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Dealers cannot be forced to carry forward Input Tax Credit (ITC) from the current system to the Goods and Services Tax (GST) Regime if they opt to claim a refund instead, according to a recent ruling by a single bench of the Madras High Court. On behalf of the revenue, Amirta Dinakaran said that the […]
In a ruling, the Himachal Pradesh High Court ruled that a delay of 1 day raises hyper-technical reasons for rejecting an appeal for restoration of GST registration. According to the division bench of Justice Tarlok Singh Chauhan and Justice Virender Singh, the appellate authority took an extremely technical and academic view, which is grossly violating […]
Simple Definition of a Trial Balance A ledger is created when many entries are made in different accounts. A trial balance is the presentation of all the ledger balances on a particular date in a single worksheet. It can be understood by the following: Different Benefits of the Trial Balance Need for Gen Bal Software […]
The Delhi Bench of the Income Tax Appellate Tribunal permitted the capital gain exemption under section 54 of the Income Tax Act on the basis of the amount identical to the capital gains that would be utilised for the acquisition of the new house. The two-member bench of Yogesh Kumar US (Judicial Member) and Dr. […]
Individuals seek methods to reduce their income taxes. The illegal income tax savings would be drawn into the light. But the national government gives various ways to diminish taxes. All are counted under statutory compliance and are available for every assessee. The Income Tax Act of 1962 comprises various procedures which permit assessees to diminish […]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) stated that the causes would have been recorded for opening the assessment again and is to be read since the same was recorded via the Assessing Officer and could not be increased. The Assessing Officer, with a total income of Rs. 9,81,60,144 has fled assessment, […]
The Judicial Member Kuldip Singh of Mumbai ITAT Bench has revoked the reopening of the assessment via AO because of the absence of valid reasons along with the tangible materials and removed the incurred other things. The taxpayer is involved in the manufacturing of steel wool, filed a plea to the ITAT to set aside […]
The Gujarat High Court specified only e-way bill expiry does not show an intent to evade taxes. The division bench of Justice Sonia Gokani and Justice Mauna M. Bhatt, on the basis of the goods the detention was concerned with the expiration of the GST e-way bill number, which lapses in the transit, the same […]
From the forthcoming budget, the salaried people secure much more expectations, and taxes relief is a major concern. In India, from 5% the personal income tax has been started and then goes to 42.74% along with the surcharge and cesses. As compared to other countries like Hong Kong (15%) Sri Lanka (18%), and Singapore (22%), […]
