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The Income Tax refund was rejected without providing a chance to hear the Karnataka High Court ruled that. The Court held that the authority is required to consider the time available u/s 163(6) of the Income Tax Act,1961. The taxpayer Healthcare Global Enterprises Limited, contested the validity of the impugned Assessment Order computation sheet, and […]
Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19% Net Direct Tax collections for FY2024-25 grow at over 20.99% Advance Tax collections for FY2024-25 stood at Rs. 1,48,823 crore with a growth of 27.34% Refunds aggregating to Rs. 53,322 crore issued in the current fiscal The provisional numbers of […]
On October 31, 2023, as per Circular No. 205/17/2023-GST, the CBIC issued a clarification concerning the GST rate applicable to imitation zari thread or yarn, aligning with the GST Council’s 52nd meeting held on October 07, 2023. At the 50th meeting, the GST Council suggested reducing the GST rate to 5% for imitation zari thread […]
This summary highlights four important circulars issued in July 2023 regarding tax compliance. The first circular addresses the reconciliation of Input Tax Credit (ITC) between GSTR-3B and GSTR-2A, outlining how changes in rules have impacted ITC claims. The second circular discusses refund-related issues, clarifying that refunds are now limited to the ITC amount shown in […]
The government has gathered Rs 8.65 trillion in direct taxes as of September 16, after accounting for tax refunds. This amount surpasses more than half of its yearly goal, as reported by the Central Board of Direct Taxes (CBDT). The direct taxes collected up to this point, which also include the initial two instalments of […]
A report released on Thursday tagged a genuine exporter as ‘risky‘ and informed that it will affect India’s exports and the inter-ministerial board including representatives from commerce and finance ministries is needed to determine its detailed outlook before stigmatising them in such a category. Merely based on certain risk factors of customs, GST, income tax, […]
Those people who have the money in the cash ledger to furnish the GST will be able to avail their money post 2 years of the date of filing the tax, the action which makes the flow of cash easier for the businesses. As in the present times, the taxpayers are not able to avail […]
In this article, we have listed the best TDS software in India according to the reviews and ratings by professionals. This software can reduce the tax burden of Indian CAs (Chartered Accountants) and professionals along with error-less preparation of TDS compliance. List of Top TDS Return Filing Software for CA and Professionals As mentioned in […]
In the current era, people need ready data to execute their chores easier and in less time. CA or tax practitioner companies need effective best income tax return software. Also, they seek effective practice management software for ease of filing compliance and laws. Work in distinct companies is executed through distinct capable software. On the […]
