Browsing author
On the GST rate rationalization, the GoM suggested lowering the tax rates on 20-litre packaged drinking water bottles, bicycles, and practice notebooks to 5%, however, it recommended raising the taxes on high-end wristwatches and shoes, as per the official. According to officials, GoM’s decision on the rate rejig on the GST rate rationalization under Bihar […]
A detailed guide for tax professionals and departmental officers is been proposed by the recently updated Handbook on Judicial Matters, prepared by the Office of the Principal Commissioner of Income Tax (Judicial). The book specifies the process to file the appeals in distinct judicial fora, including the Income Tax Appellate Tribunal (ITAT), High Court, and […]
Central Board of Direct Taxes (CBDT) has provided the updated norms for the compounding of offences under the Income-tax Act, 1961, to facilitate the process as well as accessible for the assesses as per the statement from the Ministry of Finance. The guidelines are in the budget announcement list of the Finance Minister to streamline […]
Rajasthan’s Authority for Advance Ruling (RAAR) carried that Goods & Services Tax (GST) on corporations from overseas group entity liable to get paid merely one time, not periodically. Experts cited that the ruling is in line with the circular, for the entire duration of the guarantee it has the challenge of filing the full tax. […]
An astonishing growth has been witnessed in the personal income tax collection in India over the past decade, exceeding the speed of corporate tax collections, as per the updated data released by the Central Board of Direct Taxes (CBDT). Personal income tax revenue surged by 294.3 per cent, increasing to Rs 10.45 lakh crore in […]
The Central Board of Direct Taxes (CBDT) has introduced a new tax form called 12BAA, particularly made for the disclosure of non-salary income and inclusion of information on Tax Collected at Source (TCS). As per the guidelines, these forms with the norms emphasized in the Union Budget 2024 will streamline the offsetting of Tax Deducted […]
A pre-filled GSTR-3B form has been introduced due to simplified GST filing, which simplifies the process and assists assesses in filing their GST returns precisely. GST Portal Pre-filled GSTR-3B The GST Portal auto-fills the GSTR-3B form: Main Objective to Pre-filled GSTR-3B Form The objective is to facilitate the return filing process for the assesses via […]
The Goods and Services Tax Network ( GSTN ) Under Rule 37A of the Central Goods and Services Tax Rules, has introduced a process for the reversal of Goods and Services Tax ( GST ) Input Tax Credit ( ITC ) when the supplier is unable to file the GSTR-3B return within the GST Portal. […]
Amendments have been announced for Income-tax Rules through Notification No. 111/2024, dated October 15, 2024, by the Central Board of Direct Taxes (CBDT). These amendments effective from 1st October 2024 have the motive to facilitate the registration process for charitable institutions, trusts, and non-profit organizations under sections 12A and 80G of the Income-tax Act. Introduced […]