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The upcoming interim budget slated for announcement on February 1 might include an increase in the tax rebate to Rs 7.5 lakh from the existing Rs 7 lakh in the new income tax regime, as per a report from Mint citing sources familiar with the discussions. If implemented, individuals earning Rs 7.5 lakh, after a […]
The Competition Commission of India received a welcome relief as GST authorities dropped a demand for ₹7.08 crore in service tax. The ruling clarified that the regulator isn’t required to register for service tax, negating any liability for the tax. The breakdown of the ₹7.08 crore demand includes ₹6.78 crore for service tax, along with […]
The Delhi High Court has ruled that denying an input tax credit (ITC) refund solely due to the absence of authenticated documents is not permissible. Justices Sanjeev Sachdeva and Ravinder Dudeja highlighted that although the petitioner had uploaded the necessary documents, the system failed to register them. Despite submitting the documents along with a response, […]
In a legal development, the Income Tax Assessment Order, citing violations of Section 144B of the Income Tax Act was invalidated by the Gujarat High Court. The applicant is an individual taxpayer primarily aimed for the following reliefs: The individual seeking the writ had asserted consistent filing of income tax returns and underwent income assessments […]
A demand notice of Rs 1.45 lakh cr has been issued to nearly 1500 businesses in December by the Goods and Services tax authorities. Because of the inconsistencies in annual returns and input tax credit claims for the financial year 2018, the notices were issued as per the officials. Due to the last date for […]
The Karnataka High Court has instructed the department to release the seized goods under certain conditions which are mostly used for Ayurveda medicines. The confiscation occurred because of a failure to submit the E waybill. The bench altered the conditions initially set by the single judge. M/S Quadri and Company, the petitioner, submitted a petition […]
As India awaits Finance Minister Nirmala Sitharaman’s 6th Union Budget, to be presented in Parliament dated February 1, 2024, the nation’s real estate sector, certainly for the affordable housing segment, is poised in expectation. To realize the vision of the government for ‘Housing for All,’ experts and industry leaders have shared their thoughts asking for […]
The addition made by the AO has been deleted by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) as there cannot be a sale without a purchase. The bench Saktijit Dey (Vice President) and Pradip Kumar Kedia (Accountant Member) pointed out that excluding purchases from trading results without also excluding the sales isn’t fair […]
The government is contemplating a heightened use of technology-driven advanced risk profiling to prevent input tax credit (ITC) fraud. They aim to halt suspected claims until undergoing thorough scrutiny. This move comes as Goods and Services Tax (GST) evasion, totalling over ₹4 lakh crore, has been unearthed in merely four years, with less than 30% […]
