Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
As per the GCCI, a technical glitch in the Income Tax filing portal has led to the income tax department sending notices to taxpayers concerning discrepancies in their returns. This has resulted in unwanted inconvenience to taxpayers. Chartered accountants engaged with the Goa Chamber of Commerce and Industry have found some cases where partnership firms, […]
The Central Board of Direct Taxes (CBDT) has introduced modifications in the income tax regulations concerning the assessment of benefits related to employer-provided rent-free or discounted housing for employees. These amendments, effective from September 1, 2023, will result in reduced tax liability for employees receiving rent-free accommodations, which will be subject to higher take-home pay. […]
The main purpose of this blog post is to explain how to easily use the Pay Income Tax Later option on the new ITR filing 2.0 portal. On the income tax e-filing website the income tax department would have incorporated a new feature that permits a person to file the income tax subsequently. It directed […]
The CESTAT, Chennai in M/s. Susee Auto Sales & Service Pvt. Ltd. vs Commissioner of GST & Central Excise [Service Tax Appeal No.40764 of 2013 dated July 31, 2023] cancelled the penalty levied via the adjudicating authority and carried that penalty under sections 77 and 78 of the Finance Act, 1994 (“the Finance Act”) does […]
The Delhi bench of the income-tax appellate tribunal (ITAT) has issued a positive decision in favour of an 83-year-old widow who was not required to file her IT return. The fine levied on her for failing to file her tax return was set aside by the tax tribunal. This Gurgaon-based 80-year-old had never filed an […]
Real businesses are suffering despite the taxmen busting the networks of bogus entities and fake ITC claims that proceeds with hundreds of crores of rupees. Between the filings of the buyer and seller, the GST data mismatch restricts the buyers to claim the input tax credit. ITC stands for Input Tax Credit, a credit for […]
The Calcutta High Court has rejected the appeal submitted by the Income Tax Department concerning low tax effects. A two-member bench comprising Chief Justice T.S. Sivagnanam and Justice Ajay Kumar Gupta has noted that the aggregate tax was below Rs. 1 crore, which the Central Board of Direct Taxes (CBDT) sets the threshold limit. The […]
Many employees practice moonlighting for earning some extra money while working with their current organisation. They have been sent notices by the Income Tax Department as they are earning more than their regular salary and were not disclosing the income in tax returns. Among these notices, most of them were related to the financial years […]
The refund of the Integrated Goods and Service Tax (IGST) amount including a subjected interest to an applicant who mistakenly filed IGST on a higher rate compared to the concessional applicable rate, Gujarat High Court ruled. The applicant, Tagros Chemicals India Pvt. Ltd., had been registered under GST as its introduction, and the case related […]
