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What is the MCA LLP BEN-2 Form? Form BEN-2 is a regulatory document mandated by the Companies Act 2013, which requires every company to file a declaration regarding its Significant Beneficial Owners (SBOs) with the Registrar of Companies (RoC). This form is been used to reveal the identities of individuals or entities that practice control […]
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 […]
A new feature has been launched by the Income Tax Department on its e-filing portal to allow rectification requests to the AO for incorrectly filed ITRs. This option enables taxpayers to submit rectification applications for assessment orders issued by the AO under Section 154 of the Income Tax Act, 1961, directly to their Assessing Officer […]
As per Kerala High Court, it mentioned that the notice against a dead person is not true and the participation of the statutory heirs of the deceased in the proceedings doesn’t make it legal. The Division Bench of Justices A.K. Jayasankaran Nambiar and K.V. Jayakumar noted that “the consent of the parties cannot confer jurisdiction […]
It was asked by the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) that the Jurisdictional Assessing Officer (JAO) correct the intimation by the Central Processing Centre because of the rejection of Section 80JJAA of the Income Tax Act, 1961 claim as of the technical default. The taxpayer Vimalachal Print & Pack […]
Through Goods and Services Tax (GST) the revenue collected by the union government on healthcare and life insurance services has moved up by 680 per cent to Rs 16,398 crore in 2023-24 from Rs 2,101 crore in 2019-20, Minister of State for Finance Pankaj Chaudhary said in a written reply in Lok Sabha. Marginally GST […]
Definition of New GST Forms SPL-01 and SPL-02 In November 2024, the Goods and Services Tax Network (GSTN) announced that GST Forms SPL-01 and SPL-02, to claim the exemption of interest and penalties under section 128A of the GST Act will be introduced in January 2025. Latest Update 53rd GST Council Meeting From the suggestions […]
The Bangalore Bench of the Income Tax Appellate Tribunal ( ITAT ) in a ruling quashes the disallowance u/s 36(1)(iii) of the Income Tax Act, 1961, on interest-free advances provided to the assessee’s sister concern. For the case when the taxpayer Deccan Charters Pvt. Ltd., a company in the aviation services business based in Bengaluru […]
The provisions for Tax Deducted at Source (TDS) under GST as specified in section 51 of the CGST Act, were initially restricted to the government entities and public sector units (PSUs). Below mentioned are the suggestions of the GST council in its 54th meeting, the Notification No. 25/2024-CT dated 9th October 2024 has been issued […]
