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The Bombay High Court has invalidated the reassessment order, which was made solely due to a change of opinion without presenting any substantial new evidence. A panel of judges, including Justice K. R. Shriram and Justice N. K. Gokhale, has noted that the petitioner had provided complete and accurate information required for the assessment process. […]
ITC could not be restricted to the purchaser only on the basis of the non-reflection of transaction in the GSTR-2A form, Kerala High Court ruled. Justice Dinesh Kumar Singh ordered the issue to be sent back to the Assessing Officer so that the purchaser, who is the petitioner here, could have a chance. “If on […]
Nitin Gadkari, the Minister for Road Transport & Highways, has declined reports suggesting his intention to introduce an extra 10% GST on diesel vehicle purchases, through a post on the social media platform X (formerly known as Twitter). The necessity for clarification arises due to false media reports indicating an additional 10% GST increase on […]
To facilitate the process of the income tax payment and address any errors in the income tax challans, an online challan correction feature is been introduced by the income tax department on the ITR portal. To increase the efficiency and preciseness in the procedure of the income tax payment the same feature is been made. […]
The representation is been made by the Bombay Chartered Accountant’s Society to the Hon’ble Finance Minister for deferment of Income Tax Form 10B and 10BB. Form 10B/10BB is an Audit Report for Charitable Trusts and is appropriate to the following (hereinafter referred to as eligible trusts): Form 10B/10BB needs to be filed when the total […]
While invoking the doctrine of unjust enrichment, the Bombay High Court said to the department to refund the TDS amount deposited via taxpayer under protest. Technically, when the amount deposited via the petitioner is called ‘tax deductible at source’, what the petitioner paid was ‘an ad hoc amount, not technically a TDS amount’. Also, as […]
The receipts from the provision of background screening and investigation services to clients in India are not royalties or fees for technical services (FTS), ruled by the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). There have been no technical skills or knowledge or consultancy or make available any technical knowledge, experience, skill, know-how, […]
Here’s a simple method to understand ITR processing time. In addition, we provide types of notifications that are sent after the successful processing.
The Income-Tax Department has recently issued notification notices to 22,000 taxpayers, which include both salaried individuals and high-net-worth individuals as well as trusts. These notifications were sent because there were inconsistencies detected between the deductions declared in their Form 16 or Annual Information Statement (AIS) and the data available in the possession of the Income […]
