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Latest update 26.04.2024

A. Tax in Media Supreme Court issues notices on constitutional validity of anti-profiteering norms under GST In yet another move by industry challenging the anti-profiteering norms under the ambit of Goods and Services Tax, the Supreme Court issued notices to the Union Finance Ministry, the CBIC, the GST Council and the ...

Latest update 25.04.2024

A. Amendment Circular no. 6/2024 dated 23.04.24- regarding consequences of PAN becoming inoperative-Income tax In continuation of the Circular No. 3 of 2023, it is hereby specified that for the transactions entered into upto 31.03.2024 and in cases where the PAN becomes operative (as a result of linkage with Aadhaar) ...

Latest update 24.04.2024

A. GST Article Recovery proceedings not to be initiated against the former director of the Company who was not the director during the concerned period The Hon’ble Bombay High Court in the case of Prasanna Kumar Shetty v. State of Maharashtra and Others [Writ Petition No. 3098 of 2024 dated ...

Latest update 23.04.2024

A. Amendment Notification No. 29/2024-Customs (N.T.) dated 15.04.2024 CBIC issued Notification no. 29/2024- Customs (N.T.) dated 15.04.2024 to bring amendments in the notification no. 36/2001-Customs (N.T.) dated 03.08.2001. Read more Notification no. 30/2024 - Customs (N.T.) dated 18.04.2024 The Central Board of Indirect Taxes and Customs (CBIC) issued Notification No ...

Latest update 22.04.2024

A. Tax in Media SC Asks Ramdev's Patanjali Trust To Pay Rs 4.5 Cr Tax For Charging Entry Fees At Yoga Camps The Supreme Court in a recent order upheld the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) ruling and held that Ramdev's Patanjali Yogpeeth Trust is liable to ...

Latest update 21.04.2024

A. GST Article GST not payable on amount recovered from permanent employees for canteen facility provided by employer The AAR, Gujarat in the case of In Re. M/s. Suzuki Motors Gujarat Pvt. Ltd. ruled that, GST is not payable on amount recovered for canteen facility provided to employer from permanent ...

GST Article

Order Passed without giving Adjournment is required to be set aside

Authored by CA Swapnil Munot 🎹 It is observed that sometimes Assessee ask for further time to submit additional information ...

Delhi HC issued notice to decide on the taxability of providing corporate guarantee by holding company to a subsidiary

The Hon’ble Delhi High Court heard the case of Sterlite Power Transmission Ltd. v. Union of India [WP (C) 2966 ...

Recovery proceedings not to be initiated against the former director of the Company who was not the director during the concerned period

The Hon’ble Bombay High Court in the case of Prasanna Kumar Shetty v. State of Maharashtra and Others [Writ Petition ...

Should You File an Appeal While Your Rectification Application Is Pending?

by Vikash Agarwal A taxpayer may be willing to file a rectification application (ROM) against an order passed by the ...

GST in Media

Supreme Court issues notices on constitutional validity of anti-profiteering norms under GST

In yet another move by industry challenging the anti-profiteering norms under the ambit of Goods and Services Tax, the Supreme Court issued notices to the Union Finance Ministry, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (Now subsumed under ...

No late fee for GSTR-9C filing for FY 17-18, 18-19 and 19-20

In a groundbreaking judgment by the Kerala High Court, a significant relief has been granted to taxpayers regarding the late filing of GSTR-9C. The court ruled that no late fee can be levied for late filing of GSTR-9C for the financial years 2017-18, 2018-19, and 2019-20. The court’s decision came ...

SEZ units exempt from IGST on certain services from DTA players: AAR ruling

Units operating within special economic zones (SEZs) could potentially be exempt from paying the integrated goods and services tax (IGST) on specified services taken from the domestic tariff area (DTA) through the reverse charge mechanism, if a ruling by the Gujarat-based Authority for Advance Rulings (AAR) sets a precedent. To ...

Infosys Faces Penalty From Odisha GST Dept; Here’s Why

IT services major Infosys on Tuesday said the Odisha GST authority has imposed a penalty of Rs 1.46 lakh on the company for availing ineligible input tax credit. Infosys in an exchange filing said it received the order on April 22, 2024, passed by Assistant Commissioner of State, Odisha (GST) ...

Penalty of Rs 3.48 crore imposed on Vedanta for tax evasion

A penalty worth Rs 3.48 crore has been imposed on mining company Vedanta in a case pertaining to input tax credit during the periods 2018-19 and 2019-20, the company informed stock exchanges in a filing on Sunday. “The Company has received an Order from Office of the Additional Commissioner, GST ...

GST on mustard: Arhtiyas in Charkhi Dadri stop buying

Haryana’s move to ask arhtiyas (commission agents) to pay GST on the procurement of mustard crop has led to a complete halt on the crop's procurement in Charkhi Dadri district for four days. Arhtiyas are aggrieved that the procurement agency is Hafed. They are entitled to only Rs. 70 per quintal as ...

Income Tax in Media

Advance Tax Paid, Do You Still Need To File ITR?

ITR or Income Tax Return is a form you submit to the Income Tax Department that details your income earned ...

20/04/2024 / advance tax, Income Tax, Income Tax in Media, INCOME TAX RETURN ITR

Govt kicks off direct tax code revision

The Narendra Modi government, if voted back to power, will implement the long-delayed Direct Taxes Code (DTC) on a priority ...

19/04/2024 / Direct Tax Code DTC, Income Tax, Income Tax in Media

CBDT asks self-reporting orgs to file details of high-value transactions by June 30

The Central Board of Direct Taxes (CBDT) has asked SROs or self-reporting organisations to file details of all high-value transactions ...

18/04/2024 / CBDT, Income Tax in Media, report all high-value transactions, SRO

Hospital chain KIMS subsidiary gets income tax demand of Rs.306.97 crore

Hospital chain Krishna Institute of Medical Sciences Ltd (KIMS) on Tuesday (April 16) said its subsidiary SPANV Medisearch Lifesciences Private ...

18/04/2024 / income tax demand, Income Tax in Media, KIMS

Due Dates For Filing Income Tax Returns, TDS, Advance Tax Payments

Taxpayers in India are gearing up for the impending deadline as the clock ticks closer to the last date for ...

17/04/2024 / advance tax payments, Due date, Income Tax, Income Tax in Media, income tax return filing