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On February 1, 2023, Finance Minister Nirmala Sitharaman will begin delivering the Union Budget 2023-24. Middle-class taxpayers are anticipating for big tax reduction from Finance Minister this time, despite high prices and a global slump. Some of the requests of Indian income taxpayers include an increase in the basic income tax exemption level, a bigger […]
Under section 115BAC of the Income-tax Act, 1961, the concessional/New Tax Regime (NTR), which was introduced in the Union Budget 2020, gives individuals and HUF taxpayers the opportunity to pay income tax at reduced rates in exchange for giving up some exemptions and deductions. The NTR was developed to streamline the filing of income tax […]
Businesses nowadays are implementing fresh and creative promotional strategies to draw in clients. Making room for a new firm or even surviving in the market has become difficult due to growing competition. But under the indirect tax regime, tax implications have been a contentious issue and are crucial for the implementation of such schemes. The […]
The most effective word in the world would be Free and the another closer would be Discount. Since people like to feel that they had saved money while doing a purchase of goods or claiming services at a discount and would go with a good deal. You too felt good when you bought the food […]
According to the Andhra Pradesh High Court, the GST department is not permitted to keep the disputed money that was unintentionally paid to them. The division bench of Justice C. Praveen Kumar and Justice A.V. Ravindra Babu tracked, the amounts furnished by the taxpayer who has filed the wrong information could not be treated as […]
The Madras High court ruled, the dealer holds with 2 choices: refund or carry forward the Input tax credit to the GST regime. A single bench of Justice M. Sundar, the dealer could not be forced to choose one of the two i.e refunds or carry forward Input tax credit to the GST regime. The […]
The Andhra Pradesh State Government has formed a three-member committee to investigate taxpayers’ complaints over elevated evaluations and their requests under the GST regime. D. Ramesh (Commissioner, ST) Audits functions as the committee’s chairperson on the Board. It consists of one secretary, Y. Kiran Kumar (Jt. Commissioner, Enforcement-1), and one member, G. Kalpana (Jt. Commissioner, […]
The Uttarakhand Authority of Advance Ruling (AAR) held, 18% GST shall be subjected to be applied on the cost of the diesel made to run a diesel generator. The two-member bench of Anurag Mishra and Rameshwar Meena sees the acknowledgement for reimbursement of the expenses like the price of the diesel to run the DG […]
The Bombay High Court stated that notification no. 79/2017-Customs on October 13, 2017, revising notification no. 16/2015-Customs and granting exemption from IGST to the capital goods imported beneath the export promotion capital goods scheme (EPCG scheme) clarified and corrective. The division bench of Justice K.R. Sriram and Justice Arif S. Doctor rendered the department to […]
