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The refund of service tax paid on cancelled bookings of flats has been permitted by the Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT). According to Rule 66E(b)(sic) of the Service Tax Rules, 1994, in construction services, service tax is needed to be filed on the amount obtained from the buyers for […]
An application under Section 119(2) of the Income Tax Act, 1961 is directed by the Madras High Court to be submitted related to the refund of TDS related to compensation from a Motor Accident Claims Tribunal (MACT). The delay in filing Income Tax Returns (ITRs) had impeded this process. The applicant for the case asks for […]
The Chennai ITAT said that receipt of sale consideration of a massive amount of Rs. 1.60 Crores in cash, which is, in breach of the provisions of section 269SS (this section restricts cash receipts over & above twenty thousand) of the Income-tax Act, rightly merits the imposition of penalty under section 271D. The Bench of […]
In March 2024 Goods and Service Tax collection rose 11.5 per cent on an annual basis to Rs 1.78 lakh crore, the second highest since the regime came into force in July 2017. In March the rise of GST collection can be attributed to the rise in GST collection from domestic transactions at 17.6 per […]
A clarification has been furnished by the Finance Ministry in between the dissemination of deceptive details on social media platforms concerning the new income tax regime. The same shows that there are no additional revisions that are effective from 1st April 2024. Taxpayers are enabled to opt for either the old or new tax regime […]
The government of India in a measure to support the financial health of micro, small, and medium enterprises (MSMEs) in India, announced the enactment of a strict rule requiring payments to MSMEs to be settled within 45 days. Tax penalties on the due amount shall be levied if companies fail to follow the said rule. […]
The New Delhi ITAT after determining that the taxpayer does not file either of the conditions specified in section 54 of the income tax, ruled that no infirmity in the IT authority’s order in refusing the advantage of the deduction of the long-term capital gains to the taxpayer under section 54. The Division Bench of […]
The expense for the management and marketing support services paid to foreign companies is not levied to tax under Fee for Technical Service (FTS) under the India-Netherlands Double Taxation Avoidance Agreement (DTAA) and therefore TDS is not deductible under section 195 of the Income Tax Act, ITAT Delhi ruled. Facts About the Case of NTL […]
The Kerala High Court in a judgment, directed the Income Tax Appellate Tribunal (ITAT) to regard the petition after condoning the delay in filing the appeal. The Court regarded that the Appellate Authority should pass orders on the stay petitions on merits only if it condones the delay in filing the appeals. Sri K S […]
