Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has allowed Schindler India Private Limited, a leading elevator and escalator manufacturer, to exclude ₹1,09,72,163 written off as bad and doubtful debts from its book profits while computing Minimum Alternate Tax (MAT) under Section 115JB of the Income Tax Act, 1961. Before the ITAT, Schindler […]
The Madras High Court has instructed the government tax department to send out a circular encouraging taxpayers to hire only qualified professionals for handling their Goods and Services Tax (GST) matters. Justice Krishnan Ramasamy mentioned that, “This Court comes across similar instances in several cases, extending ill advice to the clients by the consultants, who […]
The Income Tax commissioner could not amend an assessment only due to the detailed reasoning was not provided in the order, the Madras High Court ruled. The Commissioner of Income Tax has been empowered u/s 263 of the Income Tax Act, 1961, to amend any order passed under the Income Tax Act, 1961, “the Act,” […]
Businesses in India should be required to undergo audits so as to ensure that they are following the financial laws and regulations. Companies and professionals every year would be required to file their financial details in particular formats, like the Tax Audit Report. The same procedure involves intricacy since it deals with lengthy documents and […]
The Delhi High Court has pointed out that there is a delay between when the GST Department issues a demand order and when the Form DRC-07 is made available online. A division bench of Justices Prathiba M. Singh and Shail Jain did not infer such a gap as rendering the demand order time-barred, towards the […]
The Delhi High Court has confirmed that payments by Indian companies to foreign entities for the resale or use of computer software are not classified as royalty. In a significant ruling, Justices V. Kameswar Rao and Vinod Kumar concluded that the Indian entity bears no obligation to tax deducted at source (TDS) in these circumstances. […]
The Bombay High Court has ruled that notifications related to the Reverse Charge Mechanism (RCM) that deny Input Tax Credit (ITC) to service providers are legally acceptable. The court stated that these decisions do not violate the rights guaranteed by articles 14 and 19(1)(g) of the Constitution, which are designed to ensure equality and the […]
The Group of Ministers (GoM) met on the GST rate rationalisation has ended with the state finance minister accepting the plan of the centre to lessen the multiple tax slabs. The proposal, placed before, aims to replace the current four rates of 5, 12, 18, and 28 per cent with just two main slabs. Before […]
Till now, the ITR filers who had submitted their ITR for FY 2024-25 ( AY 2025-26) are still waiting for the tax refund. A month has passed since many taxpayers submitted their income tax returns. However, no refund has been given to all such taxpayers. This year, the procedure of refund procedure seems to be […]
