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Paying heed to the current scenario, FM Nirmala Sitharman has granted a considerable relief to non-resident Indians. The threshold limit has been set to Rs. 15 lakhs per year (income from assets in India) for a tax levy while exempting global incomes. FM Nirmala Sitharaman recently gave relief to REITs and InvITs through changes in […]
The Income Tax Appellate Tribunal (ITAT), Mumbai, has delivered an important ruling on the treatment of Goods and Services Tax (GST) for non-resident taxpayers. According to the tribunal’s decision, GST collected by a non-resident assessee must be excluded from ‘gross receipts’ when determining presumptive income under Section 44BB of the Income-tax Act, 1961. This clarification […]
The tax season is often marked by limited filing time and considerable uncertainty. Some people file their returns at the last minute, while others spend weeks preparing their taxes. Without the right software, the process can be complex in both cases. To address these challenges, income tax software has been introduced. Over the past 10 […]
Under the Goods and Services Tax (GST) regime, to strengthen the E-Way Bill (EWB) system, the Comptroller and Auditor General of India (CAG) has sought that revenue authorities determine taxpayers generating high-value EWBs but not releasing their tax liability and report such taxpayers for scrutiny. For crossing the threshold limit and generating EWB for inter-State supply, caution […]
Circular No. 8/2025 dated July 1, 2025, has been issued via the Central Board of Direct Taxes (CBDT) to explain concerns of field officers for the exemption of interest under Sections 201(1A)(ii) and 206C(7) of the Income-tax Act, 1961, as initially addressed in its earlier Circular No. 5/2025 dated March 28, 2025. The clarification answers […]
No service tax is to be imposed on hostel fees received for non-residential courses conducted by the coaching institute, the Kolkata Bench of the CESTAT has held. The Bench of Ashok Jindal (Judicial Member) and K. Anpazhakan (Technical Member) has cited that “the stand-alone hostel charges collected for non-residential courses, have no connection with Commercial […]
The Orissa High Court reminded tax authorities not to harass practising lawyers with notices regarding GST and service tax levies. Consequently, Chief Justice Harish Tandon and Justice B.P. Routray set aside the notices issued to a Bhubaneswar-based lawyer, which demanded service tax of ₹2,14,600 along with a penalty of ₹2,34,600 and applicable interest. It noted […]
US President Donald Trump disclosed global reciprocal tariffs at an event at the White House. While speaking, Donald Trump held up a chart showing the United States would charge a 34% tax on imports from China, a 20% tax on imports from the European Union, 25% on South Korea, 26% on India, 24% on Japan, […]
The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the gross deposits of a retail business are taxable at 8% under Section 44AD of the Income Tax Act, 1961, rather than treating the entire amount as undisclosed income. During the Assessment Year (A.Y.) 2011–12, Santosh Kumar, a taxpayer who traded Kota Stones […]
