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The case of Union of India and Another v. State of Haryana and another is been witnessed by the Kerala High Court which stated that the existence of the taxable event would be fundamental to impose the GST. Therefore the bench set aside the penalty orders. A division bench of Justice Jayasankaran Nambiar and Justice […]
It was held by the Supreme Court that there will be no penalty imposed on a mere delay in the settlement of the TDS (tax deducted at source) after it has been deducted by the assessee under Section 271C of the Income Tax Act. The bench of two judges, Justices M.R. Shah and C.T. Ravikumar, […]
The Gujarat Authority for Advance Ruling (AAR) ruled that support in deduction made by the applicant from workers who get food at work would not be regarded as a “supply” under the GST Act. The applicant would receive the input tax credit (ITC) on the GST collected by the service provider of the cafeteria facilities […]
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 Income Tax Appellate Tribunal (ITAT) Delhi bench recently ruled that due to a tenant’s incorrect provision, the landlord was not responsible for TDS (tax deducted at source). Rajesh Kumar Gupta, the assessee, receives rent from V.M. Rubber Industries, his tenant. According to the copy of the computation of income, the assessee included a deduction […]
The Finance Minister has decided to reform tax rates as long as the new tax regime is considered. It is expected to be better than the existing tax system because of the standard deduction which was not given in the earlier tax regime. Despite the debate on whether the new tax regime is much better […]
The seamless flow of (ITC) is the foundation of a robust Value-Added Tax (VAT) architecture. Let’s suppose goods or services are purchased via company A whether a manufacturer, service provider, or trader, for the purpose of their business, vendors who imposed VAT would be available as a set-off to Company A for the adjustment against […]
Among the middle class, one of the proposals which have made the Union budget 2023 very prevalent is that the individuals and Hindu undivided families (HUFs) opted for the new regime in the Financial year 2023-24 and onwards including securing the yearly gross total income (GTI) with the limit of Rs 7 lakh does not […]
There are various queries that might be in the minds of various assessee for the subject of ITR filing particularly the new taxpayers as the season of ITR filing would be about to initiate. Here the question emerges is what the term TAN or Tax deduction and collection account number stands for and what would […]
