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The count of individuals reporting zero-tax liability for their income from the prior year continued to rise. According to data provided by the income tax department, 44.6 million tax returns, constituting two-thirds of all filings for the 2021-22 assessment year, made this declaration. This reflects a 4% increase in zero-tax returns compared to the previous […]
The Calcutta High Court has ruled in favour of the petitioner in a case involving a 9-hour delay between the expiration of an e-way bill and the interception of the vehicle. Justice Md. Nizamuddin, presiding over the bench, noted that the petitioner had no intention to evade tax payment. The petitioner, who was being assessed […]
The Madras High Court has ordered the income tax department to release the attachment on the pension account of the taxpayer, taking into account the individual’s age and health condition. This directive was issued by the bench composed of Justice R. Mahadevan and Justice Mohammed Shaffiq. They issued the order after observing that the entire […]
A joint Tax Awareness Programme was conducted in Shopian, organized by the Shopian District administration in collaboration with the Income Tax Department. A team of officers and officials from the Income Tax Department, led by Shakil Ahmad Ganie, Deputy Commissioner of Income Tax Srinagar, visited Shopian to interact with local taxpayers, Drawing and Disbursing Officers […]
The GST Council is expected to provide clarity regarding the refund of accumulated Input Tax Credit (ITC), from the date of issuing the notification, for the construction of civil structures such as bridges and roads that are not intended for sale to buyers, as per a senior government official. The official mentioned that the clarification […]
The Honorable Delhi High Court, in the matter of M/s. Indian Herbal Store Pvt. Ltd. vs. Union of India [W.P.(C) 9908/2021 and W.P.(C) 9912/2021 dated September 15, 2023], granted the writ petition and ruled that Rule 89(4)(C) of the Central Goods and Services Rules, 2017 (“the CGST Rules”) should not be applied retrospectively. The Honorable […]
An internal assessment by the income tax department reveals that insurance companies and their intermediaries have allegedly evaded approximately ₹30,000 crore in income tax since July 1, 2017, by underreporting income and fabricating expenses. The department has started taking action by issuing tax demand notices to these entities to recover the outstanding amounts, which may […]
In the midst of India’s prolonged decline in exports, the Goods and Services Tax (GST) Council has implemented several measures aimed at stimulating foreign trade. One of these measures involves granting tax credits to service exporters who receive payments in Indian rupees. This move is particularly significant for trade with nations like Iran and Russia, […]
Hon’ble Delhi High Court for the case of Delhi Metro Rail Corporation Limited vs. The Additional Commissioner, Central Goods and Services Tax Appeals and Others [W.P. (C) 6793/2023 dated September 18, 2023] ruled that the limitation duration of two years under Section 54(1) of the Central Goods and Service Tax Act, 2017 (“the CGST Act”) […]
