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The government of India in a measure to support the financial health of micro, small, and medium enterprises (MSMEs) in India, announced the enactment of a strict rule requiring payments to MSMEs to be settled within 45 days. Tax penalties on the due amount shall be levied if companies fail to follow the said rule. […]
The New Delhi ITAT after determining that the taxpayer does not file either of the conditions specified in section 54 of the income tax, ruled that no infirmity in the IT authority’s order in refusing the advantage of the deduction of the long-term capital gains to the taxpayer under section 54. The Division Bench of […]
The expense for the management and marketing support services paid to foreign companies is not levied to tax under Fee for Technical Service (FTS) under the India-Netherlands Double Taxation Avoidance Agreement (DTAA) and therefore TDS is not deductible under section 195 of the Income Tax Act, ITAT Delhi ruled. Facts About the Case of NTL […]
The Kerala High Court in a judgment, directed the Income Tax Appellate Tribunal (ITAT) to regard the petition after condoning the delay in filing the appeal. The Court regarded that the Appellate Authority should pass orders on the stay petitions on merits only if it condones the delay in filing the appeals. Sri K S […]
In February the e-way bill generation has been increased to 9.73 crores. In 4 months it is the highest and indeed the all-time high generation for the second time. In March it is anticipated to secure a positive impact on GST collection. Since February is just 29 months, numbers for the month are also crucial. […]
The Hon’ble Telangana High Court in the case of Rays Power Infra Pvt. Ltd. v. Superintendent of Central Tax [Writ Petition 298 of 2024 on February 28, 2024], ruled that if the assessee clears all the tax obligations including ah interest at any day, before the issuance of show cause notice, they shall not be […]
In a regulatory filing, the Pharma company Dr Reddy’s Laboratories Ltd was reported saying that it has received a tax demand notice from the Additional Commissioner of Central Tax, Hyderabad GST Commissionerate with a total penalty (plus interest) of Rs 74.22 crore. The said demand was issued in response to the company’s recent incorrect availing […]
The Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled that the Tax Deduction at Source ( TDS ) credit must not be refused if the income from the sale of agricultural property was not declared in the Income Tax Return (ITR). Dhirajlal Savailal Shah, the taxpayer at the time of the AY 2017-18, […]
The Madras High Court ruled the Assessing Officer (AO) to permit the transitional credit of purchase tax paid under Section 140 of the TNGST Act, 2017, if the applicant had paid “purchase tax” under Section 12(1) of the TNVAT Act. The bench of Justice C. Saravanan noted that the applicant deserves an opportunity to safeguard […]
