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The introduction of GST in construction services has wielded significant influence over the industry’s dynamics. Understanding the nuances of GST within construction work is pivotal for ensuring operational smoothness and financial astuteness. 54th GST Council Meeting: “To clarify that location charges or Preferential Location Charges (PLC) paid along with the consideration for the construction services […]
Under section 40 (3) of the Income Tax Act, 1961 the Kerala High Court kept the addition in the absence of the material proof. The order of the Income Tax Appellate Tribunal, Cochin Bench is been contested by the applicant PV Thomas. The appellant who is a dealer in the used car has filed an […]
A senior official recently disclosed plans within the Goods and Services Tax (GST) authorities to potentially introduce a faceless scrutiny assessment for tax returns. This new approach, unlike conventional methods, removes the need for physical interaction between tax officers and assessees, as well as the submission of physical documents. While faceless assessment has proven successful […]
The Orissa High Court clarified that an order by the Income Tax Appellate Tribunal (ITAT) dismissing the department’s appeal due to a low tax effect can be appealed before the High Court under Section 260A of the Income Tax Act, 1961. However, the High Court cannot entertain an appeal against the ITAT’s dismissal of the […]
The Ministry of Corporate Affairs has provided an official update stating that companies and limited liability partnerships (LLPs) can now be incorporated using the National Single Window System (NSWS) established by the central government. This system streamlines the process by consolidating various central and state approvals into a single platform. With the NSWS, businesses can […]
Form 26QB has significant importance in the process of deducting tax at source (TDS) for property sales. However, occasional errors and mistakes may occur during submission of this form. If you come across any inaccuracies in your Form 26QB, there’s no need to worry as you can rectify them. This article has been written to […]
In a case where, the taxpayer, Roshni Sharma’s PAN card was used by a fraudster to claim exemption. Most interestingly, she has never rented out any property throughout her life. However, during a recent review of the income tax portal, she discovered that her Permanent Account Number (PAN) had been misused by an individual to […]
The Income Tax Department lacks the authority to impose late fees and interest related to Tax Deduction at Source (TDS) as per the notification under Section 200A of the Income Tax Act, 1961, before the amendment of the law, the Income Tax Appellate Tribunal (ITAT), Jodhpur bench, has ruled. In this case, Dinesh Infrastructure Private, […]
Non-resident Indians (NRIs) need to get a Tax Deduction at Source (TDS) certificate to avoid having taxes deducted on income generated in India. NRIs cannot utilize Form 15G/H to excuse themselves from TDS on their income as residents may. Instead, they must submit an application to the assessing officer to get a certificate that either […]
