some relief to the tax department in case any taxpayer files any frivolous case against the tax assessment.
For notice pay, scrap sales, and miscellaneous income the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) granted deductions under Section 80 IC of the Income Tax Act, 1961. Under section 80-IC of the Act, the taxpayer has claimed a deduction by ministering them as profit originating from the business of eligible […]
Duplication Found in Turnover Reconciliation and GSTR 3B and Form 26AS: Madras HC sets aside GST Demand Order on Pre-deposit Condition The Petitioner, Vadim Infrastructure Private Limited, is in engineering and construction services, contested the assessment order on 31.12.2023 and is assailed on the grounds of violation of principles of natural justice. The major observations […]
The matter of Sri Rajaa Store vs State Tax Officer came before the Madras High Court regarding an assessment order on 29th December 2023. The order was contested by the petitioner stating a violation of natural justice principles. The applicant is a business functioning on slim margins and argued that their whole tax liability was […]
The Allahabad High Court ruled that the purpose of evading tax is an essential condition for levying penalty u/s 54(1)(2) of the Uttar Pradesh Value Added Tax Act, 2008. Section 54(1) of the Uttar Pradesh Value Added Tax Act, 2008 furnishes for circumstances under which penalties can be charged to taxpayers. It is furnished that […]
In Bihar, the state government incorporated a ‘one-time settlement‘ initiative for the advantage of traders with tax obligations back to the time when the GST was about to launch. The Bihar Tax Disputes Settlement Bill, 2024 was tabled in the state assembly through Deputy Chief Minister Samrat Chaudhary, who also carries the finance portfolio. In […]
Finance Minister Nirmala Sitharaman said that more than 10 million assessees particularly the small salary earners shall secure the long-due notices for the dues pertinent to the income tax, wealth tax, and gift tax withdrawn. In an amnesty plan, it shall attain the dues of up to ₹25,000 in cases prior to the 2009-10 financial […]
In response to a longstanding request from Haryana’s traders and business community to resolve pre-GST tax liabilities, Chief Minister Manohar Lal Khattar officially announced the One Time Settlement-2023 (OTS) Scheme on Sunday. Commencing from January 1, 2024, to March 30, 2024, the scheme offers businesses the opportunity to settle their pre-GST tax liabilities. The OTS-2023 […]
