ICAI’s suggestion on Comprehensive Review of The Income Tax Act, 1961
The ICAI’s inputs on Comprehensive Review of the Income-tax Act, 1961, finalised by the DTC of ICAI, have been divided into 4 categories, namely,
Month: January 2025
Due date for filing belated returns u/s 139(4)
The due date for filing belated returns u/s 139(4) and revised returns u/s 139(5) of the Income Tax Act, 1961 for AY 2024-25 in the case of resident individuals has been extended from from 31st December, 2024 to 15th January, 2025. Please refer to CBDT Circular No. 21/2024 dated 31st December, 2024 for details.
State Authorities cannot issue SCN and pass order thereof when Central Authorities has already initiated the proceedings under GST
The Hon’ble Calcutta High Court in the case of Bazaar Style Retail Limited set aside the Order and SCN issued by State Authority when SCN has already been issued by the Central Authorities by relying upon the provision of Section 6(2)(b) of the WBGST Act.
No penalty if goods were found with a proper tax invoice and e-way bill belonging to a person whose registration was suspended
The Hon’ble Allahabad High Court in the case of M/s Lakhdatar Traders dismissed the writ petition where goods in transit were accompanying with proper tax invoice and e-way bills were detained, imposing penalty on account of suspension of registration of owner would not sustain.
Demand Order issued before expiry of period of filing reply not valid; violates principles of natural justice
The Hon’ble Andhra Pradesh High Court in the case of Avexa Corporation (P.) Ltd. set aside the demand order passed before the expiry of period of filing of reply as the said order passed is in violation of the principles of natural justice, especially when the Assessee could not access the GST portal due to registration cancellation which was subsequently revoked later.
Vivad Se Vishwas Scheme 2024: CBDT sets new deadline on Jan 31, 2025; check details for settling tax disputes
The deadline for determining the payable amount under the Direct Tax Vivad Se Vishwas Scheme 2024 has been extended by the Central Board of Direct Taxes (CBDT). Taxpayers now have until January 31, 2025, to submit their declarations and resolve disputes at reduced tax rates. Effective February 1, 2025, individuals participating in the scheme will be required to pay additional fees based on updated rates.
IRDAI seeks industry feedback on GST rate for insurance sector
The Insurance Regulatory and Development Authority of India (IRDAI) is holding talks with the insurance industry to determine the optimal Goods and Services Tax (GST) rate that would allow companies to pass on tax benefits to policyholders, sources told CNBC-TV18.
ITC shares dip 1.5%on potential GST rate increase on tobacco products
A businessline report had earlier said that the Group of Ministers (GoM) within the GST Council is likely to recommend a rate hike on tobacco and tobacco-related products from 25 per cent to 35 per cent
‘No such move…’: IT department denies misuse of DigiYatra data for cracking down on tax evaders
Amid news reports claiming that the DigiYatra platform’s facial recognition data will be used to crack down on tax evaders, the income tax department clarified that such reports were false.