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The Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has made a ruling stating that payments made in a compensatory nature should not be considered as interest for the purpose of tax deduction at source (TDS) under Section 194A of the Income Tax Act, 1961. The Assessing Officer (AO) had noticed in the tax […]
The Kerala High Court has issued a directive in a writ petition, instructing the petitioner, M/s Brothers Trade Links, to approach the appellate authority under Section 107 of the Goods and Services Tax Act, 2017 (GST Act), seeking permission to rectify an error in Form GSTR-3B. The petitioner, M/s Brothers Trade Links, approached the court […]
A senior government official has indicated that the government is poised to conduct a sequence of meetings in November. The purpose is to meticulously assess and enhance various aspects of indirect taxation, especially concerning the GST. These forthcoming meetings will encompass a comprehensive review not only of the Goods and Services Tax (GST) but also […]
UltraTech Cement has announced that it has received an order from the Assistant Commissioner, CGST & C. Ex Division 3, Bhavnagar, demanding a payment of Rs. 1.14 crore for Goods and Services Tax (GST), along with interest and penalties which is equal to the demand payment. The demand is related to an alleged non-payment of […]
The Delhi High Court has upheld the decision to remove the penalty imposed for the failure to specify the specific provision of Section 271(1)(c) of the Income Tax Act under which the penalty was imposed. In this case, the respondent/assessee, Modi Rubber Ltd, provided inaccurate details regarding the disallowance of various additions made by the […]
A recent report has brought attention to the current status of state finances, emphasizing the persistent deficit in budget revenue. The report underscores that this deficit is causing limitations in capital outlay, particularly impacting the allocation of funds for developing assets. Furthermore, the report highlights the necessity of rationalizing the goods and services tax (GST) […]
The Allahabad High Court recently ruled that allegations of law violations cannot be addressed under the extraordinary jurisdiction of the Court, as outlined in Article 226 of the Indian Constitution unless there is a claim of inherent lack of jurisdiction. Read Also: Allahabad HC: For Claiming GST Credit, Petitioner Must Prove the Transaction’s Genuineness Beyond […]
In October, the combined revenue from Goods and Services Tax (GST) collected by central and state governments reached ₹1.72 trillion, marking a notable 13% surge compared to the previous year. This figure represents the second-highest monthly collection since the implementation of the new tax system in 2017. The cumulative GST earnings for this year align […]
The Union Finance Minister, Nirmala Sitharaman has proposed the Vivad Se Vishwas Scheme 2024 for settling disputes of income tax pending appeal. The Direct Tax Vivad se Viswas Scheme 2024 (VSV 2.0) is starting from 1st October for taxpayers who need to resolve their pending direct tax disputes. Read Notification The last date for filing […]
