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The Central Board of Direct Taxes (CBDT), provided the conditions to process the returns furnished through the digital economy firms which would be obligated for the equalization levy, simplifying the administration of India’s digital economy tax. Scheme for the Centralized Processing Equalization Statements The modalities have been set by the Centralized Processing of Equalization Levy […]
The Telangana government has started the Telangana State One-Time Settlement Scheme 2022 to relieve the locked-up revenue. According to the Commissioner of Commercial Taxes, Telangana, Hyderabad, there would be an arrear amount of nearly Rs 3000 cr due in several stages of litigation, and the amount is not able to recover. The state government has […]
All the assessee whose average turnover is upto Rs 5cr will need to provide an option to file their Form GSTR-1 statement and Form GSTR-3B from 1st Jan 2021 on the quarterly grounds. They have a choice to furnish B2B invoice information in the Invoice furnishing facility (IFF) for months 1 and 2 (eg. Jan […]
If you think you have made a mistake while selecting between new and old tax regimes then here is the way to switch back to the scheme you desire: Through the Current Financial year’s Budget, Union Minister Nirmala Sitharaman announced the new tax regime as voluntary compliance. Taxpayers, especially employees are allowed to choose between […]
The last date for filing ITC-03 is around the corner and it is sprouting out an immediate need for clarification on many issues. Beyond the shadow of a doubt, the real estate sector is one of the crucial cornerstones of our National economy with its contribution of around 6-8% in the Gross Domestic Product (GDP) […]
Finally, in a bid to get some relaxation out of multiple issues in GST, the GST council 25th meeting took some favourable decision for the taxpayers including composition dealers.
India’s Finance Minister, Smt. Nirmala Sitharaman has presented distinct new income tax rule modifications in the budget 2023. There will be certain significant modifications with the start of the new fiscal year (FY 2024-25). From April 1, 2024, such revisions shall be implemented. From April 1, 2024, the corresponding changes, will add new regulations or […]
The tax benefits cannot be refused to the taxpayer because of an error made by the builder in assigning the apartment, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Rahul Chaudhary (Judicial Member) and Om Prakash Kant (Accountant Member) noted that the petitioner cannot be penalized for the mistake executed […]
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 […]
