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We must have heard about the era of the Industrial Revolution, the IT era and so on. But what about this era? This is an ‘Era of Transparent taxation’ or in other words ‘Era of Tax reforms’. The reason attributed to the new ‘era of Transparent Taxation’ or ‘era of tax reforms’ is the blend […]
The Central Board of Direct Taxes (CBDT) on this Wednesday pinpointed that buyers of goods or services shall have to deduct TDS at the source and at 0.1% of the amount that is greater than Rs 50 lakhs when credited or paid to a resident seller on the transactions that have occurred after July 1, […]
In a recent judgement delivered by the honourable Gujarat High Court, it is held that the Directorate General of Goods and Services Tax Intelligence (DGGI) holds the power to issue summons considering the provisions of the GST Act, 2017 and the relevant circulars that are issued by the Central Board of Indirect Taxes These types […]
The Income Tax Appellate Tribunal (ITAT), Pune bench held that the income generated from the selling of software license could not be categorised as royalty considering the provisions of the Income Tax Act, 1961. The Assessing Officer, while finalizing the assessment proceedings carried against the assessee, observed that Rs.86,05,13,407/- was accepted by the assessee towards […]
The new income-tax portal 2.0, which was launched on June 7, is most probably going to add more private banks to its list for payment of income tax, fees, penalty, and refunds under the umbrella of the Income Tax Act 1961. The portal shall also provide multiple payment options that include Unified Payment Interface (UPI) […]
The Central Board of Direct Taxes (CBDT) has notified the Income Tax (17th Amendment) Rules, 2021 that further amends the Income Tax Rules, 1962. As per the notification, the deductor while preparing statements of tax deducted at source shall provide facts and figures related to the amount paid or credited on which tax has not […]
The Income Tax Department has launched its new E-filing portal on June 7th, 2021. Consequently, these days, it is creating an awareness and learning campaign on how to proceed for registration and re-registration of Digital Signature Certificate (DSC) on the new Income Tax e-filing portal. Latest Update Download Income Tax Software What Exactly is DSC […]
“The Income Tax Appellate Tribunal (ITAT), Delhi Bench upheld the decision of addition as the assessee failed to utilize the amount in the capital gain account within the statutory period.” Here, in this case, the assessee, Avtar Krishen Jalla is an individual. It was observed by the Assessing Officer that during the time of assessment […]
Case Name Vandna Pharma Industries Vs Commissioner of Goods and Service Tax (Delhi High Court) Appeal Number W.P.(C) No. 5228/2021 Date of Judgement/Order : 07/05/2021 In this writ petition, the petitioner has asserted that its application for the refund of tax credit Get to know about official GST refund process under GST regime as finalized […]
