The Central Board of Direct Taxes (CBDT) has recently notified the Income Tax Return (ITR) Form ITR-6 for the Assessment Year (A.Y.) 2024-25, which will come into effect from April 01, 2024. This notification also includes the Income-tax (First Amendment) Rules, 2024, which further amend
As anticipation builds for the Interim Union Budget 2024, a significant announcement is expected to shake up the landscape of Goods and Services Tax (GST) in India. The buzz surrounds proposed reforms aimed at enhancing compliance and easing the burden on businesses, particularly small vendors.
In recent times, many taxpayers using GST portals found themselves inundated with notices and orders from the GST Department. This surge was due to the expiration of the limitation period for issuing notices and orders under Section 73 of the CGST Act 2017. Under the
Demystifying Cryptocurrency Taxation: A Guide for the Navigating Investor The meteoric rise of cryptocurrencies has ignited excitement and intrigue, attracting legions of individuals eager to dive into the decentralized waters. However, amidst the thrill of potential gains lurks a lurking beast: taxation. For the uninitiated,
IMPS Transfers via Mobile Numbers: NPCI’s Game-Changing Move Starting on February 1, 2024, the National Payments Corporation of India (NPCI) is poised to revolutionize digital transactions with the launch of Immediate Payment Service (IMPS) transfers using mobile numbers. This move promises greater accessibility, convenience, and
Comment The honourable court rejected the order passed by the appellate authority. It is well settled that unless the foundation of the case is made out in the show-cause notice, the Revenue cannot in Court argue a case not made out in its showcause notice.
In a recent judgement the court has stayed the notice asking for the tax amount of Rs. 18 Cr for the sale of vehicles. The trucks sold to the inter state customers was charged for IGST. Lateron the department raised the issue and asked to
Brief of the case- The appellant is providing operation and maintenance service to mobile tower companies. It pays service tax on such activity. It is also engaged in filling diesel in power generators. A demand of service tax of over Rs.5 crores was raised on
The question was of right to give condonation of delay. Not one or two day but of 1365 days. In this judgment the court allowed the CoD. citatio Citations M/s Anil Enterprises v. Commissioner of Commercial Tax, U.P. Lucknow Postmaster General & Ors. v. Living
Intention to evade tax is essential for penalty The most litigated issue. Good are moving and are held by the authorities. In many cases the court has put an emphasis that intention to evade tax is important. Penalty cant be levied merely on a clerical
