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Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT), announced that the government is poised to surpass its fiscal target of Rs 18.23 trillion in direct tax collection, given the robust revenue growth witnessed so far. He highlighted the vigilant monitoring of unexplained cash and jewellery during state and national elections, with coordinated […]
The Central Board of Direct Taxes (CBDT) has been said to decide on the three changes for the income tax refund post acknowledging the amended return furnished via the taxpayer, the Delhi High Court stated. The applicant’s major issue, Fada Trading Private Limited is that Rs. 40,00,000/- deposited through it (albeit, in two tranches) for […]
The Income Tax Appellate Tribunal’s Delhi Bench ruled that the National Highways & Infrastructure Development Corp. India (NHIDCL) received funds in a fiduciary capacity from the government. The interest earned on deposits in bank accounts, derived from the funds for infrastructure projects, was deposited into the Consolidated Fund of India. Yogesh Kumar US (Judicial Member) […]
The Bangalore Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that the Tax Deducted at Source (TDS) amount paid via the appellant to the Income Tax Department cannot be considered as part of the service charges paid to an overseas service provider. Consequently, the tribunal determined that service tax does not apply […]
The Income Tax Department (ITD) uses various methods to assess income. Initially, taxpayers must declare their income, providing accurate and comprehensive information from different sources like salary, business, house property, capital gains, etc. This declaration facilitates the income tax assessment process. After the taxpayer completes and confirms their return, the Income Tax Department (ITD) takes […]
On October 31, 2023, as per Circular No. 205/17/2023-GST, the CBIC issued a clarification concerning the GST rate applicable to imitation zari thread or yarn, aligning with the GST Council’s 52nd meeting held on October 07, 2023. At the 50th meeting, the GST Council suggested reducing the GST rate to 5% for imitation zari thread […]
The Delhi High Court has granted the refund of the Input Tax Credit (ITC) under Goods and Service Tax (GST) based on the shipping bill and invoices while overturning the rejection of the ITC refund claim. The petitioner, Star Publishers Distributors, contested “the impugned order,” which dismissed the petitioner’s appeal against the refund rejection order […]
The count of individuals reporting zero-tax liability for their income from the prior year continued to rise. According to data provided by the income tax department, 44.6 million tax returns, constituting two-thirds of all filings for the 2021-22 assessment year, made this declaration. This reflects a 4% increase in zero-tax returns compared to the previous […]
The Calcutta High Court has ruled in favour of the petitioner in a case involving a 9-hour delay between the expiration of an e-way bill and the interception of the vehicle. Justice Md. Nizamuddin, presiding over the bench, noted that the petitioner had no intention to evade tax payment. The petitioner, who was being assessed […]
