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Tax regulations often prove intricate, occasionally necessitating court involvement to align Assessing Officers’ conduct. Recently, the Delhi High Court clarified that the extended 10-year review period for Income Tax assessments is applicable only when the estimated undisclosed income surpasses Rs 50 lakh. Justices Rajiv Shakdher and Girish Kathpalia stressed that, in “ordinary cases,” no notice […]
The income tax (I-T) department recently uncovered tax evasion amounting to approximately Rs 10,000 crore over a span of three years. The evasion is believed to have been carried out by online merchants who sell products through social media platforms like Instagram and Facebook. Such 45 online retailer brands have been issued with notches by […]
The Delhi High Court ruled that the seized cash was furnished via the taxpayer, beneath the same regime that was enduring then, to be considered as the advance tax and therefore there was no default in the advance payment. But its payment or adjustment was triggered because of the search action. The applicant has proposed […]
The Goods and Services Tax (GST) implementation rate structure, which was slightly below the measured revenue neutral rate (RNR), has raised concerns among public finance commentators, including the Reserve Bank of India and the 15th Finance Commission on the grounds of measurement and decreasing to below that level. Over the years, there have been several […]
Nitin Gupta, Chairman of the Central Board of Direct Taxes (CBDT), announced that the government is poised to surpass its fiscal target of Rs 18.23 trillion in direct tax collection, given the robust revenue growth witnessed so far. He highlighted the vigilant monitoring of unexplained cash and jewellery during state and national elections, with coordinated […]
The Kerala GST Department released Operational instructions concerning the Payment of tax and except amounts covering arrear demands released in Acts excluding GST via the e-Treasury Portal. The council issued this through the notification Trade Notice No. 18/2023 dated October 30, 2023. Various taxes and fees regulated by the Department, such as the Kerala Value […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench ruled that rental income obtained from letting out property shall get taxed under the head “Income from house property.” Thus, the bench permitted a deduction under Section 24(a) of the Income Tax Act, 1961. The taxpayer, U & I Business Services Pvt. Ltd., is a resident corporate […]
Under Section 11 of the Income Tax Act, 1961 the income tax appellate tribunal (ITAT) Chennai bench ruled that exemptions must not be allotted when the activities of the trust are like trade, commerce, or business. The Taxpayer, SAE India, was registered Under Section 12AA of the Income Tax Act, 1961 from AY 2004-05 onwards. […]
Businesses are required to act quickly to boost understanding of tax compliance. Here are a few most important points you can take to make sure your business complies with all tax laws. Taxes form an integral aspect of life for the majority, whether as part of the public grappling with tax forms or as professionals […]
