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The Karnataka High Court, voluntary determination by the taxpayer himself as regards the tax liability, is sine qua non for ‘self-ascertainment of tax’ under the CGST Act. The high court said that when the notice asked to be issued under section 74(1) it showed a new and complete adjudication and did not direct to a […]
The Income Tax Appellate Tribunal (ITAT) of Delhi in a decision, quashed a reassessment notice issued u/s 148 of the Income Tax Act, 1961 (ITA) to the assessee/ appellant, Natraj Products Pvt. Ltd. for the AY 2010-11, mentioning mechanical approval granted by the Principal Commissioner of Income Tax (PCIT). The reassessment was on the grounds […]
In an application to the Tamil Nadu bench of Authority for Advance Ruling (AAR), it was held that Plastic Rope Handle, Vent Plug, Split Top/Bottom Support categorized under the heading “8507” will be levied to tax at 28% GST. The petitioner M/s V M Polymers, is in the business of manufacturing plastic articles used as […]
The blog specifies the major aspects of LLP audits more efficiently and furnishes the answers to common questions. It is important for professionals and entrepreneurs to understand the audit needs of a Limited Liability Partnership (LLP) to ensure compliance with the law. LLPs are separate lawful entities directed to distinct compliance norms, auditing, and taxation. […]
The Cuttack Bench of Income Tax Appellate Tribunal(ITAT) carried the decision of the Commissioner of Income Tax(Appeals) to remove the Rs.3,08,11,278 penalty imposed u/s 271(1)(c) for the Assessment Year 2014-15 since the underlying quantum addition no more existed. An appeal has been filed by the revenue against the CIT(A), order on 25.6.2024, which removes the […]
The Chhattisgarh High Court carried an ex-parte assessment u/s 144 of the Income Tax Act, 1961, against a taxpayer who failed to take part in assessment proceedings or describe the cash deposit source of ₹11,44,070 in his bank account. The bench Justices Sanjay K Agrawal and Amitendra Kishore Prasad remarked that under sections 68 and […]
The centre in relief to the employers simplified the limitations to the companies for depositing the Tax Deducted at Source (TDS) on salaries of the employee. Starting from October 1, 2024, the employers will have additional time to deduct Tax Deducted at Source (TDS) from their employees’ salaries. An additional time is been provided to […]
To rationalize GST rates the ministerial-level committee has been made that furnishes a relief before the consumers. It is anticipated that the GST rates on distinct medicines, insurance, and tractors shall be reduced to 5% in the next month. At present there is a 12% or 28% GST on tractors as per their classification. The […]
The Central Board of Indirect Taxes and Customs (CBIC), through Instruction No. 04/2024-GST on October 4, 2024, has announced systemic revisions to ease the mapping and de-mapping of officers on the GSTN portal. This initiative aims to enhance the efficiency of GST administration, ensuring that officers are precisely mapped to their respective jurisdictions, thereby decreasing […]