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The Central Board of Direct Taxes (CBDT) has once again delayed the “Tax Audit Clause 30C and 44” till the date 31st Mar 2022 due to the pandemic COVID-19. For the fourth time, The CBDT has once again provided an extension to the aforesaid due date for filing Form 3CD. As per the Income Tax […]
As per the ruling of West Bengal’s Authority for Advance Ruling (AAR), selling and serving eatables within the office premises is not subject to the benefit of Input Tax Credit (ITC). However, selling eatables and sweets within the office premises for consumption outside office premises is subject to the benefit of Input Tax Credit (ITC). […]
In response to several representations received by The Central Board of Direct Taxes (CBDT) for seeking clarification on the ‘search case’ mentioned in the Vivad Se Vishwas Act 2020, CBDT has examined the aforesaid provision and issued proper clarifications on the same. As per CBDT, search case includes within its purview either assessment or reassessment […]
The Comptroller and Auditor General of India (CAG) has reported technical glitches in the entire mechanism of Goods and Services Tax (GST) even after 3 years of its implementation and further advised computerisation of legal processes and legal procedures in addition to fixing the roll-out plan of a simplified GST regime. Starting from the legal […]
Now, you shall not be paying taxes in the way you used to pay in FY 2021-2022. Noteworthy changes in the Income-tax regime that shall be operative from 1st April 2021 include the following: No requirement of tax filing for senior citizens above 75, Pre-filled IT forms, Tax on interest on PF, Income tax return […]
On Wednesday, Finance Minister Nirmala Sitharaman moved 127 amendments in Lok Sabha. One of the amendments approved by Lok Sabha relates to the increase in the exemption limit of provident fund to Rs 5 lakh given the condition that the employer has not contributed to the PF corpus. As per a consultant in a leading […]
Businesses are in an unfortunate situation. Things are not as easy as they appear apparently. While the centre is busy putting in efforts to accelerate tax compliance by implementing technology-driven infrastructure, the businesses are losing tax credits owing to supplier defaults. Notably and Interestingly, while one entity (Suppliers) is committing a mistake, the repercussions of […]
When it comes to ‘Initial Assessment Year’ for the purpose of deduction under the Income Tax Act, It has been held by The Income Tax Appellate Tribunal (ITAT), Delhi Bench that the Initial assessment year for the purpose of claiming of deduction need not be first-year of the commencement of operations”. Here is the case […]
Andhra Pradesh High Court has quashed the assessment order of the GST Department on the ground that the notice was posted at the previous Address even when the address was amended in the GST registration certificate. “The petitioner is M/s. OSTRO Anantapur Private Limited, Anantapur, and it is involved in the trade of generation and […]