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Tax professionals in today’s rapidly evolving digital economy face increasing demands for tools that streamline their operations and enhance precision and efficiency. Chartered Accountants (CAs), tax return preparers, and legal advisers require robust software solutions that can adapt to ongoing changes and handle e-filing responsibilities with ease, especially as tax regulations in India continue to […]
In the upcoming Phase of GST reforms, the GST council may propose to introduce a 12% Goods and Services Tax (GST) across the textile value chain, as per sources. It is the Centre’s plan that may create part of the Group of Ministers’ (GoM) rate rationalisation report. It sought to rectify the inverted duty structure […]
Chennai ITAT has ruled that if a person from a Chinese resident earns a salary for work done in China, that income won’t be taxable in India, even if the money is deposited in an Indian bank account. Manu Kumar Giri (Judicial Member) and S.R. Raghunatha (Accountant Member) said that “the AO has disallowed the […]
Time-bound resolution of litigations should be there; a parliamentary panel that analysed the Income Tax Bill, 2025, has guided, as it made 285 recommendations on the draft legislation aimed at streamlining and updating tax laws. The select committee of Lok Sabha, headed by BJP’s Baijayant Panda, analysed the Income Tax Bill 2025 and adopted the […]
In June 2019, the GST refund application was originally furnished and has remained unprocessed, as the department claimed that a deficiency memo had been issued. However, it was later determined that this could not be monitored. The High Court of Delhi has instructed the Goods and Services Tax (GST) Department to process a refund amounting […]
The Patna High Court ordered the State GST Department to return the money, along with 9% simple interest and Rs. 10,000 in costs, after invalidating an illegal tax recovery made under the Goods and Services Tax (GST) regime. The division bench, consisting of Justices Rajeev Ranjan Prasad and Ashok Kumar Pandey, after witnessing that the […]
A Non-Resident Indian (NRI) residing in the US is facing an unexpected ordeal after selling his Pune property for ₹2 crore, despite complying with all regulations. The issue emerges when the buyer deposits 20% TDS on the sale via the wrong form. NRIs’ records of tax have come into discrepancy from this mistake, as well […]
For processing pending returns filed under section 139 of the Income Tax Act, 1961, for the assessment year 2023–24 (AY 2023–24), the Central Board of Direct Taxes (CBDT) has authorised additional time. This may result in long-awaited refunds or income tax demand notices being issued to taxpayers over the coming months. What Has CBDT Mentioned? […]
While deleting an addition of ₹1 crore made by the tax authorities on advances received by the company, the Income Tax Appellate Tribunal (ITAT), Kolkata Bench, ruled in favour of Lahoti India Ltd., stating that since the money was refunded before the parties, it cannot be considered taxable income. The taxpayer, Lahoti India Ltd, has […]
