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The GSTR-3B tab on the GST Portal will only be accessed after GSTR-1 filing. The reason behind this is- GSTR-3B is a summary return as stated by the GSTR-1 filing details. In case you missed filing GSTR-1, GST Portal will not grant you access to the necessary information to generate GSTR-3B. This move has been […]
The Income Tax Department, under the Central Board of Direct Taxes (CBDT), has started the verification of the reporting entities. The Income Tax Department actively encourages taxpayers to comply voluntarily. To facilitate this, the department obtains financial transaction information from Reporting Entities such as banks, currency dealers, sub-registrars, and others. The Income Tax Department requires […]
In an effort to combat the pervasive issue of fake GST registration, the Central Board of Indirect Taxes and Customs (CBIC) is considering the implementation of biometric authentication and geo-tagging for high-risk entities operating under the GST system. Additionally, tax authorities are contemplating the reinforcement of regulations within the GST return filing framework to restrict […]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench recently issued a ruling stating that the expenses incurred for business promotion and tour travel undertaken by firms to fulfil professional duties as partners should not be disallowed. Bharat Anand, a full-time practising lawyer, became a Partner at Khaitan Co. Advocates Solicitors, located in New Delhi. Subsequently, […]
The Central Board of Direct Taxes (CBDT) has supposedly strengthened the norms for charitable, educational, and religious trusts with their income tax returns, months after detecting suspicious sweeping tax evasion by taxpayers showing large donations to charitable trusts, as per the media report on Tuesday. The suspects will now be subject to disclose the name, […]
Towards the MSME that asks for assistance on the services like ‘Business Accounting, Tax Filings, GST Calculation & Filing Support’, business support would arise as an important area. It is hard for MSMEs to maintain the quarterly GST and income tax filings within time because of a lower understanding of the needs. An MSME Sentiment […]
According to official sources aware of the ongoing investigation, a central agency tasked with preventing the loss of Goods and Services Tax (GST) revenue has finished its investigation into at least 6 of the 30 insurance companies it is looking into over allegations of improper commission payments to their agents and is in the process […]
The Income Tax Department has mentioned the PAN-Aadhaar demographic mismatch fix. If the PAN and Aadhaar are not linked by June 30, 2023, then Rs. 1000 will be fined. Moreover, the PAN card will expire after the due date, and as a result, taxpayers will not be liable to submit a claim for a deduction […]
The Authority for Advance Ruling (AAR), Telangana recently made the announcement stating that Duty Credit Scrips should not be considered as part of the value of exempt supply when calculating GST Input Tax Credit (ITC) reversal. The ruling came in response to an application filed by M/s. Kaveri Exports is a company involved in exporting […]
