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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 […]
The parliamentary panel has recommended to the finance ministry that the government needs to make breakthrough /structural changes in the mechanism of goods and services tax (GST) and should step up the compliance procedure to boost revenues and fill up the gap in states GST revenue receipts. Due to the CORONA pandemic, several states have […]
The Central Board of Direct Taxes (CBDT) has directed that the latest laws where the taxpayers will intend to file the electronic form for finding the taxable section of the amount other than salary filed to the non-resident Indian or a foreign firm for the case in which the taxpayers believes that the whole amount […]
Anurag Singh Thakur, The Minister of State for Finance added that till date no proposal has been made for “faceless scrutiny assessment of GST returns” by the Government. The reason being, the clause of the Goods and Services tax rule already contains a provision for electronic filing and assessment. He further added that except for […]
Now making ‘Kacha bills’ for the purpose of underreporting sales volume and thus doing tax evasion shall become a phenomenon of the past and it shall soon be replaced by GST e-invoicing from April 1 onwards — for firms having turnover of more than INR 50 crores. Currently, the threshold for e-invoicing is INR 100 […]
