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According to the report, the Gujarat State GST department has escalated its concentration on business-to-consumer (B2C) sectors, objecting to solving tax compliance issues. For potential tax evasion and non-compliance, industries like coaching classes, ice cream parlours, salons and mobile phone dealers are under the probe. Tax evasions are exposed in the raids that emerged recently […]
With the Goods and Services Tax (GST) implementation on July 1, 2017, businesses in India have experienced a thrilling shift. The same amendment has substituted a complex system of various indirect taxes with a single tax structure (One Nation, One Tax), particularly impacting cost, compliance, and functional effectiveness. GST objectives were to improve the operation […]
The income tax department mentioned that it is not seeing Digi Yatra data to catch tax evaders. The IT department published on X denied reports that mentioned that Digi Yatra data will be utilised to catch the tax evaders. It is clarified that, as of now, no such move has been made by the Income […]
The High Court of Kerala in a ruling carried that the income tax refund application u/s 119(2)(b) of the Income Tax Act, 1961 filed after 9 years is not condonable. The income tax department has furnished the plea against the ruling of the Single Judge. The respondent/writ petitioner, K.C.Antony had approached the writ court impugning […]
An electronic campaign has been launched by the Central Board of Direct Taxes (CBDT) to support assessees in solving the mismatches between the income and transactions notified in the Annual Information Statement (AIS) and those shown in the ITR for the financial years 2023-24 and 2021-22. Indeed the same campaign has the objective for the […]
The Bombay High Court in a case ruled that the Goods and Service Tax (GST) department could not furnish the tax demand against the corporate debtor and set aside the demand order without the applicant claiming the other remedy provided in the odd facts and the violation of natural justice. The applicant Prestige Mulund Realty […]
The Mumbai ITAT has mentioned that an industrial undertaking was not mandated to set off the losses made by it in one qualified unit against the profits made from the other qualified unit for the objective of computing the deduction under section 80-IB. As per Section 80-I of the Income-tax Act, 1961, the gross total […]
It was carried by the Allahabad High Court that the finding of the Income Tax Appellate Tribunal and Commissioner of Income Tax (Appeals) that when an agreement between parties establishes a direct transfer of money, accomplishing so indirectly by holding the funds in a distinct account before sending them to the final account, does not […]
Various experts cited the Centralised Processing Centre (CPC) of the income tax department as making errors in the ITR processing. A representation has been sent by the Karnataka State Chartered Accountants Association (KSCAA) to the CBDT in the same concern. The representation of the KSCAA cited that the CPC has made a mistake in acknowledging […]
