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The Allahabad High Court has suppressed the Commercial Tax Tribunal’s judgment for non-compliance with Rule 63(5) of the U.P.V.A.T. Rules, 2008. The bench of Justice Abdul Moin has followed that according to Rule 63(5) of the U.P. V.A.T. Rules, 2008, a judgment and petition will be in writing and shall mention the points for determination, […]
Corporate law and governance provide the support where the companies are initiated, operate their business grow organically and inorganically and finally disappear into memory. Companies Act, 2013 is the key legislation that delivers the governance and compliance framework for companies in India. Currently, there are 1.62 million corporate entities in India. The company management and […]
The Punjab and Haryana High Court has cancelled the assessment order and consequent notice of demand and penalty proceedings due to non-compliance with the process glorified in clauses (vii) and (viii) of Section 144-B(6) of the Income Tax Act. The assessment of the orders and demand notices would have passed for the breach of the […]
This phenomenon is a sensitive and burning issue in the GST since its inception and implementation in the year 2017 “Whether the recipient are required to reverse their Input Tax Credit (ITC) due to mismatch of 2A or due to non-submission of GSTR 1 or GSTR 3B by supplier” As per Section 16 (2)(c) of […]
Recently, a store in Elante mall Chandigarh was penalized for charging GST on MRP from its customers
The Supreme Court has denied looking into the petition that the Micro and Small Enterprises (MSEs) submitted contesting a 45-day payment rule stated in Section 43B(h) of the Income Tax Act. SC replying to the petition recommended the MSEs ask for recourse via the HC when they want to pursue any relief pertinent to the […]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) witnessed that Income Tax Return filing within the last date is mandatory for claiming deduction u/s 80IB (10) of the Income Tax Act, 1961. The taxpayer was selected by scrutiny and notice u/s 143(2) was issued dated 04-03-2008 and served consequently. The other […]
The income tax department is on a drive to target the individuals and entities who are liable to file their ITR however they haven’t done it yet. As per the reports, the department fetched a staggering 1.52 crore these people who even after secures the taxable income or tax deducted at source (TDS), have losses […]
A significant update for the verification process for electronically filed Income Tax Returns (ITRs) is been announced by the Central Board of Direct Taxes (CBDT). Effective from April 1, 2024, taxpayers need to use the newly notified Form ITR-V who submit their returns through electronic mode but fail to verify them electronically. Important Facts About […]
