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Mr Tarun Bajaj (Revenue Secretary) has said that the Indian government will come up with new compliance for compounding offences under GST in an interview with Businessline. When & How will GST Offences be Decriminalized? We are working on the same and very shortly we shall release the document. We will proceed in the same […]
The Institute of Chartered Accountants of India (ICAI), told the Chartered Accountants, that on the e-filing portal the functionality of withdrawing Form 15CB is open. “A large extent of pendency for the updation of 15 CB forms at the e-filing portal may be attributed to the non-availability of any options for their withdrawal from the […]
A notice has been issued to the Union and Maharashtra governments by the Bombay High Court, asking for a reply to the petition regarding the changes to the GST compliances through which the GST enrollment could get suspended excluding providing the influenced party a hearing. A division bench of Justices K R Shriram and A […]
The Income Tax Appellate Tribunal (ITAT), Mumbai Bench comprises of Rahul Chaudhary, Judicial Member, and Om Prakash Kant, Accountant Member ruled that supporting evidence is mandatory for claiming TDS Credit in lack of a TDS Certificate. The taxpayer DZ bank provides the loans to the Indian borrowers and obtains the payments, via its Indian borrowers […]
New compliance for the income tax dept assessing officer has been announced by the Central Board of Direct Taxes (CBDT) so as to diminish the errors in the procedure and raise the faceless assessment system for the assessee. As per the decision, the assessing officer (AO) shall be needed to issue a show cause notice […]
Employees’ Provident Fund is a government-sponsored savings plan for employees of the formal sector who work in companies with more than 20 employees. Besides serving as a retirement plan, it also serves as an emergency fund. Each year, the Employees’ Provident Fund Organization (EPFO), a government agency established by the Employees’ Provident Fund Act of […]
Currently, a post is in the headlines claiming that a sum of Rs 96,000 must be furnished as GST when the marriage budget would Rs 5 lakh. Below is the claim incurred in the post. Claim: Rs 96,000 ought to be paid as GST (goods and services tax), the marriage budget exceeds Rs 5 lakh. […]
The due date to furnish your ITR for the incurred income in the fiscal year 2021-22 (the assessment year 2022-23) has circulated. However, in some cases, you are enabled to furnish your income tax return. For example, when you have already furnished your ITR however you revealed the mistakes or missed reporting of any income […]
The Central Board of Direct Taxes (CBDT) has circulated the conditions to claim the income tax deduction for the expenses made on covid-19 treatment. The Finance bill 2022 would furnish a separate income tax deduction for the treatment of Covid-19. Clause (x) of sub-section (2) of section 56 of the Income-tax Act, 1961 (the Act) […]
