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The Central Board of Indirect Taxes and Customs (CBIC) has relaxed the mechanism of GST refund provisions that includes within its purview providing the choice to taxpayers to withdraw the application. It has further amended GST rules and consequentially has excluded the time horizon from the date of filing of GST refund the application to […]
There is no paucity of funds in the government exchequer although it cannot be denied that government has to bear expenditure on welfare and growth and development activities in addition to meeting expenses of the state machinery of Judiciary, Executive and Legislative. This fact mirrored in an RTI filed at the CGST & Central Excise […]
The Income Tax Appellate Tribunal (ITAT), Pune Bench passed a ruling that no income tax can be levied on a transaction that has never materialized. Here, in this case, The assessee filed his income tax return declaring a total income of Rs.2,94,330/-. The Assessing Officer noticed that the assessee ventured into two Development Agreements for […]
Due to the increasing devastation of Second Covid, The deadline for various tax compliances has been extended. “The last date for issuing Form 16 has been stretched to July 15, 2021.” While there are so many due dates in general, let us check out all: And the last date of filing income tax returns Get […]
In a recent ruling passed by The Income Tax Appellate Tribunal (ITAT), Mumbai bench it was held that income tax cannot be levied on forex gains that arise against repayment of an interest-free loan by relatives. While carrying the scrutiny of the income tax return that had been filed by the assessee, the Assessing Officer […]
The latest e-filing web portal was successfully launched on 7, June 2021 by the income tax department on the website www.incometax.gov.in. the motive to launch the new e-filing portal is aimed at giving the assessee convenience and a modern, seamless experience to the assessee. FM Instructs Infosys to Develop Taxpayer Friendly New E-portal On Tuesday […]
In the wake of the intense second Covid-19, Haryana has become the first state in the country to grant reimbursement of GST that is paid on Covid-related donations that are made to the state and state-run facilities. However, this exemption shall be valid till June 30. The aforesaid step has been taken to boost Covid-related […]
In the wake of the Corona pandemic and lockdown in Karnataka when production activities have choked and there is a huge cash crunch, Kassia (regulating body of Small Scale Industries) president KB Arasappa has requested the Finance Minister Nirmala Sitharaman to give an extension to the deadline for GST payments The government has revealed the […]
Owing to the second Covid-19, there has been a sharp slowdown in economic activity that has resulted in a fall in a one-year low of average daily e-way bills in the month of May. As per data released by Goods and Services Tax Network, 19.4 million e-way bills under GST have been generated on its […]