A. Amendment
GST: SOP – Welcome Letter to newly registered taxpayers in Tamil Nadu
Government of Tamil Nadu, Commercial Taxes Department issued Circular No. 4/2024 (PP2/GST-15/29/2024) dated 16.05.2024 regarding Standard Operating Procedure (SOP) to be followed for newly registered taxpayers. Read more
Customs: Circular No. 05/2024- Customs dated 22.05.2024
Disposal of Unmanned Aircraft Systems (UAS)/Unmanned Aerial Vehicles Systems (UAV)/Remotely Piloted Aircraft Systems(RPAS)/ Drones. Read more
Notification no. 43/2024 dated 22.05.2024- Income tax
CBDT issued a Notification no. 43/2024 dated 22.05.2024 to grant Income Tax Exemption to Tamil Nadu Water Supply and Drainage Board, Chennai Under Section 10(46) of Income Tax Act, 1961. Read more
B. GST Notes
Lawgics – Judgment No. 133
Having not preferred an appeal, the petition in present case, in view of the decision of Hon’ble Supreme Court in case of “Glaxo Smith Kline Consumer Health Care Limited” (supra), is not maintainable and the writ petition was dismissed. Read more
C. Tax in Media
ICICI Lombard gets GST show-cause notice worth Rs.288 crore
ICICI Lombard General Insurance Company Ltd has received a GST show-cause notice worth Rs.288 crore for fiscal year 2020 Read more
India mulls GST relief for foreign airlines; fitment committee to review
India may consider exempting services rendered between the head offices and local branches of foreign airline operators from the goods and services tax (GST). Read more
ITR filing 2024: Rent receipts and landlord’s PAN mandatory for HRA claims
When it comes to claiming House Rent Allowance (HRA) exemption, salaried individuals often find themselves confused. If you’re paying rent for your accommodation and receive HRA as part of your salary, you can claim an exemption that reduces your taxable income. But how exactly can you claim the full HRA exemption? Read more
‘Daunting task to create Big 4-like audit firm out of India’
The government’s ambition to create a Big 4-like audit firm out of India has again become a talking point in the auditing industry, thanks to the finance minster Nirmala Sitharaman’s recent statement, urging the Institute of Chartered Accountants of India (ICAI) to try and set up an Indian auditing firm which can join the league of Big Four. Read more
CBDT issues notification on selection of cases for income tax return scrutiny
The Central Board of Direct Taxes (CBDT), earlier this month, issued a notification on the process of scrutiny of income tax returns (ITR) of taxpayers. Read more
Mandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny
A taxpayer can now know exactly why his/her income tax return (ITR) has been selected for scrutiny (close examination) by the Income Tax Department. Read more
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