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The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench whilst deleting the addition passing the ruling that the encashment of the bank guarantee has been incurred in the normal course of business. Here, in this case, the assessee is Ogene Systems India Limited that has debited in books of account an amount of Rs.1,10,61,051/ as a […]
In yet another incident on Sunday, the Finance Minister Justified her perception on waiver of GST on Vaccines, COVID drugs, and Oxygen concentrators. She commented that GST exemption on Domestic Supplies of Vaccines Commercial Imports of Vaccines COVID Drugs Oxygen Concentrators would make the aforesaid items even costlier owing to the fact that manufactures would […]
The Student Federation of India (SFI), one of the active student organization across the country, has once again knocked the doors of the temple of justice i.e. the Supreme Court of India to weed out the COVID-19 infection from the people especially the underprivileged, weak, poor, and disadvantaged section of the Indian society. Consequently, it […]
To counter the recession which Indian Company is going to face, Government has opted for an alternative path of kickstarting the economy by relaxing tax measures on companies that are bringing huge Foreign Direct Investment in the Infrastructure of the Indian Economy. One such decision has been taken by the government by providing tax exemption […]
Interestingly, retrospectively, and notably, The Central Board of Direct Tax (CBDT), in its efforts to provide benefit/privilege to the salaried class employees, has provided a big relief to the aforesaid class by an amendment in Rule 2B of the Income Tax Rules wherein the proviso connected to exemption with respect to those cash allowances that […]
This Judgment has once again put the question mark on the authority of Goods & Service Tax (GST) officials’.The Honourable Gujarat High Court has constricted the concerned GST Official and department for taking the law into their hands and likened it to dacoity. This constriction is with respect to a petition filed by an individual […]
The Honourable Madras High Court has quashed the order that confirmed the imposing of penalty at the sum of 1.5 times of the tax demanded. The respondent party is Harish Agencies. It is a dealer in high-speed diesel and petrol in Puducherry. The petitioner-Department of Tax sent a”“pre-assessment notice” in supersession of the earlier notice […]
In yet another attempt to provide ease and facilities to taxpayers on the web portal of GST and to make the GST web portal more interactive, The Goods and Services Tax Network (GSTN) has issued new functionalities (module wise) on the web portal of GST. These functionalities pertain to the below-mentioned modules: New Functionalities in […]
GST revenues for March 2021, collected in April 2021, have shot up to a record high of Rs 1,41,384 crore —14% higher than that of the previous month even in the wake up of the second wave of the Corona pandemic. Thanks to GST’s foolproof mechanism that has led to a spurt in GST collection […]