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No law has been given in the said section of section 271(1)(c) of the Income Tax Act, 1961 and is deemed incorrect by The New Delhi bench ITAT on the penalty notice under income tax issued. Penalty orders are being obtained by the taxpayer via the income tax department. Attacking the orders, the taxpayer said […]
The Madras High Court bench of Justice C. Saravanan did not permit a refund of the amount relying on the taxpayer’s electronic cash ledger on the basis that there were some accusations with respect to the taxpayer to claim the bogus ITC (Input Tax Credit) in the electronic credit ledger on basis of the fake […]
ITR 7 can be filed by any person, including companies who are required to furnish a return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) Important Points to Know While Furnishing the ITR-7 Why So Difficult to File the ITR 7 Form? The ITR 7 is much more different than the […]
GST collection crossed Rs 1.30 lakh cr for the fourth time and stands on the revenue with the worth of Rs 1,38,394 crore in Jan 2022. The revenue that stands out in January 2022 was 15% more as compared to the previous year of the same month. Also, it is 25% more than the GST […]
Throughout this post, we have discussed how you can quickly rectify errors using Gen TDS/TCS software. After furnishing the TDS return with NSDL, one may see that there seems to be an error in the returns. The same error would be due to distinct causes, such as wrong deductions, challan information and incorrect PAN details […]
Does the chief executive of large companies headquartered in Mumbai towards the firm or just the head office? Are there any common expenses like salary, marketing, branding, or legitimate expenses be circulated to the branch offices or taken by head office only? In a recent ruling via appellate authority for the advance ruling (AAAR) mentioned […]
The upcoming budget is expected with the hope that the taxes will be exempted, particularly for the salaried people. Budget 2025-26 is coming at a time when the economy is going to recover. People’s income has been affected by this as they lost their jobs, pay cuts were executed, and various businesses were forced to […]
Process for a Recovery Towards the Mismatch in GSTR 1 & 3B The Central Government presented modification to Section 75 (12) of the CGST Rules, 2017 through inserting an illustration so as to retrieve self-assessed tax without having to resort to proceedings u/s 73 or Sec 74 of the CGST Act, 2017. The illustration describes […]
As per a recent update, the Institute of Chartered Accountants of India has requested the Central Government to bring back the audit and certification provisions associated with GST annual returns. The institute said the scrapping of audit and certification provisions would hamper compliance. As per the official statement, ICAI said “Eliminating audit would lead to […]
