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The Apex court dismissed 93 appeals contesting the application of the Tax Deduction at Source (TDS) on the salaries furnished to the nuns and priests of the Catholic Church who are working as teachers in aided institutions. The bench, which included Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Misra, was […]
The GST Portal secures a pre-filled GSTR-3B form, which automatically populates the tax obligation from the declared supplies in GSTR-1/GSTR-1A/IFF and the Input Tax Credit (ITC) from GSTR-2B. GSTN is improving the GST return filing process to assist taxpayers in filing their returns precisely and diminish manual errors. Also, the system generates a detailed PDF […]
The Central Board of Indirect Taxes and Customs (CBIC) has given relief for taxpayers required to TDS under section 51 of the CGST Act, 2017, and has furnished central tax GST notification No. 23/2024, dated October 8, 2024. The same notification exempted the late fee for the delays in filing FORM GSTR-7 from June 2021 […]
FM Nirmala Sitharaman incurred that there would be no reduction in tax rates under the old regime, addressing calls via assessees for identical rate reduces both old and new regimes. The minister said that the government does not force anyone to switch from the old to the new tax regime. What Amount Do I Required […]
Delhi High Court in a ruling held that the cancellation of a GST registration does not avert the tax department from commencing proceedings or recovering outstanding tax dues. The applicant Saraswati Trading Company filed a petition via its proprietor Rakesh represented by Advocate Vineet Bhatia asking to provide the precise writ to the respondent union […]
Post-closing the pre-show cause notice for Infosys pertinent to FY 2017-18, the investigation officials will analyze whether full ITC was claimed towards the expenses made via the overseas branch offices from FY19 to FY22. A procedure to solve the issuance of the notices to Infosys along with the foreign airlines and shipping council is anticipated […]
An updated advisory has been issued by the Goods and Services Tax Network ( GSTN ) on the new statement titled RCM Liability/ITC Statement on the Goods and Services Tax ( GST ) portal to assist the assessees in precisely reporting the Reverse Charge Mechanism ( RCM ) transactions. The same statement has the objective […]
Within the specified six-month timeframe, the review of the Income Tax Act of 1961 is set to be completed CBDT Chairman Ravi Agrawal cited. In the Budget speech last month, Union Finance Minister Nirmala Sitharaman announced that the direct tax law of the country would be examined to make it easy, and the job would […]
The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that the AO failed to specify whether the penalty was for concealment or inaccurate particulars in the notice issued under Section 274 and Section 271(1)(c) of the Income Tax Act. The bench of Suchitra Kamble (Judicial Member) and Makarand V. Mahadeokar (Accountant Member) has […]
