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In a recent decision, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) found that a 7-day delay in filing an appeal might be excused since the CA was preoccupied with income tax and GST compliance. Chennai ITAT has made the observation, when appeals were preferred to it by the taxpayer, as against the […]
The disallowance under Section 14A of the Income Tax Act does not warrant when there is no earned of an exempted income, as per the Delhi Bench of the Income Tax Appellate Tribunal (ITAT). Section 14A predicts that there must be an actual receipt of income as seen by the two-member bench of Anubhav Sharma […]
The problem of GST on the leased land affecting the Ministry of Micro, Small & Medium Enterprises across India, it is been requested by the Chamber of Small Industries Association (COSIA) to the government to think again about the same issue. President of COSIA Sandeep Parekh stated that the GST department has laid the industry […]
A top official stated on Monday that India would not change its Goods and Services Tax (GST) regime in the upcoming fiscal year, delaying a move that has been considered for more than a year to streamline its tax system and lessen the burden on consumers. The GST, which was adopted in 2017 and unifies […]
Smartphone manufacturers are optimistic about a recovery in demand, driven by tax relief in the budget 2023-24 that should encourage middle-class customers to purchase more gadgets. Experts in the market predicted that shipments, especially in the entry-level market, might increase by as much as 3%. Tax experts stated that Consumption demand and industrial growth across […]
The Supreme Court has stated that judgments taken by higher authorities should be followed in order to prevent complete anarchy in the administration of tax legislation. It was stated that failure to abide by the rulings of higher authorities would also result in excessive harassment of assessees. The Bench of Justice S. Ravindra Bhat and […]
What is Income Tax Rule 132? Rule 132 was implemented by the Central Board of Direct Taxes (CBDT) on October 1, 2022. Anyone who earns income from a company or profession and has filed for a cess/surcharge deduction is impacted by the new regulation. Importance of Rule 132 in this Situation Must be Understood The […]
The tax relief given in the Budget, according to Sanjay Malhotra, revenue secretary in the Ministry of Finance, was founded on the idea of a relationship built on trust. “The effort in the taxation part of the budget is how we simplify and build a trust-based relationship and increase revenues, but without increasing the rates,” […]
GST input tax credit Input tax is related to a taxable entity, which means the (IGST and CGST) in respect of the CGST Act and (IGST and SGST) in respect of the SGST Act are imposed upon each supply of goods and any services on the entity that is used by it or that is […]
