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The income tax department mentioned that it is not seeing Digi Yatra data to catch tax evaders. The IT department published on X denied reports that mentioned that Digi Yatra data will be utilised to catch the tax evaders. It is clarified that, as of now, no such move has been made by the Income […]
For the upcoming budget, 2025, Prime Minister Narendra Modi convened a consultation with prominent economists to discuss key economic strategies. The main motto of the meeting was centred around crucial topics such as lowering income tax slab rates, streamlining customs tariffs, and introducing initiatives to boost exports. Sources from the Bureau revealed that the Prime […]
For charging high tariffs US President-elect Donald Trump accused India and warned about the reciprocal process. While speaking to reporters, Trump reiterated his intent to impose reciprocal tariffs in response to New Delhi’s higher tariffs on specific American imports. He remarked that while answering a question about a trade agreement with China, Trump cited India […]
For entrepreneurs searching to set up a formal enterprise entity registering a company in India is a significant step. This process not only grants legal recognition to the venture but also unlocks opportunities for growth, investment, and enhanced credibility in a competitive market. Proper registration is key to ensuring compliance with regulatory requirements and safeguarding […]
The Allahabad High Court While deciding a case relating to Input Tax Credit carried that a quasi-judicial body should furnish a chance of hearing to a person before charging obligation on them. The Division Bench comprising Justice Shekhar B. Saraf and Justice Vipin Chandra Dixit carried that as per the doctrine of audi alteram partem […]
Various experts cited the Centralised Processing Centre (CPC) of the income tax department as making errors in the ITR processing. A representation has been sent by the Karnataka State Chartered Accountants Association (KSCAA) to the CBDT in the same concern. The representation of the KSCAA cited that the CPC has made a mistake in acknowledging […]
An audit report computing the liability for tax dues is not a notice or an order of determination as reflected u/s 106(1) of the Finance Act, 2013, Delhi High Court ruled. Section 106 cited the person who might make tax dues declaration. It was mentioned under sub-section (1) that any individual may declare his tax […]
The proposal of the Insolvency and Bankruptcy Board of India (IBBI) to add an alternative of mediation for operational creditors (OCs) under the Insolvency and Bankruptcy Code (IBC), should be looked into “seriously”, as it will trim the load of NCLTs, said Anita Shah Akella, joint secretary, ministry of corporate affairs. Since nearly 70% of […]
It was ruled by the Kerala High Court that the income tax authorities through not taking into account a request for a personal hearing have breached the norms of natural justice. It was marked by Justice K. Babu that as of the same breach, the orders have been passed without considering the request of the […]
