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For significant delays in the processing of ITR and subsequent issuance of refunds, taxpayers on the social media platform X are raising their voices. Public grievance has arrived because people who submitted their ITRs several months ago witnessed that their processing status remained unchanged or their refunds were stuck in the pending phase. Taxpayers are […]
The Authority for Advance Ruling (AAR), Tamil Nadu, stated that no GST is to be imposed on rent received for a godown used exclusively for the storage of paddy. Under the related GST exemption notifications, the ruling categorised paddy as ‘agricultural produce’. The applicant, M/s. Lena Modern Rice Mill, a rice mill proprietor in Tamil […]
A Salary slip has its own significance, which shows the income of the employee, the taxes and other deductions related to it, and their take-home amount. As each company has its own method to compute salaries and benefits, the layout of a salary slip often needs to be tailored to meet its specific criteria. Here, […]
A significant ruling by the Allahabad High Court has clarified that GST authorities do not have the power to initiate proceedings under Section 73 to levy tax on payments received post-GST if the work was actually completed during the VAT regime. The Context: In this specific case, the petitioner, who works under a work contract, […]
Managing payroll may seem like a simple monthly task, but even a small mistake can lead to serious penalties, compliance issues, and financial losses for a business. Startups and large enterprises should constantly steer towards changing tax laws, statutory requirements, and employee regulations. Accurate and timely payroll processing must be ensured for employee satisfaction and […]
The Supreme Court clarified that Chartered Accountants do not need a minimum of 25 years of experience to be considered for appointment as technical members in tribunals, including the Income Tax Appellate Tribunal (ITAT). The clarification has arrived from a Bench led by Chief Justice of India BR Gavai and Justice K. Vinod Chandran, after […]
The report of the Directors is an important part of a company’s annual financial statements. It assists shareholders, regulators, and other interested parties in comprehending the company’s performance, its financial health, the risks it encounters, the opportunities it has, and what is its future. In earlier times, preparing this report was a long process for […]
The Delhi Bench of the Income Tax Appellate Tribunal (“ITAT”) ruled that the presumption u/s 292C of the Income-tax Act, 1961, for the ownership and truth of documents discovered in search, is rebuttable and is not conclusive in specifying undisclosed income. The taxpayer, Krishna Gopal Saraf, a salaried employee of Sarthak Vanijya India Ltd (SVIL), […]
The CBDT has issued a new Notification No. 156/2025 [S.O. 5006(E)] giving income tax exemption to the Karnataka Housing Board under section 10(46A). Meenakshi Singh, Deputy Secretary, issues the notification which cites that the Central Government, in exercise of powers provided under sub-clause (b) of clause (46A) of Section 10, has recognised the Karnataka Housing […]
