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Under section 147 of the Income Tax Department, The Income Tax Department is empowered to reassess an individual’s previous/privately filed income tax returns. The assessing officer possesses the power to pick the income tax return for the reassessment keeping in consideration some predefined criteria by sending the notice under section 148 for the purpose of […]
“GST department has held back the export benefit of many companies that have tripartite agreements or three-way contracts.” As per the prevailing law, the export of goods or services does not attract goods and services tax. It is a bitter truth for the government exchequer that many fintech companies having tripartite agreements, “(mostly captive units […]
The Income Tax Appellate Tribunal (ITAT), Pune Bench passed a ruling that no income tax can be levied on a transaction that has never materialized. Here, in this case, The assessee filed his income tax return declaring a total income of Rs.2,94,330/-. The Assessing Officer noticed that the assessee ventured into two Development Agreements for […]
The finance minister of India Nirmala Sitaraman during the presentation of the budget 2021 i.e today inside the parliament said to ignore the need of filing the GSTR audit report in the GSTR-9C form. The assessee is needed to file the GSTR-9C reconciliation statement Get the easy guide to GSTR 9C along with complete online […]
Firms who were importing the raw substance used to make the sanitizers and disinfectants laid the government to the court towards the nonavailability of the claim of advantages over the apparent typing error in the goods and services tax (GST) platform. Lower custom duty is been paid by the importers of the ‘denatured ethyl alcohol’, […]
Through Right to Information (RTI) wife have the right to ask the salary of their husband along with the related information said The Central Information Commission (CIC) on Wednesday. CIC has given the major declaration post-hearing the appeal furnished by Rahmat Bano of Jodhpur post IT department ruled that the income of her husbands belongs […]
The Income Tax Appellate Tribunal (ITAT) recently come up with an order and allowed income tax deduction on payment to Employees come under the voluntary Retirement Scheme (VRS). This order has come in a case where a company Foseco India Limited is the appellant and it is in the business of manufacturing and sale of […]
According to a recent update, a contention related to GST and taxman’s power has reached the Delhi High Court. Promoters of companies which are suspected in evasion of Good and Services Tax (GST) are now knocking the door of the high court. Several promoters have filed a petition against the validity of GST statutory provisions […]
A challenging situation for the indirect tax department has emerged after the bail has been sanctioned to the promoters for circular trading by the High court. The indirect tax department on their own motion had arrested many promoters for circular trading and evading GST (goods and services tax), however, Mumbai High Court granted bail to […]
