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The government has confirmed the new importer, exporter, and customs broker to validate their identity, and also constituting the incorporation document, PAN, Aadhaar, and physical verification of place of business. The customs (Verification of Identity and Compliance) Regulations, 2021 provides the customs authorities power to have identity verification of existing importers, exporters, and customs brokers. […]
The Central Board of Direct Taxes (CBDT) ceased via Excel and Java Version of ITR Utilities mentioning JSON Utility for ITR-1 to ITR-4 for Assessment Year 24-25. By using the offline utilities opt for the assessment year and download Excel or Java or JSON utility. Inside the system, the utility by default will be downloaded […]
Surprisingly, The Central Board of Direct Taxes (CBDT) has tabled a new form i.e. Form 10A for the registration/ intimation/approval/provisional approval. of charitable trusts that are compulsory. And a new clause (ac) has been added in subsection (1) of section 12 A that has been effective from April 1, 2021. This clause states that although […]
The Directorate of Income Tax has previously observed cases where one PAN was allotted to two persons and similarly Directorate of Income-tax (Systems) also noticed some rare cases where more than two persons possess the same PAN. In this matter, Directorate prepared a policy and issued AIS Instruction No. 82 on June 21, 2013. AIS […]
The CBDT stands for The Central Board of Direct Taxes, and it is a statutory authority functioning under the Central Board of Revenue Act, 1963. Recently, the board notified some new Income Tax Return Forms for the assessment year 2021-22. It also notified the Income Tax (7th Amendment) Rules, 2021 which is aimed to make […]
The government exchequer collected from Goods and Services Tax (GST) has been on the peak/pinnacle since its journey started in July 2017 across the entire nation. The revenue collection from GST was a whopping Rs 1.24 trillion in a single month of March 2021 — a historical and a mammoth figure in the history of […]
Gone are the days of struggling with complicated workflows. Now Individuals, who are related directly or indirectly to GST-related activities or compliance don’t have to wander here and there. The Central Board of Indirect Taxes and Customs (CBIC) has launched the Common Customs Electronic Portal for fine-tuning the workflow of various GST-related compliances and services. […]
The Central Board of Indirect Taxes and Customs (CBIC) has already made e-invoicing mandatory for all businesses with a turnover of 5+ crore. CBIC first mandated it for businesses having turnover of 500+ crores in October 2020, for businesses having turnover of 100+ crores in January 2021, 50+ crores in Apr 2022, 10+ Crores in […]
The Pune Bench of The Income Tax Appellate Tribunal (ITAT) canceled the penalty imposed for failure to comply with the notice. The Assessee, M/s. Sun Infrastructure Pvt. Ltd filed three appeals in opposition to the confirmation/verification of penalty of Rs.10,000/- each as per section 271(1)(b) of the Income-tax Act, 1961 imposed by the CIT(A) in […]
