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Are you unsure about the legitimacy of an Income Tax Notice or Order you received lately? No need to worry some remedies can help you avoid this unnecessary dilemma. The Income Tax Department has introduced a method that uses a computer-generated Document Identification Number (DIN) to help you validate any information received from them. From […]
The department has been instructed by the Delhi High Court to give a refund amount that the petitioner has deposited through a payment of Rs. 23,70,000 in cash along with interest at a yearly rate of 6%. The two-member bench comprising Justice Vibhu Bakhru and Justice Amit Mahajan has noted that a sum amounting to […]
Most of India’s employed individuals selected the traditional tax structure when filing their returns in the 2023-24 fiscal year, favouring long-term investments over the immediate cash benefits provided by the new system. According to a Policybazaar.com survey, 63% favoured the old tax regime, while 37% opted for the new one. Individual taxpayers can opt for […]
The penalty imposed for the default in not deducting the TDS on the foreign remittances has been removed by the Jaipur Bench of Income Tax Appellate Tribunal (ITAT). The bench of Sandeep Gosain (Judicial Member) and Rathod Kamlesh Jayantbhai (Accountant Member) has followed that the taxpayer has deliberately not bypassed TDS and there is no […]
The introduction of GST in construction services has wielded significant influence over the industry’s dynamics. Understanding the nuances of GST within construction work is pivotal for ensuring operational smoothness and financial astuteness. Typically, construction services are subject to an 18% GST rate, yet exceptions exist. Affordable housing projects incur a minimal 1% GST rate, while […]
Pankaj Singh, the Minister of State in the Ministry of Finance, during a parliament session on Monday, said that there are no additional charges that consumers have to pay on the products that come under Goods and Services Tax (GST), after the MRP. The minister made the aforementioned statement in reply to a query posed […]
The officers are only permitted to force the assessee to pay the tax if they do not comply with the requisite process, notwithstanding that the same might be apparent that these taxes are left and liable to get paid, Delhi High Court ruled. Justice Vibhu Bakhru and Justice Amit Mahajan highlighted that the statement of […]
The Supreme Court in a major relief to the Flipkart Internet, has provided a stay on the rejection of the plea by the Patna High Court as non-maintainable for payment of Pre-Deposit for Goods and Services Tax (GST) appeal from Electronic Credit Ledger (ECRL) instead of Electronic Cash Ledger (ECL). The Supreme Court stayed the […]
The Cenvat credit is been permitted by the Punjab and Haryana High Court to Maruti Suzuki on training and coaching services, IT (software) services (CHA), cargo handling services for export, warehouse and storage services, land survey services, and hotel Broadway services. The service is needed since it is not merely used in the manufacturing concern […]
