A. Amendment
Circular No. 18/2024 dated 30.11.2024
CBDT extends the due date of furnishing of Return of Income under sub-section (1) of section 139 of the Act for the Assessment Year 2024-25 in the case of assessees referred to in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act, which is 30th November, 2024 to 15th December, 2024.
Notification no. 124/2024 dated 29.11.2024- Income tax
CBDT issued notification no. 124/2024 dated 29.11.2024 to further amend the Income-tax Rules, 1962. These rules may be called the Income-tax (Tenth Amendment) Rules, 2024.
B. Tax in Media
Need to simplify GST and reduce cess: Ex CEA Subramanian
India’s GST regime is very complicated and there is a need to simplify this biggest indirect tax reform introduced in 2017, former Chief Economic Adviser Arvind Subramanian said on Friday.
GSTN has authorised five official mobile applications for verification of genuineness of e-invoices of businesses. Although this functionality already existed on the GST portal, it could only be accessed using a computer i.e. desktop or laptop. Experts lauded this innovation by GSTN and said this will make the process of invoice verification much more convenient. Moreover, it may also help curb the menace of fake GST invoices which is hurting businesses and protect buyer’s input tax credit mechanism also.
IL&FS faces ₹7.5 Crore GST demand notice for FY 2017-18
IL&FS Transportation Networks Limited received a demand notice from the Office of the Joint Commissioner of CGST & Services Tax Commissionerate, Bolpur on 28.11.2024, according to an exchange filing.
L&T faces ₹173.24 crore penalty over GST dispute; company plans appeal
“We wish to inform you that the Joint Commissioner, CGST and Central Excise, Bhopal vide order under section 161 of The Central Goods & Services Tax Act, 2017 dated November 27, 2024, received by the company on November 28, 2024, has levied penalties of ₹173,24,59,695/- covering assessment years 2017-18, 2018-19, 2019-20, 2020-21 and 2021-22,” L&T said in a regulatory filing.
Torrent Pharma gets penalty of Rs 2.32 cr from Income Tax Department
Torrent Pharmaceuticals has informed that it has received a penalty of Rs 2.32 crore by the Income Tax Department under Section 271(1)(c) of the Income Tax Act, 1961, for alleged tax adjustments.
I-T dept probes 500 Dubai property cases, Rs 700 cr evasion found in Delhi
The Income Tax (I-T) department has identified over 500 ‘actionable’ cases involving undisclosed immovable properties held by Indians in Dubai, according to The Economic Times report. Raids conducted in Delhi alone have uncovered unaccounted transactions exceeding Rs 700 crore, the report added citing sources.
CBDT extends income tax return filing deadline for FY24 to Dec 15
Tax authorities have extended the income tax return filing deadline by another 15 days to December 15 for the financial year 2023-24.
Share this content:
