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On 28th December, the Central Board of Direct Taxes (CBDT) furnished the guidelines on the problem of deduction of 1% income tax of the gross amount of the sale of goods or services via e-commerce companies in the multiple-operator model framework. An e-commerce operator under section 194-O of the Income Tax Act, 1961 (‘the Act’) […]
The National Company Law Tribunal (NCLT) in Ahmedabad, India, recently made a decision. The bench comprised of Mrs Chitra Hankare (Judicial Member) and Dr Velamur G Venkata Chalapathy (Technical Member), stated that when a company is being liquidated, the income tax paid by the buyer in an auction should be considered as a recovery of […]
Under section 271(1)(c) of the Income Tax Act, 1961 Delhi High Court penalty is not possible merely when the furnishing of inaccurate particulars was proven. under Section 271(1)(c) of the Act a case where the person is required to show clearly as to which limb of the stated provision is drawn. The order passed by […]
Form 10 under Income Tax Rules, 1961 supplied after limitation but before completion of assessment has to be considered, Allahabad High Court has stated. M/S Maa Bhagwati Shiksha Samiti, a registered society, obtained its registration (No. 1398/2005-06) under the Societies Registration Act, 1860, in Uttar Pradesh. Its primary objective revolves around charitable endeavours in education, […]
The Supreme Court rejected the Special Leave Petition (SLP) stemming from a disputed judgment by the Madras High Court. The High Court ruled that the offence under section 276 CC of the Income Tax Act, 1961, doesn’t apply if there’s no tax evasion involved. The Commissioner of Income Tax had filed an SLP against Arvind […]
The Kerala High Court clarified that officials are authorized to use their power of arrest according to Section 69 of the Kerala State Goods and Services Act, 2017 if they have reasonable grounds to believe that an offence under Section 132 has occurred and that custodial interrogation is necessary. Section 132 (1) outlines penalties for […]
The Delhi High Court has set aside the special judge’s instructions to carry out an extensive investigation by the GST department in the absence of any strict provisions. The panel comprising Justice Vibhu Bakhru and Justice Amit Mahajan noted that, besides the directions given on April 5, 2023, there were no justifications for the respondent […]
Are you unsure about the legitimacy of an Income Tax Notice or Order you received lately? No need to worry some remedies can help you avoid this unnecessary dilemma. The Income Tax Department has introduced a method that uses a computer-generated Document Identification Number (DIN) to help you validate any information received from them. From […]
Most of India’s employed individuals selected the traditional tax structure when filing their returns in the 2023-24 fiscal year, favouring long-term investments over the immediate cash benefits provided by the new system. According to a Policybazaar.com survey, 63% favoured the old tax regime, while 37% opted for the new one. Individual taxpayers can opt for […]
