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For passing an interim order towards the extension of the date of ITR Filing for the fiscal year 2022- 23 (assessment year 2023-2024) to December 31, 2023, the taxpayers/owners of small businesses would have approached the Manipur High Court because of the tough Manipur conditions. The HC issued a notice to the Union of India, […]
The new guidelines would have been furnished by the Central Board of Direct Taxes (CBDT) on how the tax exempted maturity amount via the life insurance policy shall get computed in the fiscal year when the premium filed would be more than the particular level. Under the new rules, the maturity amount via the life […]
The Allahabad High Court on Wednesday imposed a fine of Rs. 10,000 on an Income Tax Department officer for not adhering to the natural justice while terminating the previous Assessment Order and initiating fresh proceedings under Section 263 of the Income Tax Act, 1961. The petitioner’s assessment was conducted under Section 143(3) of the Income […]
The movement of the seized vehicle carrying diesel was done without a proper invoice and transport document, which was against the Tamil Nadu Value Added Tax Act, 2006 (TNVAT Act), and the Madras High Court ordered the payment of Rupees one lakh as security penalty. The applicant, M/s.Kumutham Agencies has contended the impugned proceedings of […]
According to those with knowledge of the situation, the income tax (I-T) department has concluded its investigation into suspected irregularities in the payment of commissions by insurance companies and discovered evasion of more than Rs 15,000 crores. They estimated that the tax on this will be over Rs 4,500 crore. The investigative wing of the […]
A report released on Thursday tagged a genuine exporter as ‘risky‘ and informed that it will affect India’s exports and the inter-ministerial board including representatives from commerce and finance ministries is needed to determine its detailed outlook before stigmatising them in such a category. Merely based on certain risk factors of customs, GST, income tax, […]
At present, natural gas is not included in the GST regime. It should either be taken under the GST regime or it would be considered for getting the input tax credit (ITC) upon the tax paid on its purchase even if it is under the VAT regime. Senior tax consultant Amit Dave, speaking at a […]
The penalty order issued in Form MOU-09 under Section 129(1)(b) of the Goods and Services Tax Act, 2017 was cancelled by the Allahabad High Court considering the commodities in transit were accompanied by the tax invoice, e-way bill, and bilty. The bench of Justice Pritinker Diwaker and Justice Ashutosh Srivastava relied on the Allahabad High […]
For the financial year 2022-23 from 31st July 2023 to 31st August 2023, the Tax Advocates Association of Gujarat has urged the Finance Ministry to prolong the last date of ITR Filing. Before the Union Finance Minister Nirmala Sitharaman, CBDT Chairman, and Principal Chief Commissioner of Income Tax (PCCIT) of Gujarat the representation was addressed. […]
