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Sanjay Malhotra, Revenue Secretary in an Interview said that the due date for filing income tax returns (ITRs) is July 31, 2023, and the government has no intention of extending it. As of July 2023, the Income Tax Department has already claimed that more than 2 crore ITRs had been filed. As per the announcement […]
The nationwide campaign against fraudulent GST registration has caused problems for e-commerce businesses, that run virtual offices across several states with little staff and no books of accounts. Tajinder Singh, vice president of taxation at MakeMyTrip Group, told PTI that the GST officials should consult the head offices about virtual offices before labelling the state […]
In a recent ruling, the Gujarat High Court has granted permission to the State GST department to initiate legal proceedings against the establishment situated within the premises of the Special Economic Zone (SEZ). The bench of justices Ashutosh Shastri and J.C. Doshi has observed that the respondent departments are authorised to carry out operations in […]
While upholding the addition, the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) ruled that A.O. did not reject the books of accounts under Section 145 but instead assessed the income on the basis of the Profit Margin Method. While dismissing the department’s arguments, the T.R. Senthil Kumar (Judicial Member) and Waseem Ahmed (Accountant […]
There is no need to disallow part of the director’s remuneration and depreciation if the business is stopped due to a temporary lull, the Jodhpur bench of the Income Tax Appellate Tribunal (ITAT) ruled. The mere pre-requisite for the permission of depreciation would be that the business must not have been closed out once and […]
Simple Intro About the Depreciation Depreciation is a concept that is used to write off the cost of an item over its usable life. Depreciation is a necessary deduction in an entity’s profit and loss statements for depreciable assets, and the Act enables deduction using either the Straight-Line technique or the Written Down Value (WDV) […]
The guidelines for the special all-India drive against the bogus GST registrations would have been issued by the Central Board of Indirect Taxes and Customs (CBIC). The department has released all details via Instruction No. 01/2023-GST. What is a Special All-India Drive Against Fake GST Registrations? The Central Board of Indirect Taxes and Customs (CBIC) […]
When the professional receipts exceed Rs 50 lakhs of the individual then the advantage of the Presumptive Tax under Section 44ADA can not be taken. In that case, the individual is needed to create the profit and loss account and balance sheet and get his audit performed via a practising Chartered accountant. Latest Updates Tax […]
With respect to the GST input tax credit refund claimed on the inputs of electric vehicle manufacturing, the Orissa high court filed a writ petition before it rendered the refund of the balance claim amount. The stated observation was incurred by the Orissa High Court when the writ petition was furnished before it via the […]
