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The Government of Delhi issued notification No. 34/2023-State Tax, F. 3 (14)/Fin. (Exp-I)/2023-24/DS-I/916 on 25.10.2023, providing Goods and Services Tax (GST) registration exemption for vendors who operate through e-commerce platforms for intrastate supplies. The Lieutenant Governor of the National Capital Territory of Delhi, under Section 23(2) of the Delhi Goods and Services Tax Act, 2017 […]
The Delhi High Court recently delivered a significant judgment, declaring that an addition made under section 153C of the Income Tax Act is invalid if there is no incriminating material to support it. The appellant, the revenue authority, challenged the common order passed by the Income Tax Appellate Tribunal on 07.12.2017. The Tribunal had rejected […]
The Kerala High Court has made it clear that there should be no imposition of penalties or interest for filing income tax returns on time. The current writ petition, filed under Article 226 of the Constitution of India, challenges the order for the Assessment Year 2018-19 issued by the Tribunal. This order assessed a late […]
The Central Board of Direct Taxes (CBDT) has recently issued a notification regarding the condonation of delay under Section 119(2)(b) of the Income Tax Act, 1961, specifically related to the filing of Form No. 10-IC for the Assessment Year 2021-22. Form 10-IC comes into play when a Domestic Company chooses to avail the benefit of […]
The Central Board of Direct Taxes (CBDT) has extended the deadline for submitting the recently introduced Form 56F, which pertains to the accountant’s report for the assessment year 2023-24, until December 31, 2023. In order to prevent genuine hardship, the Board has taken into account the challenges faced by taxpayers and other stakeholders in meeting […]
The Hyderabad bench of the Income Tax Appellate Tribunal (ITAT) has ruled that in order to claim a capital gain deduction under Section 54F of the Income Tax Act, 1961, it is essential to retain ownership of residential flats for a minimum period of three years. The taxpayer in question is an individual with income […]
The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has removed the additional scrutiny of cash deposits made during the demonetization period related to the sales of petrol, diesel, and other petroleum products. The panel, consisting of T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant Member), has determined that these cash deposits are […]
Form 26QB has significant importance in the process of deducting tax at source (TDS) for property sales. However, occasional errors and mistakes may occur during submission of this form. If you come across any inaccuracies in your Form 26QB, there’s no need to worry as you can rectify them. This article has been written to […]
The Supreme Court bench, comprised of Justice B.V. Nagarathna and Justice Ujjal Bhuyan, in the landmark ruling, has allotted the Kerala State Cooperative Agricultural and Rural Development Bank (KSCARDB) the 80P deduction benefit under the Income Tax Act, 1961. The taxpayer/petitioner, in brief, stated that Kerala State Cooperative Agricultural and Rural Devt Bank is a […]
