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The CBDT announced an extension for filing Forms 10B/10BB until October 31, 2023, and a one-month extension for ITR 7 form. The Government of India’s Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023 dated September 18, 2023, providing relief to taxpayers and other stakeholders by extending […]
While invoking the doctrine of unjust enrichment, the Bombay High Court said to the department to refund the TDS amount deposited via taxpayer under protest. Technically, when the amount deposited via the petitioner is called ‘tax deductible at source’, what the petitioner paid was ‘an ad hoc amount, not technically a TDS amount’. Also, as […]
The receipts from the provision of background screening and investigation services to clients in India are not royalties or fees for technical services (FTS), ruled by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). There have been no technical skills or knowledge or consultancy or make available any technical knowledge, experience, skill, know-how, […]
In August 2023, Punjab’s GST collection saw a significant 31% year-on-year increase, attributed to robust business growth and improved monitoring to plug revenue losses. The total GST revenue, including SGST and IGST, for that month reached ₹1,713.41 crore, up from ₹1,306.88 crore in the same month of the previous fiscal year 2022-23, as per the […]
The assessing officer who has issued a show cause notice under Section 274 read with Section 271(1)(c) of the Income Tax Act,1961 is defective/invalid since the same does not explicitly convey to the taxpayer about the certain fault/charge the taxpayer would have proceeded for impose of penalty, held by the Mumbai Bench of Income Tax […]
A Mera bill app has been incorporated by Punjab Chief Minister Bhagwant Mann beneath the ‘Bill Liao Inaam Pao’ (bring a bill, get reward) scheme. As per the officials, the scheme would have the objective to increase compliance under GST and hence the revenue. Latest Update The goal of the scheme is to persuade customers […]
Around 5.5 crore taxpayers may have switched to the new tax regime introduced in the budget for the current fiscal year, based on initial estimates from the revenue department. These taxpayers mainly earn up to Rs. 7 lakhs and are primarily younger individuals with incomes up to Rs. 7 lakhs, according to a senior official […]
For the last four consecutive fiscal years, there has been seen consistent upward growth in the number of income tax returns filed by taxpayers in Karnataka state. This upward trend indicates the increasing awareness of tax adherence in the population. In the fiscal year 2019-20, a noticeable 38.18 lakh individuals filed their income tax returns, […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai bench ruled that the number of aggregate business receipts was below the threshold limit of Rs. 1 crore specified under Section 44AB of the Income Tax Act, 1961 for account audit. Therefore, the panel repealed the defect notice in question and the return filed by the assessee […]
