Browsing author
In the case of M/s. Aastha Enterprises Vs. State of Bihar [CWJ 10395 of 2023 dated 18th August 2023] Hon’ble Patna High Court held that Input Tax Credit (ITC) is a benefit or concession granted to the assessee under the statutory scheme, rather than a right conferred upon them. In the case of M/s. Aastha […]
The GST branch of Kerala has declared the introduction of Standard Operating Procedures (SOPs) to track taxpayers’ corrections of improper IGST Input Tax Credit (ITC) reversals by using the GSTR-3B form. A streamlined summary tax return form GSTR-3B, enables taxpayers to report the total unpaid GST liabilities for a particular tax period. It is mandatory […]
It was determined that the Principal Commissioner of Income Tax (PCIT) did not have the authority to gather the revisionary requirements of Section 263 of the Income Tax Act, 1961, as determined by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). Therefore, the order for reassessment for the Assessment Year 2016-17 was overturned. […]
The income tax department gave a surprise to all payers of TDS by making an announcement that now department will pay interest on delayed TDS deduction refund and will also not lawsuit with the deductor on this issue in the future. The Central Board of Direct Taxes (CBDT) has given instructions about this to officers […]
The Indian income tax department may send a notice to call all Indians whose named leaked in Panama Papers. The notices could be sent within 2 months. Recently, the panama papers news was picked up a big issue in India as the more than 500 Indian names including top industrialists and Bollywood actors that mentioned in […]
The Institute of Chartered Accountants of India has released admit cards for CA Final and IPCC May 2016 Exam on its official website. The candidates can download their admit cards with their photographs and signatures from the ICAI’s website. I would like to give you a suggestion regarding your exam that don’t repeat common mistakes in […]
This is a news of happiness for all the business entities as the ministry of finance (MoF) has released them from service tax on certain services including passport and licence etc. Now the commercial institutions would not need to pay service tax on certain public services that are provided by the government and local authorities. […]
Today, the Governor of the Reserve Bank of India, Mr. Raghuram Rajan has made an announcement regarding the credit policy. He has cut 0.25 interest rates, as previously expected. While, there is no change in the CRR. It remains same at 4 percent. Apart from this, the repo rate has also been cut by 0.25 […]
According to the sources, the Institute of Chartered Accountants of India (ICAI) is going to abolish the Common Proficiency Test (CPT) entrance exam for CA aspirants from November, 2016 and the Foundation course will reinstate. This is socking news for those candidates, who are preparing the CPT exam. The president of ICAI Mr. Devaraja Reddy […]