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The Central Board of Indirect Taxes and Customs (CBIC) Released a notification with No. 63/2020–Central Tax on August 25, 2020. With this notification, CBIC informed that the changes which were made in Section 50 i.e inserting a proviso to Section 50(1), via section 100 of Finance (No. 2) Act, 2019 (23 of 2019) will come […]
The Union Budget each year includes revisions that affect taxpayers, businesses, and tax professionals. The Budget 2026 is the same; it includes updates to tax rates, rules, and deductions that everyone must understand and follow. Tax software is important because it helps turn these budget amendments into easy-to-use systems, making it easier for people to […]
The Delhi High Court has thrown out several petitions from taxpayers who were contesting certain decisions related to the Goods and Services Tax (GST). These decisions were made without the taxpayers being present, and some of their bank accounts had been temporarily frozen. The court emphasised that taxpayers cannot escape the effects of these decisions […]
Indian engineering exporters are urging the government to consider a reduction in income tax rates for non-corporate manufacturing MSMEs to 25%. Additionally, they are requesting the expedited release of most pending goods and services tax refunds. These measures are seen as vital for alleviating cash flow pressures and enhancing export competitiveness in the upcoming Union […]
The Gauhati High Court, in a ruling addressing one of the most litigated issues under the Goods and Services Tax regime, has held that input tax credit (ITC) cannot be denied to a bona fide purchaser merely because the supplier failed to upload invoices or file appropriate returns. The Court observed that shifting the consequences […]
For businesses and professionals, timely tax compliance is a significant obligation. In between such obligations, the advance tax specifies a unique intricacy as it necessitates accurate income estimation and periodic instalment payments during the financial year. Taxpayers earlier have relied on manual calculations, Excel spreadsheets, or professional advisory services, which take much time and may […]
The Madras High Court has directed the proper adjudication on whether a former director can be obligated for the tax arrears of the company and considered the bank attachment issued against him as a show cause notice. A writ petition has been submitted by Subir Ghosh contesting the bank attachment notice dated 29 July 2024 […]
The Patna High Court has quashed the tax orders against a contractor, holding that the show cause notice (SCN) issued under Section 74 of the GST Act, 2017, was invalid since he had already filed his GST returns and paid the taxes. Parvinder Singh, the applicant, has asked to quash the assessment order dated 15.01.2021, […]
India’s Goods and Services Tax (GST) system includes a feature known as Input Tax Credit (ITC). This mechanism allows businesses to avoid paying tax on inputs where tax has already been paid, thereby reducing their overall tax burden. However, since companies must comply with specific rules and deadlines, they often face challenges in consistently monitoring […]
