Browsing author
The Central Board of Direct Taxes (CBDT) has introduced online filing for Form 15CD for the Financial Year 2023-24, aligning with its commitment to enhance efficiency and simplicity in the tax compliance process through digital means. This development, as outlined in CBDT notification no. 89/2023 dated October 16, 2023, underscores the organization’s dedication to embracing […]
A senior official from Tata Motors, the leading manufacturer of electric vehicles in the country, cautioned on Wednesday that any effort to reduce GST tax rates on hybrid cars could lead to confusion in the industry and dilute the government’s endeavours to achieve its net-zero objectives. Shailesh Chandra, the managing director of Tata Motors’ divisions […]
The Hon’ble Delhi High Court in the case of Varyam Dass Khurana v. Commissioner of GST, New Delhi [W.P. (C) No. 15670 of 2023 dated December 05, 2023] ruled that the cancellation of registration must take effect from the issuance date of Show Cause Notice, and not retrospectively. Key Information Late Mr. Varyam Dass Khurana […]
The Gujarat Authority of Advance Ruling (AAR) has determined that rooftop solar systems, inclusive of installation and commissioning, are considered plant and machinery. In the assessment conducted by the bench comprising Amit Kumar Mishra and Riddhesh Raval, it has been concluded that applicants have the entitlement to claim Input Tax Credit (ITC) on rooftop solar […]
A senior government official informed Business Standard that in the forthcoming Interim Budget on February 1, Union Finance Minister Nirmala Sitharaman is considering the introduction of further tax waivers or exemptions exclusively applicable to the Old Income Tax regime. The proposed measures may involve extending income tax exemption thresholds to around Rs 7 lakh and […]
The government official stated that the imposition of the levy had been deemed justified and legally approved following the appeal of electronic commerce operators to the Delhi High Court. Industry executives noted that the application of a 5% GST on online purchases of non-AC auto-rickshaw or bus rides through platforms like Ola, Uber, MakeMyTrip, and […]
The Indian Chamber of Commerce (ICC) is qualified to claim exemption concerning its complete receipts the Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) ruled. Rajesh Kumar (Accountant Member) has noted that the Indian Chamber of Commerce (ICC) does not engage in organizing meetings, seminars, and conferences for business purposes. Instead, these activities are […]
On 1st February, the interim budget 2024 will be presented by Finance Minister Nirmala Sitharaman, the electric vehicle (EV) industry is advocating for a series of tax and subsidy adjustments, as well as favorable policies, to support the ongoing growth in the sector. The primary appeal from players in the electric vehicle (EV) sector is […]
The Delhi High Court has ruled that the Principal Commissioner of Income Tax (PCIT) erroneously invoked jurisdiction under Section 263 of the Income Tax Act and made a mistake by reversing course in the fourth assessment year. This led to the denial of the benefits provided by Section 80IA of the Income Tax Act. Justices […]