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CBIC to launch “E-Lecture Series by Eminent Personalities on topics of national interest and indirect taxation”

RBI Governor Shri Shaktikanta Das to give Opening Lecture on “Indian Businesses (Past, Present and Future)” As part of celebrations of “ICONIC Week”, Central Board of Indirect Taxes & Customs (CBIC) is launching “E-Lecture Series by Eminent Personalities” tomorrow. The Ministry of Finance is celebrating the “ICONIC Week” from June ...

E-Invoice System – User manual

E-invoicing in India will be a big move, due to the volume of business transactions undertaken every day, as well as the plethora of different, non-standardised formats used in invoice generation. The main objective is to enable interoperability across the entire GST eco-system i.e. an e-invoice generated by one software ...

CBIC has waived late fee for filing GSTR-4

CBIC has waived the late fee applicable for filing of GSTR-4 till 30th June 2022. GSTR-4 is a return which is required to be filed by a composition dealer. A dealer opting for the composition scheme is required to furnish a single return in Form GSTR 4 once in a ...

Delhi govt proposes tax amnesty scheme for traders

The Delhi government is planning to implement a tax amnesty scheme in a bid to help traders from getting embroiled in unnecessary legal cases related to taxation and to recover pending demands which include outstanding tax, interest and penalty. Officials said the exact details on concessions will be ironed one ...

GST rules changing from April 1, to impact lakhs of companies in India

Central Board of Indirect Taxes and Customs has said that businesses with turnover of over Rs 20 crore will have to generate electronic invoice for B2B transactions from April 1, 2022. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover ...

ITC-04 a Job work return

Rule 45(3) of CGST Rules, 2017 provides that the details of challans in respect of goods dispatched to a job worker or received from a job worker or sent from one job worker to another during a period shall be furnished in FORM GST ITC-04 on or before the twenty-fifth ...

GST Article

Apex Court cannot order automatic vacation of the interim orders of the High Courts of staying without passing a speaking order

The Hon’ble Supreme Court in the case of High Court Bar Association, Allahabad v. State of Uttar Pradesh and Others ...

Section 5 of the Limitation Act would not be applicable for appeal filed under GST

The Hon’ble Allahabad High Court in the case of M/s. Yadav Steels v. Additional Commissioner and Anr. [Writ Tax No ...

Two parallel proceedings in respect of the same period are not permissible under GST Law

The Hon’ble Guwahati High Court in the case of Subhash Agarwalla v. State of Assam [Case No. WP(C)/ 683/2024 dated ...

Credit should not be denied when ITC not reflected in GSTR -3B is claimable based on GSTR-2A and GSTR-9

The Hon’ble Madras High Court in the case of Sri Shamunga Hardwares Electricals v. State Tax Officer [Writ Petition No ...

GST in Media

Apollo Tyres gets Rs 2.06 crore tax demand from Tamil Nadu officials

Apollo Tyres Ltd on Tuesday said it has received tax demand and penalty of Rs 2.06 crore from GST authority in Tamil Nadu over availing of input tax credit and other issues. The Deputy Commissioner (CT), Tamil Nadu has passed an order under GST Act demanding GST and levying consequential ...

Insurers to breathe easy as GST may be lifted from reinsurance after elections

The insurance sector is likely to see a breather from tax burden with the GST Council set to review an exemption for reinsurance after the elections, Moneycontrol has learnt. In its attempt to not disrupt the insurance industry practices, the Goods and Services Tax (GST) Council may issue a clarification ...

Income Tax in Media

Govt sends 4.4 million targeted mails to income taxpayers over large discrepancies

The government sent about 4.4 million “targeted” emails to people who had “wide gaps” in the transactions on their accounts ...

06/02/2024 / CBDT, Income Tax in Media, IT email to taxpayers, mismatch in income disclosed

CBDT chief hints 15 per cent tax for new units may stay longer

The government may take a “fresh call” on extending the sunset date for the concessional 15% corporate tax for new ...

06/02/2024 / CBDT, concessional rate, corporate tax, Income Tax in Media

New I-T regime needs stability: CBDT Chair

The new personal income tax regime needs stability as it was modified last year, whose impact will be known in ...

06/02/2024 / CBDT, Income Tax in Media, Income Tax Return, IT regime stability

CBDT says 56 lakh updated ITRs filed

“The Income Tax Department has garnered about ₹4,600 crore in taxes from 56 lakh updated I-T returns filed by taxpayers ...

06/02/2024 / Income Tax in Media, Updated Return IT

All about TAN in Income Tax

If you are paying a salary or a commission to anyone else, you should have a TAN. Here is the ...

06/02/2024 / Income Tax in Media, TAN, Tax Deduction and collection, TCS, TDS