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A circular via the GST department might be furnished to address the dispute of the spate of notices sent before the Indian arms of the foreign firms asking for the tax salaries filed to immigrants via the local unit. As per the circular input tax credit (ITC) must not be held back from 2017 to […]
During remanding the matter the Madras High Court ruled that the refund claim needed to be examined and determined established on the documents related to the claiming of the ITC and the export of the product on zero-rated grounds. The petitioner has incurred the GST refund claims on time and cannot be faulted for the […]
Finance Minister Nirmala Sitharaman said that more than 10 million assessees particularly the small salary earners shall secure the long-due notices for the dues pertinent to the income tax, wealth tax, and gift tax withdrawn. In an amnesty plan, it shall attain the dues of up to ₹25,000 in cases prior to the 2009-10 financial […]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) has noted that income derived from educational activities is eligible for exemption under section 10(23C)(vi) of the IT (Income Tax) Act, 1961. The Durgapur Society of Management Science, a registered educational entity under Section 10(23C)(vi) of the Act, underwent scrutiny for the Assessment Year 2018-19 […]
The realm of cybercrime is rapidly expanding, posing a significant threat in today’s digital age. With nearly every individual equipped with a mobile phone or gadget, the vast array of possibilities also exposes them to malicious activities perpetrated by those who exploit technological advancements. You are eligible for an I-T refund of INR 15,490/-. The […]
In a recent update, the Income Tax Department has introduced a new prerequisite for non-individual entities receiving refunds exceeding Rs. 50 crore. As per the RBI notification, effective refund processing now necessitates the inclusion of a Legal Entity Identifier (LEI) number. Entities are strongly encouraged to promptly submit their LEI information through the designated portal […]
The Income Tax (IT) department has reached out to approximately 3 million salaried taxpayers nationwide via text messages and emails, pinpointing disparities between their claimed refunds in revised tax returns and the TDS (Tax Deducted at Source). An official mentioned, “Given that December 31, 2023, marked the deadline for revised returns, we’ve issued alerts probing […]
The National Company Law Tribunal (NCLT) in Ahmedabad, India, recently made a decision. The bench comprised of Mrs Chitra Hankare (Judicial Member) and Dr Velamur G Venkata Chalapathy (Technical Member), stated that when a company is being liquidated, the income tax paid by the buyer in an auction should be considered as a recovery of […]
Section 69A of the income tax act could merely be invoked in which the books of accounts are been maintained, Delhi High Court mentioned. The bench consisting of Justice Rajiv Shakdher and Justice Girish Kathpalia noted that the individual in question, a non-resident Indian, derives income in India from bank interest and income tax refunds […]
