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The Delhi High Court carried that if the Revenue issues a reassessment notice to a taxpayer under section 148 of the Income Tax Act, 1961 without following procedure, then later it cannot issue a fresh reassessment notice beyond the specified period, claiming that time spent on earlier litigation is to be excluded for computing limitation. […]
The Calcutta High Court stated that, before sending a show cause notice regarding a tax issue under the Goods and Services Tax Act (GST) of 2017, officials must first consider the individual’s pre-show cause notice (SCN) reply. It was discovered by the court that the SCN is a replica of the data provided before and […]
It was held by the Gauhati High Court that Section 69 of the Central Goods and Services Tax Act 2017, which grants the power to arrest a Commissioner under the Act, needs the authority to not only record ‘reasons to believe’ that a taxpayer committed the specified offence but also determine the necessity to arrest. […]
A tax demand of Rs 6.72 crore has been imposed by the GST authorities on the Oil and Natural Gas Corporation Limited (ONGC), India’s largest oil and gas producer. The company in an exchange filing cited that the demand, which contains recovery of tax, interest, and penalties, relates to the IGST liabilities of the company […]
What does IMS stand for? The mentioned functionality is said to be an effective rise in the ITC ecosystem of GST. Only the accepted invoices through the receiver shall become part of their GSTR-2B as their eligible ITC. Hence, the IMS shall furnish the taxpayer a chance to review the authenticity of the received invoices. […]
The taxpayer’s plea was dismissed by the Kolkata Bench of Income Tax Appellate Tribunal (ITAT) for the penalty imposed u/s 271(1)(c) of the Income Tax Act,1961 for Assessment Year 2013-14, as withdrawn under the Vivad se Vishwas Scheme. The petitioner/taxpayer, Raj Kumar Agarwal HUF appealed against the 09.05.2024 order of the Commissioner of Income Tax(Appeals), […]
India Energy Storage Alliance said batteries, whatever the type of technology should be taxed uniformly at 5% GST like electric vehicles to support the emerging sector. With the coming Union Budget, India Energy Storage Alliance (IESA) President Debi Prasad Dash expressed that the government can consider safeguarding the domestic cells and battery component manufacturers with […]
This article discusses the key modifications in TDS Return Form 24Q for all salaried individuals. The government, from October 1, 2024, mandated employers to regard the TDS/TCS deducted on non-salary income when calculating TDS on salary. The motive of this adjustment is to lessen the additional TDS deductions often faced by salaried employees by ensuring […]
On the recommendations of the 54th GST Council, the Central Government has issued Notification No. 22/2024 – CT dated 08.10.2024 and reported that any registered person against whom any order affirming demand for the incorrect claim of the ITC based on the violation of provisions of sub-section (4) of section 16 of the articulated Act […]
