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As the end of the financial year approaches, it is essential for businesses to ensure that they are complying with their Goods and Services Tax (GST) obligations. The GST system can be complex, with various rules and regulations that need to be followed, which is why having a checklist can be incredibly helpful. In this […]
The seamless flow of (ITC) is the foundation of a robust Value-Added Tax (VAT) architecture. Let’s suppose goods or services are purchased via company A whether a manufacturer, service provider, or trader, for the purpose of their business, vendors who imposed VAT would be available as a set-off to Company A for the adjustment against […]
Among the middle class, one of the proposals which have made the Union budget 2023 very prevalent is that the individuals and Hindu undivided families (HUFs) opted for the new regime in the Financial year 2023-24 and onwards including securing the yearly gross total income (GTI) with the limit of Rs 7 lakh does not […]
On the service charges, the provision in the law allows the restaurants to impose the GST, as stated by the Finance Ministry. The same indication would arrive as a legality dispute of the services of the service charges would be litigated in Delhi High court. If the restaurants would be qualified for the GST charge […]
The Income Tax Appellate Tribunal’s Delhi Bench has told businesses that if they want to avail themselves of the income tax deduction benefits, they have to deposit employees’ EPF and ESI on time. The Supreme Court’s decision was upheld by a two-member bench of Narendra Kumar Choudhary, a judicial member, and Anil Chaturvedi, an accountant […]
The GST department will start examining the Income tax returns furnished through the business and professionals, indeed MCA filing to find out if the entities are enough to release their GST liability and broaden the base of the assessee. At present, there would be 1.38 cr enrolled businesses and professionals beneath the GST that was […]
The advance tax does not subject to be paid through the taxpayer when his age is more than 60 years and poses zero business income, Delhi Bench of Income Tax Appellate Tribunal (ITAT). The data obtained elaborates that an immovable property would have been sold in FY 2009 by the taxpayer Vikram Singh. Under Section […]
According to the Delhi High Court, requests for Input Tax Credit (ITC) returns cannot be refused based only on suspicion and without any supporting documentation. The department was given the go-ahead to start processing reimbursement of Rs. 72,03,961/- based on the goods sent by the petitioner by the division bench of Justices Vibhu Bakhru and […]
New Income Tax Regime, Income Tax Calculator: To help individuals calculate their taxes and choose a tax regime that they are comfortable with, the Income Tax department has made a “tax calculator” available. The new income tax structure was put out in the Budget 2023 by Nirmala Sitharaman, the finance minister. According to a tweet […]
