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In the official advisory (No. 623) released on January 23, 2024, the Goods and Services Tax Network (GSTN) has underscored the essential obligation for registered taxpayers to provide their bank account information following Rule 10A of the Central Goods and Services Tax Rules (CGST), 2017. As per the provisions outlined in the CGST Act, 2017, […]
The software company SAG Infotech has added a new feature called ‘Import Tally‘ to their latest version 5.33 of Gen GST Online software. This means that users of this software can now easily import data from Tally, another popular accounting software. Now, it’s easier for taxpayers who file returns in a form called GSTR 1 […]
In the scrutiny of a loan transaction between two entities, where the borrower’s liability decreased in the accounts by the amount paid to settle the assessee’s obligation, the Madras High Court determined that this transaction seems to comply with the law. The court explicitly stated that the penalty under Section 271E of the Income Tax […]
In a recent update, the Income Tax Department has introduced a new prerequisite for non-individual entities receiving refunds exceeding Rs. 50 crore. As per the RBI notification, effective refund processing now necessitates the inclusion of a Legal Entity Identifier (LEI) number. Entities are strongly encouraged to promptly submit their LEI information through the designated portal […]
On Wednesday, Maruti Suzuki India confirmed that the Gujarat GST authority has maintained a tax demand totalling Rs 173.9 crore, coupled with a penalty of Rs 17.4 crore on its subsidiary, Suzuki Motor Gujarat Pvt Ltd. The subsidiary intends to appeal this decision and will approach the first appellate authority to contest the order. Read […]
No assessments could be made under section 143 or 144 of the Income Tax Act post 12 months from the finish of the pertinent assessment year, the Chandigarh bench of the Income Tax Appellate Tribunal (ITAT) observed. The taxpayer company reported a taxable income of Rs. 8,59,050/- in 2012, later assessed at Rs. 12,13,510/ in […]
The Income Tax (IT) department has reached out to approximately 3 million salaried taxpayers nationwide via text messages and emails, pinpointing disparities between their claimed refunds in revised tax returns and the TDS (Tax Deducted at Source). An official mentioned, “Given that December 31, 2023, marked the deadline for revised returns, we’ve issued alerts probing […]
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 […]
Section 74(1) of the Central Goods and Services Tax Act, 2017 states that if the proper officer suspects non-payment, short payment, erroneous refund, or wrongful availing/utilization of input tax credit due to fraud, willful misstatement, or suppression of facts to evade tax, they must serve a notice to the person liable for the unpaid tax […]