Author has presented the analysis on section 16, 39, 70, 73, 74, 74A, 107, 112 128A which is amended in the Budget 2024.
Union Budget 2024-2025 Highlights
Highlights of the changes under GST Law.
Appeal on GST Applicability for Employee Car Lease Facility
The car lease amount recovered from employees is not considered a perquisite and is subject to GST.
Key Highlights of Proposed Changes in the Income Tax Law in the Union Budget 2024-25 for easy digest
India is growing at an accelerated pace and people are undertaking multiple financial transactions. The Income Tax Department has established a robust framework of reporting of taxpayers’ transactions.
Key Highlights of Proposed Changes in the Customs & Excise in the Union Budget 2024-25 for easy digest
Changes in Customs, Central Excise and rates have been proposed through the Finance (No.2) Bill, 2024.
Key Highlights of Proposed Changes in the GST in the Union Budget 2024-25 for easy digest
The Finance (No.2) Bill, 2024 has proposed changes in the CGST Act, IGST Act, UTGST Act and GST (Compensation to States) Act, 2017
Finance Budget (2024) of the New Government
Full Finance Budget will be presented by FM on 23rd July, 2024 at 11 am.
THE CONTROVERY OF TAX REBATE SECTION 87A
Nothing New happened on 5th July 2024 and no change in law was made on that date hence it is unjustified to restrict the rebate of Section 87A on short term capital gain on shares without any change in law since Lakhs of Assesses has already filed their returns.
CBIC’s clarification on Valuation; A Test of Promissory Estoppel?
Hon’ble SC recently reiterated that the doctrine of promissory estoppel does not apply to the exercise of legislative powers by the State; Here’s the extract;
Whether the proper officer can pass an order without application of mind on the reply submitted?
No, the Honorable Delhi High Court in Spinclabs (P.) Ltd. held that the adjudicating authority could have asked the assessee to furnish any further details that were required, rather, merely holding that replies furnished are unsatisfactory and not supported with proper calculations/ reconciliation, which ex-facie shows that the adjudicating authority has not applied his mind and remitted the matter back to the adjudicating authority for re-adjudication.