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Tax return filing exhibits a challenge for both individuals and businesses because of the rising intricacy of tax norms. Also, a small error can result in penalties, delayed refunds, or heightened scrutiny from tax authorities. Tax Deducted at Source (TDS) is a common subject of concern, where problems like incorrect Permanent Account Number (PAN) details, […]
The petitioner, Shree Ambica Auto Sales And Service and another party, purchased vehicles and received a benefit called input tax credit (ITC) based on official tax invoices from their supplier. Later on, the supplier provided credit notes to the petitioners as a way to give discounts after the sale, as part of a promotional sales […]
The Income Tax Appellate Tribunal ( ITAT ) has held that the assessing officer cannot skip the examination of the source of funds just because of the error in the income tax return (ITR) due to technical issues. Relief was provided by the tribunal to a woman who sold her property for Rs 94 lakh […]
The ITAT Jodhpur has ruled that rectification under section 154 of the Income Tax Act, 1961, is allowable where an inadvertent mistake in tax return filing results in double taxation of the same income. The appellant, M/s Jain Natural Pickles Private Limited, encountered a survey u/s 133A of the Income Tax Act, 1961, during which […]
Since the inception of the Goods and Services Tax (GST) in India in 2017, businesses have faced challenges in adjusting to the new tax system. The aim of GST was to simplify compliance, but achieving this objective has not been easy so far. GST was introduced to streamline indirect taxes, but filing GST returns involves […]
The online Income Tax Return (ITR) filing window for AY 2025–26 has been opened by the CBDT Department. Individual taxpayers who are not required to have their accounts audited must submit their ITRs for FY 2024–25 before the revised due date. The Central Board of Direct Taxes (CBDT) revised the ITR filing due date from […]
The Allahabad High Court has made a significant ruling regarding minor clerical errors in documentation related to the Goods and Services Tax (GST). The court determined that discrepancies such as a one or two-digit mismatch in GST invoices or on the GST e-way bill should not serve as grounds for initiating legal proceedings under Section […]
The Supreme Court has emphasized the need for the Central Board of Indirect Taxes and Customs to set realistic timelines for taxpayers to correct bona fide errors in forms while filing GST returns. The bench of CJI Sanjiv Khanna and Justice Sanjay Kumar was hearing a challenge to the Bombay High Court order which authorized […]
The Hon’ble Supreme Court, in a ruling, affirmed that the right to correct clerical or arithmetical errors is a fundamental right for businesses, acknowledging that human errors in GST return filings are inevitable and should be rectified. It was ruled by the court that the right to correct accidental mistakes, whether clerical or arithmetical, is […]
