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The Chennai ITAT said that receipt of sale consideration of a massive amount of Rs. 1.60 Crores in cash, which is, in breach of the provisions of section 269SS (this section restricts cash receipts over & above twenty thousand) of the Income-tax Act, rightly merits the imposition of penalty under section 271D. The Bench of […]
Madras High Court in a significant ruling, observed that the order passed referring to Section 144(C)(1) of the Income Tax Act, 1961 is to be construed only as a draft assessment order. The petitioner’s case is that the petitioner filed an income return dated 09.03.2022 and subsequently filed revised returns dated 31.03.2022. Since variation in […]
The Delhi High Court ruled that the applicant, having unconditionally withdrawn the earlier petition and liberty being declined to the applicant, is prevented from filing the new petition asking for that relief that was before withdrawn by the applicant. The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja laid on the judgment of the […]
In March 2024 Goods and Service Tax collection rose 11.5 per cent on an annual basis to Rs 1.78 lakh crore, the second highest since the regime came into force in July 2017. In March the rise of GST collection can be attributed to the rise in GST collection from domestic transactions at 17.6 per […]
The income tax department has discovered a scam that consists of the bogus use of permanent account numbers (PAN) to claim house rent allowance (HRA) without actual tenancy. Till now approximately 8,000-10,000 high-value matters, each concerning amounts surpassing Rs 10 lakh, have been recognized. From the examination of the alleged rent receipts totalling nearly Rs […]
A clarification has been furnished by the Finance Ministry in between the dissemination of deceptive details on social media platforms concerning the new income tax regime. The same shows that there are no additional revisions that are effective from 1st April 2024. Taxpayers are enabled to opt for either the old or new tax regime […]
It is important to buy a house and is a long-term investment of money. This article gives information on different GST rates and how they apply when buying flats that are either under construction or ready to use. In these transactions, GST needs to be acknowledged. Knowing whether or not GST is applicable will affect […]
A GST notice worth Rs 23.26 cr for the FY 2018-19 has been received by Zomato from Karnataka tax authorities, the company mentioned in a regulatory filing. The order mandates a Goods and Services Tax payment of Rs 11,27,23,564, including additional interest and penalty charges totalling Rs 23,26,64,271, as per the filing. “According to Regulation […]
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. […]
