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The Income Tax department recently issued advisories to specific taxpayers regarding disparities found between the information disclosed in their filed income tax returns (ITR) and the data received from various reporting entities such as banks, financial institutions, property registrars, etc. Aarti Raote, Partner at Deloitte India, clarified, “After filing tax returns, they undergo initial processing […]
The Income Tax Department has notified ITR Form 1 and Form 4 for the assessment year (AY) 2024-25. These forms are used by individuals and entities with an annual total income of up to ₹50 lakh. The notification for these forms was issued by the IT Department on Friday. As per a tax expert, the […]
The Gujarat Appellate Authority of Advance Ruling (AAAR) ruled that incentives obtained under the “Atma Nirbhar Gujarat Sahay Yojna” dated May 16, 2020, declared by the Gujarat Government can not be regarded as subsidies, and GST is subjected to be charged. The panel consisting of B V Siva Naga Kumari and Sameer Vakil has affirmed […]
Many emerging sectors have been issued notices for GST tax evasion. The tax authorities have been utilizing the latest technology, Artificial Intelligence (AI), to track discrepancies in tax payments. This has raised concerns and started a debate over the use of AI. If we focus on the previous financial year alone, the department has detected […]
The introduction of GST in construction services has wielded significant influence over the industry’s dynamics. Understanding the nuances of GST within construction work is pivotal for ensuring operational smoothness and financial astuteness. 54th GST Council Meeting: “To clarify that location charges or Preferential Location Charges (PLC) paid along with the consideration for the construction services […]
The Cenvat credit is been permitted by the Punjab and Haryana High Court to Maruti Suzuki on training and coaching services, IT (software) services (CHA), cargo handling services for export, warehouse and storage services, land survey services, and hotel Broadway services. The service is needed since it is not merely used in the manufacturing concern […]
A senior tax consultant CA Kirti Joshi addressed filing GST returns presents the final opportunity to rectify any errors caused during the annual return for the year 2022-23. It is crucial to consider the income tax return while submitting GST returns, as both departments are now exchanging vital information. She shared these insights during a […]
The Central Board of Direct Taxes (CBDT) has recently rolled out a major upgrade tailored for Mac users, enhancing accessibility and user experience. Effective from December 1, 2023, the Annual Information Statement (AIS) utility is fully optimized for the Mac operating system, specifically addressing the needs of Apple’s Mac device users. This advancement reflects a […]
Bookkeeping may appear effortless and less appealing compared to owning and operating a small company. However, it is a crucial procedure that must be followed meticulously to ensure the sustainability and success of your business. It is important to be aware of the pitfalls that can jeopardize your financial well-being and strive to avoid the […]
