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Given that GSTAT has not been established, the Himachal Pradesh High Court has halted the service tax cum-divisional commissioner’s decision. According to the bench of Justice Sandeep Sharma, the petitioner had no choice but to turn to the High Court through a petition filed under Article 227 of the Indian Constitution, which otherwise gives the […]
The income tax department has set its plan to reduce the processing time for tax refunds. An official report indicates that the tax department is considering a reduction from the current 16 days to a 10-day period for processing tax refunds. This proposed timeline is anticipated to take effect within the current fiscal year. A […]
The rate of exchange for the purpose of deducting tax at source (TDS) on the income liable to get paid in the foreign currency, the Central Board of Direct Taxes (CBDT) notified. The board has inserted Rule 26 in the Income-tax Rules, 1962, through notifying the Income-tax (Seventeenth Amendment) Rules, 2023. Under the revised rule […]
Goods and Services Tax (GST) collections of Maharashtra have shown a significant growth constantly by 18% from April to July this year. It surpassed the national growth rate of 11-12%. The state clocked its highest GST collection at ₹33,196 crore ($4.6 billion) in April, reduced in May, but it has shown growth again for June […]
Choosing the correct company name would be important, provided its potential to shape the success of the company. In India, Chapter II- The Companies (Incorporation) Rules, 2014 have been implemented by the Ministry of Corporate Affairs (MCA), which prohibits certain names for businesses. This article provides an in-depth analysis of the MCA Restricted Words for […]
For the last four consecutive fiscal years, there has been seen consistent upward growth in the number of income tax returns filed by taxpayers in Karnataka state. This upward trend indicates the increasing awareness of tax adherence in the population. In the fiscal year 2019-20, a noticeable 38.18 lakh individuals filed their income tax returns, […]
The Income Tax Appellate Tribunal (ITAT), the Mumbai bench ruled that the number of aggregate business receipts was below the threshold limit of Rs. 1 crore specified under Section 44AB of the Income Tax Act, 1961 for account audit. Therefore, the panel repealed the defect notice in question and the return filed by the assessee […]
The Bombay High Court has cancelled a notice of income tax asking for a reopening of the assessment on the wrong facts. The applicant, Arvind Sahdeo Gupta. The challenge seeks in the writ petition is to the notice issued via the Income Tax Officer Ward under Section 148 of the Income Tax Act, 1961. An […]
Real businesses are suffering despite the taxmen busting the networks of bogus entities and fake ITC claims that proceeds with hundreds of crores of rupees. Between the filings of the buyer and seller, the GST data mismatch restricts the buyers to claim the input tax credit. ITC stands for Input Tax Credit, a credit for […]
