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The Assessing Officer’s ( AO ) decision has been set aside by the Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) classifying the Indian subsidiary as a Dependent Agent Permanent Establishment ( PE ) in software sales and remanded the case for fresh examination. The taxpayer-appellant QlikTech International AB is a foreign company […]
The Institute of Company Secretaries of India (ICSI) has asked to seek the inclusion of the profession of Company Secretary’ within the definition of the Company Secretaries Act, 1980 in the definition of “Accountant” provided u/s 515(3)(b) of the Income Tax Bill 2025. ICSI is a premier professional body established under an Act of Parliament, […]
The Income Tax Appellate Tribunal (ITAT), Delhi, dismissed the appeal of the revenue in the case of ACIT Vs Hella India Lighting Ltd., addressing 3 issues for the assessment year 2017-18. The revenue contested the deletion of an addition u/s 69C amounting to ₹6.80 crore, disallowance of expenses of ₹3.15 crore, and disallowance of a […]
Finance Minister Nirmala Sitharaman mentioned that the GST Council will proceed with the decision to have fewer and lower rates, as the review work is on track for completion. Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are levied […]
The upcoming Union Budget 2025, scheduled for February 1, will be presented by Finance Minister Nirmala Sitharaman, Experts from the industry concerning the “Insurance for All” are anticipating reforms to propel India towards its goal. Increasing insurance penetration and financial inclusion objective announcements are expected by the insurance sector. Policyholders Tax Incentives Enhancement of tax […]
A tax demand order against M/S Jain Medicals has been set aside by the Allahabad High Court quoting the refusal of a chance for an oral hearing as obligated Under Section 75(4) of the U.P. GST Act, 2017. On 05.12.2023, M/s Jain Medicals filed a writ petition contesting an order issued via the income tax […]
This article discusses the key modifications in TDS Return Form 24Q for all salaried individuals. The government from October 1, 2024, mandated employers to regard the TDS/TCS deducted on non-salary income when calculating TDS on salary. The motive of this adjustment is to lessen the additional TDS deductions often faced by salaried employees by ensuring […]
A bench of the Gujarat High Court has quashed the tax liability notices issued via the GST department that ask for recovering the tax on the GIDC plots transferred to third parties from their original allottees. The court ruled that GST does not apply to these transactions and rejected the government’s appeal to stay the […]
A notice from GST authorities has been received to a panipuri vendor from Tamil Nadu after he reportedly received online payments of Rs 40 lakh in the FY 2023-24. On performing a fact check of the notice it was seen that it was issued before a hotel vendor and the to-address part was rigged. According […]
