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The Income Tax Department, under the Ministry of Finance, Government of India has recently launched the Young Professional Scheme. Under this scheme, the aim is to strengthen the resources and streamline tax litigation management. The scheme will open opportunities for young graduates in Law and Accountancy to learn and acquire precious knowledge of the domain. […]
The Income Tax Department has introduced an investigation operation against particular social media influencers and content creators who make content using various platforms such as YouTube and Instagram. The move was launched because they are not disclosing their income and profits corresponding to their earnings, according to the sources. The department started taking action last […]
On the grounds of the Annual information statement (AIS) feature which the income tax department utilises the government would be working on the pre-filled consolidation, GST return forms that shall permit assessees to view all their information of transactions and e-invoices to attain the precise tax liabilities. The consolidated pre-filled form, which the Central Board […]
Generation and quoting of Document Reference Number (RFN) on communication/document related to search and inspection in regard to the Directions of the Hon’ble Supreme Court for the case of Pradeep Goyal Vs Union of India [W.P. (Civil) 320 of 2022], on July 18, 2022, through issuing Circular notified by the Karnataka GST Department. Documents like […]
AIS app for assessees is launched by the Income tax department: Mobile app for AIS. There is good news if you are an assessee. The income tax department would have started the new mobile app known as the AIS in order to obtain the Annual Information Statement (AIS). For each transaction, the assessee shall obtain […]
According to officials, a gang of merchants who would set up fictitious companies to provide a legal cover for their unlawful trade in timber and related products and escape Goods and Services Tax (GST) amounting to crores of rupees have been caught by Uttarakhand tax authorities using digital tracking and electronic surveillance. According to them, […]
The announcement for restructuring of the state GST department dated 19th January will be done by Chief Minister Pinarayi Vijayan said Kerala Finance Minister KN Balagopal. Kerala FM stated that there would be a restructuring of the GST council. At present three sections would be there, taxpayer, audit, and intelligence. There shall be much more […]
As per a recent update, several banks have communicated with the Central Board of Direct Taxes (CBDT) seeking clarity on the purview of Section 194R of the Income Tax Act, as they fear that the newly presented provision will empower them to deduct 10% tax at source on incentives given to the big business customers […]
A division bench of the Madhya Pradesh High Court has held that the authority for advance ruling (AAR) under GST cannot be sought after the initiation of assessment proceedings when the department issued a show-cause notice. The Petitioner, Saisanket Enterprise, is a Works Contractor engaged in executing works related to the construction of the irrigation […]
