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The insurance industry, which is now facing penal actions by tax officials for violating input tax credit rules for the goods and services tax (GST), and the finance ministry had refused to mediate in the plea made for relief in this matter. According to those with knowledge of the situation, the ministry has sent the […]
The Income Tax Appellate Tribunal (ITAT), Delhi bench, in response to an appeal, after finding that the basic condition as specified under Section 271(1)(c) is not fulfilled, removed the penalty being levied by the Revenue. The Delhi ITAT made the decision when an assessee filed an appeal regarding the directive against the order dated 15.11.2019 […]
When the professional receipts exceed Rs 50 lakhs of the individual then the advantage of the Presumptive Tax under Section 44ADA can not be taken. In that case, the individual is needed to create the profit and loss account and balance sheet and get his audit performed via a practising Chartered accountant. Latest Updates Tax […]
For distinct defaults done by the assessee, the penalties would get imposed under the Income Tax Act. Beyond penalties on defaults such as doing payment of Self Assessment Tax, default in payment of taxes, default on filing income returns, and others, the Income Tax department charges penalties for underreporting and misreporting of income. When a […]
Nirmala Sitharaman, the finance minister, gave the Central Board of Indirect Taxes & Customs (CBIC) instructions on Saturday to undertake to automate the review of GST returns by the following week. Also to execute an action plan to expand the taxpayer base through advanced use of technology. In a review meeting of the CBIC, she […]
In an appeal about the secondary and higher secondary cess, the Income Tax Appellate Tribunal (ITAT), Kolkata bench ruled that their education cess is part of tax and therefore no deduction will be provided. The statement was held by the Kolkata ITAT when it received an appeal from an assessee. The assessee is challenging the […]
What is GST Section 17? ITC (Input Tax Credit) Apportionment and Blocking of Ineligible GST Credits are covered in Section 17 of the CGST Act, 2017. GST was implemented to prevent cascading taxes and to ensure a consistent flow of input tax credits with the complete supply chain. The primary and foremost strength of the […]
The country’s tax base is being estimated by Finance Minister Nirmala Sitharaman, who also listed that the government has implemented a new income tax system with lower tax rates. The FM emphasised that numerous measures are being taken in order to widen the tax base. It is a parallel and simplified new income tax regime […]
The income tax rates have undergone some noteworthy adjustments this year, according to the Finance Ministry. The income tax slab for FY 2023–24 as well as information on the old and new tax regimes can be found on this page if you’re looking for information on the rates and slabs of income tax that will […]
