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The Bombay High Court has determined that Assessing Officers (AOs) must verify information before initiating reassessment proceedings based on faceless data. This ruling comes from a bench of Justices G.S. Kulkarni and Somasekhar Sundaresan, who underscored the importance of verification when AOs intend to act under Section 148 of the Income Tax Act, particularly when […]
The petitioner Metropolitan Transport Corporation Limited is a Government of Tamil Nadu operating the business of providing passenger transportation services. As per the Goods and Services Tax Laws, this primary business activity of the petitioner falls under the exempted category. The petitioner furnished a copy of the challan on 12-02-2024 proofing the payment of application […]
The Rajasthan High Court In a writ petition filed by a senior citizen seeking condonation of delay in filing Income Tax Returns ( ITR ), condoned the delay stating the real hurdle performed via the taxpayer who is a senior citizen. The taxpayer, Padam Raj Bhandari, is an insurance surveyor and senior citizen who filed […]
For scrutinising income tax returns (ITRs), the government has implemented a rigorous (Strict) new system using a specially designed, self-automated artificial intelligence (AI) software program. Advanced AI for Comprehensive Examination The new AI program is made to validate the accuracy of all the data furnished in your ITR. Below is the working procedure of the […]
What is the New TDS Section 194T? The Finance Bill, 2024, presents a significant change for partnership firms with the proposal to insert a new TDS section 194T of the Income Tax Act, 1961. The same move has the motive to bring payments made to partners, including salary, remuneration, commission, bonus, and interest, under the […]
The GST Law and Procedures handbook for departmental officers provides a complete overview of GST law and simplifies its various aspects in an easy-to-understand manner. It is organized into 14 helpful chapters, each explaining the legal and procedural requirements of GST as a simple guide for government officers. The government departmental officers felt the need […]
In this post, you can find the key expectations of the Modi 3.0 government for the Union Budget FY 2024-25. We anticipate the Budget for 2024 to be announced in the second half of July 2024, after the conclusion of the Lok Sabha Elections 2024. This follows the National Democratic Alliance (NDA) securing a third […]
Uttar Pradesh, Tamil Nadu, and Maharashtra lead in filing Goods and Services Tax (GST) returns monthly, demonstrating their economic prospect, showed by GSTN data, and the company processing tax returns. Monthly compared to Maharashtra, Uttar Pradesh, and Tamil Nadu file more returns. On the last month of every quarter, Maharashtra is ahead when smaller businesses […]
On 22nd June, the 53rd meeting of the GST council was conducted. To refine the tax rates and service exemptions under the GST regime, various recommendations were made in the meeting. Union Finance Minister Nirmala Sitharaman addressed the meeting and deliberated on distinct proposals to facilitate GST applicability for goods and services. Key Updates on […]
