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The 50th GST Council may provide clarification on July 11 regarding the TCS liability of suppliers engaged in e-commerce trading through Open Network Digital Commerce (ONDC) when multiple operators are involved in a transaction. The Department for Promotion of Industry and Internal Trade (DPIIT) has introduced a new program called ONDC, Open Network for Digital […]
The Income Tax Appellate Tribunal (ITAT), the Delhi bench, has held that income derived from car parking is liable for deduction under Section 80IA of the Income Tax Act 1961. The assessee, Candor Gurgaon Two Developers & Projects Pvt. Ltd. is engaged in the business of developing SEZ in the IT/ITES Sector and lease-out the […]
The disallowance of ocean freight charges paid to Korean-associated enterprises (AE) would have been deleted by the Chennai Bench of the Income Tax Appellate Tribunal (ITAT). According to Article 8 of the DTAA (Double Taxation Avoidance Agreements) of India-Korea, the ship’s rentals would be counted in the profit type from the ships or aircraft operated […]
The Income Tax Department has mentioned the PAN-Aadhaar demographic mismatch fix. If the PAN and Aadhaar are not linked by June 30, 2023, then Rs. 1000 will be fined. Moreover, the PAN card will expire after the due date, and as a result, taxpayers will not be liable to submit a claim for a deduction […]
Employees’ contribution to PF/ESI deposited post-due date under the Income Tax Act is not allowable as a deduction under Section 36(1)(va) of the Income Tax Act, 1961, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) stated. The taxpayer, Creative Textile Mills Pvt. Ltd. asks, on which foundation the Commissioner of Income Tax (Appeals) […]
The Income Tax Appellate Tribunal (ITAT), the Pune Bench ordered the Assessing Officer to re-adjudicate against the disallowance made for the reason of the non-submission of business vouchers. The appellant, Garve Motors Private Limited is an authorised dealer of Hyundai Cars and is a private limited company. The Assessing Officer reproduced the specifics of the […]
In a ruling, the Income Tax Appellate Tribunal (ITAT), Raipur bench has instructed the Income Tax Department to allow the delayed filing of Form 10B. However, the condition was provided by the bench that it should be filed before the “due date” of filing of return of income under Section 139 of the Income Tax […]
In a recent ruling, the Bangalore branch of the Income Tax Appellate Tribunal (ITAT) has made it clear that marketing and advertising expenses made for the assessee, Herbalife International India Pvt. Ltd’s manufactured products do not fall under the purview of foreign transactions. Following the submission of the income tax return, the case of the […]
In accordance with Notification No. 13/2017, Central Tax (Rate), dated June 28, 2017, which provides details on the services liable for tax under the Reverse Charge Mechanism of the CGST Act, services rendered by directors of a company or a body corporate situated in a taxable area to the said company or body corporate will […]
