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Defending the farmer society, Congress member Uttam Kumar Reddy pitched to the government to reduce the GST to zero on fertilizers and other agricultural machine markets. Uttam Reddy says, the GST rates on the cost of fertilizers and agricultural machinery should either be ‘Zero’ or on the lowest GST slabs. Proclaiming the circumstances of the […]
Visakhapatnam ITAT on finding that there is no shortfall of TDS and the taxpayer is eligible to obtain credit of the entire amount, rendered the AO to allot the credit of the whole amount deducted as tax at source under section 194Q of the Income Tax Act. The Bench of Duvvuru Rl Reddy (Judicial Member) […]
The Andhra Pradesh Authority for Advance Ruling (AAR) held that Goods and Services Tax is leviable at 18% ( 9% Central Goods and Services Tax + 9% State Goods and Services Tax ) on brokerage charges by brokers, even when the produce is agricultural or exempt. The petitioner, M/s Gayatri Enterprises is a Commissioning Agent/Broker […]
Processed pulses received post-dehusking and splitting the grains are not similar to the whole pulse grains and not agricultural produce, making them taxable for goods and services tax (GST) at the rate of 18 per cent, ordered the Andhra Pradesh authority for advance rulings (AAR). For easing the transactions between wholesalers and millers or farmers […]
Generally, individuals are unaware of sources of non-taxable income while filing their income tax returns. These income sources have no tax liability and must be included in your Income Tax Return (ITR) to provide accurate proof of your financial status and claim deductions. Understanding these sources can save you time and avoid redundancy. The following […]
The Income Tax Department has introduced an updated Excel-based feature for submitting Income Tax Returns (ITR). This utility covers various forms from ITR-1 to ITR-7 and is specifically designed to meet the diverse filing requirements of taxpayers for the Financial Year 2022-23, corresponding to the AY 2023-24. ITR 1: This form is for resident individuals […]
The Income Tax Department has notified ITR Form 1 and Form 4 for the assessment year (AY) 2024-25. These forms are used by individuals and entities with an annual total income of up to ₹50 lakh. The notification for these forms was issued by the IT Department on Friday. As per a tax expert, the […]
The recent ruling by the Madras High Court states that the director isn’t responsible for paying GST if it’s unclear whether the company can settle the dues during liquidation proceedings. During an inspection at SKMPL’s factory, State GST Officers seized documents leading to a show cause notice issued under Section 74 of the CGST & […]
In its recent ruling, the Income Tax Appellate Tribunal (ITAT), the Visakhapatnam Bench has said that according to Section 80P of the Income Tax Act, a deduction is available for the interest income generated from deposits or investments made with cooperative banks. The panel consisting of Duvvuru Rl Reddy (Judicial Member) and S Balakrishnan (Accountant […]
