CESTAT Ruling on Service Tax Imposition The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) recently ruled that the imposition of service tax requires the identification of the specific service provided and consideration received. Conditions for Service Tax Imposition The bench, comprising
Income Tax Department’s Alert to Taxpayers: Addressing Discrepancies The Income Tax Department is taking proactive steps to notify taxpayers about potential inconsistencies between the information provided in their Income Tax Returns (ITRs) and the department’s records of specific financial transactions for the assessment year 2021-22
Income Tax Department Launches E-Campaign To Ensure Tax Compliance for Financial Transactions The Income Tax Department has initiated an e-campaign aimed at ensuring tax compliance for specific financial transactions undertaken by individuals and entities during the Financial Year (F.Y.) 2023-24. Identification of Non-Compliant Cases Following
India-EFTA TEPA: A Landmark in Global Trade India has taken a momentous stride in its global trade relations with the signing of a groundbreaking Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) on March 10, 2024. This landmark agreement signifies
Scam Uncovered in Mumbai: Fictitious Firms in GST Fraud In a startling revelation, authorities in Mumbai have unearthed a sophisticated scam revolving around counterfeit Goods and Services Tax (GST) invoices. This elaborate scheme aimed to falsely claim an astronomical Rs 25.73 crore in GST input
Government Clarification Sparks Debate in Food Industry Recent government clarification has sparked a debate within the food industry, particularly regarding the classification of snacks into extruded and non-extruded categories. According to industry sources consulted by FE, this distinction has significant implications for the Goods and
ICAI’s New Exam Schedule: Tri-Annual Exams The Institute of Chartered Accountants of India (ICAI), the world’s largest accounting body, has made a significant change to its exam schedule. Instead of the previous bi-annual exams in May and November, ICAI will now hold exams three times
Navigating Taxation Amidst Governmental Transitions The gaming sector finds itself in a state of anticipation as it awaits a review of the 28% goods and services tax (GST) imposed last October. However, the path to this review is riddled with complexities, especially considering the ongoing
Proactive Measures to Enhance Tax Compliance The Income Tax Department is taking proactive steps to enhance tax compliance among taxpayers by addressing potential discrepancies between reported Income Tax Returns (ITRs) and the Department’s records of specific financial transactions for the
Introduction In an effort to promote fair and accurate tax compliance, the Income Tax Department has launched a pioneering e-campaign targeting individuals and entities whose tax payments for the Financial Year 2023-24 do not align with their financial transactions during the same period. Campaign Overview
