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The Bombay High Court ruled that the state could not impose the GST on goods and services furnished via intermediaries to its foreign customers. However, while the requirements of the Integrated GST Act have been maintained, experts are unsure whether the Integrated Goods and Services Tax may be applied to these transactions. An intermediary would […]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench, has ruled in response to an appeal that if Income Tax Form 15G/ 15H is submitted by the assessee before year-end, no TDS default can be levied on interest payments. The ITAT Chennai bench has made this observation where the assessee filed an appeal with the Chennai […]
From the official e-filing portal, the income tax department would have informed the assessees that the Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing. The e-filing portal stated that “Excel utilities of ITR-1 and ITR-4 for AY 2023-24 are available for filing,” The ITR-1 is for the person who is […]
Reorganizing your compensation might increase your take-home pay while lowering your tax burden. Making the decision to change the structure of your compensation package at the start of the fiscal year is one approach to do this. You may always request the same thing if your company doesn’t provide the choice. You may make sure […]
The JSON Schema for ITR-1 and ITR-4 for the fiscal year 2022-23 or Assessment Year 2023-2024 would have been released by the income tax department. ITR-1 would subject to be applied for individuals being a resident (apart from those not ordinarily resident) securing a total income up to Rs.50 lakh, carrying Income from Salaries, one […]
A prominent private bank, 29 insurance businesses, five non-banking financial organizations (NBFCs), and more than 100 suppliers would get show-cause notices from the GST authorities. These organizations were involved in funding bogus services so that the insurers could pay a bank fee that exceeded the legal limit. A renowned private bank received a commission from […]
According to a statement made on Wednesday by the Income Tax Department, businesses must ask workers specific questions regarding their preferred tax structure for the current fiscal year in order to properly calculate TDS deductions. According to the new, updated tax system presented in Budget 2023–24, if an employee does not provide information to their […]
The finance ministry released a statement saying, the GST collection spiked by 13 per cent in March 2023 reaching the second-highest peak of Rs 1.60 lakh crore. GST collections touched and crossed the magical number of 1.5 lakh crores four times in the current financial year. According to the government, “the overall GST income received […]
Easy to Understand ITR Filing Status When you file and validate your ITR then the income tax department shall execute functioning your tax return. At the time of processing the tax department shall verify if there would be any differences between the shown income in the Income-tax return via the person with the available data […]
