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To address the condonation of delay in submitting required income tax forms, Circular No. 16/2024 dated November 18, 2024, has been issued by The Central Board of Direct Taxes (CBDT). These required income tax forms are- Form No. 9A, 10, 10B and 10BB for the Assessment Year (AY) 2018-19 and the following assessment years. The […]
GST Network mentioned show cause notices and assessment orders that have been issued via the tax officer on the GST portal do not secure the digital signatures of the tax officers however this information is stored in the backend. GSTN in a recommendation to the taxpayers mentioned the validity of the document and who and […]
If due to any unavoidable situation the factory gets closed then it is not obligated to pay the excise duty, the Ahmedabad Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) cited. The Bench of Ramesh Nair (Judicial Member) and Raju (Technical Member) has marked that “the closure of the factory was not on […]
The Bombay High Court in a ruling addressed the problem of routine arrests under GST allegations. The matter of Mahesh Devchand Gala vs Union of India brought to light the arbitrary detention practices of authorities, pressing the court to grant interim bail to the applicant. The applicant, Mahesh Devchand Gala, approached the Bombay High Court […]
The income tax department permitted the trusts and institutions, which filed audit reports for the AY 2023-24 in wrong forms, to file documents in valid forms by March 31. As per section 119 of the IT act, the income tax department has extended the due date for filing audit report forms 10B/10BB such as trust, […]
Section 44AD Streamlines Presumptive Taxation: Enhanced Requirements for Enterprises The income tax department in an action objecting to easing the process of tax for businesses has waived the criteria for the presumptive taxation under section 44AD. A new ‘receipts in cash’ column has been presented, showing the cash turnover or gross receipts. To Rs. 3 […]
The Madras High Court has ordered the income tax department to release the attachment on the pension account of the taxpayer, taking into account the individual’s age and health condition. This directive was issued by the bench composed of Justice R. Mahadevan and Justice Mohammed Shaffiq. They issued the order after observing that the entire […]
The late payment of Tax collection at source (TCS) and Goods and Services Tax (GST) does not constitute a penalty and should, in fact, be eligible for deduction under Section 37 of the Income Tax Act, 1961, the Jaipur bench of the Income Tax Appellate Tribunal (ITAT) recently ruled. The taxpayer involved in this case […]
The CBDT announced an extension for filing Forms 10B/10BB until October 31, 2023, and a one-month extension for ITR 7 form. The Government of India’s Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2023 dated September 18, 2023, providing relief to taxpayers and other stakeholders by extending […]
