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The Income Tax Appellate Tribunal (ITAT) Bangalore bench has ruled that no tax is payable on interest earned from fixed deposits subject to the CBI’s restraining order. The bench, comprising Madhumita Roy (Judicial Member) and Chandra Poojari (Accountant Member), has pointed out that the lower authorities made an error by including the interest from fixed […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has ruled that Tax Deduction at Source (TDS) under Section 194C of the Income Tax Act, 1961 does not apply to casual labour expenses incurred for activities such as road construction, crane hiring, and site machine shifting. The entity in question, Amtech Engineers, is a […]
Star Health and Allied Insurance company has disclosed in its filing with the Bombay Stock Exchange (BSE) that it has received a notice from the Directorate General of GST Intelligence (DGGI) for a tax payment of ₹38.99 crore. The notice was issued under Section 74(5) of the Central Goods and Services Tax Act, 2017, alleging […]
Haryana has achieved a significant milestone in Goods and Service Tax (GST) collection, securing the fifth position among the top states in the country With a notable growth of 18.3%, the state recorded a total tax collection of ₹32,076 crore during the first six months of the current financial year (April-September 2023), compared to ₹27,155 […]
The Calcutta High Court has made an observation that the payment of GST should be made upon receiving payment for the execution of work contracts. Dipak Sarkar, the petitioner, is a contractor responsible for carrying out projects on behalf of the State Government. The petitioner’s concern arises from the fact that the Notification dated 16th […]
Advisory No. 605 has been issued by The GSTN dated October 3, 2023, and announced the availability of the e-Invoice JSON download feature on the GST e-Invoice Portal. It is very exciting news for all taxpayers that the GST e-Invoice JSON download functionality is now live on the GST Portal. To help you make the […]
The forthcoming GST Council meeting scheduled for October 7 brings potential good news for senior citizens, as there is a possibility of a reduction in the tax rate on health insurance premiums. It has been reported that the 52nd GST Council is considering a proposal to lower the GST rate on health insurance from the […]
After the completion of an income tax audit, it’s essential for individuals to verify certain aspects to ensure the accuracy of the audit report. This verification is crucial to prevent potential penalties imposed by the income tax department due to inaccuracies in the report. Additionally, rectifying any errors may necessitate rehiring an auditor for a […]
The innovation as well as the development services furnished to the German company amount to the export of the services, Punjab and Haryana High Court ruled. The taxpayer does not function in any marketing of the products of Fresenius Kabi Deutschland GmbH Germany (FKDG) nor any product is delivered via FKDG to the same, as […]
