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Recently, the Bombay High Court has ruled that the amendment made in accordance with section 54 of the Income Tax Act, 1961, doesn’t have a retrospective impact on limiting investments in India. This amended provision takes effect from April 1, 2015, and will be applicable in the future, but not before the amendment date. The […]
The capital gain exemption is not available for the residential house brought abroad post 1st April 2015. For the period prior to AY 2015-16 or to the introduction of the words “in India” in Section 54 of the Act vide Finance Act No. 2 of 2014, which came into effect on April 1, 2015, the […]
The implementation of the Goods and Services Tax (GST) system in India has brought some significant transformations in how businesses handle their tax compliance responsibilities. Given the range of requirements including e-invoicing, e-way bills, invoice management, credit and debit notes, input tax credits, tax payments, annual return filings, and reconciliations, it is crucial for businesses […]
In the case of Koduvayur Constructions vs. the Assistant Commissioner-Works Contract, State GST Department Kerala, and the Deputy Commissioner of State (Arrear Recovery) – 2023 (8) TMI 834, the honourable Kerala High Court ruled out a decision. The Hon’ble court held that the petitioner, M/s. Koduvayur Constructions, a registered dealer under the Central Goods and […]
While invoking the doctrine of unjust enrichment, the Bombay High Court said to the department to refund the TDS amount deposited via taxpayer under protest. Technically, when the amount deposited via the petitioner is called ‘tax deductible at source’, what the petitioner paid was ‘an ad hoc amount, not technically a TDS amount’. Also, as […]
Here’s a simple method to understand ITR processing time. In addition, we provide types of notifications that are sent after the successful processing.
The applicant is engaged with M/s Gold Medal Electricals Pvt. Ltd. for purchasing various electronic products. The seller issues a tax invoice including charges of GST, calculated according to the provisions stated in Section 15 of the CGST Act, 2017. The applicant stated that the supplier has settled GST dues and duly filed GSTR-3B for […]
No credit notes were issued under section 34 of the Central Goods and Service Tax Act, 2017 at the time of returning the goods without obtaining them via the receiver, Madras High Court (HC) ruled. Under Section 34 of the CGST Act, 2017 Purpose of Credit Note / Debit Note is functional merely if the […]
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 […]
