Latest update 30.03.2024

Transportation of goods along with ancillary service of handling goods not be taxed as Cargo Handling Service

The Hon’ble Supreme Court in the case of C.C.E. & S.T. Surat v. Arkay Logistics Ltd. dismissed the Civil Appeal filed by the Revenue Department thereby holding that, primary service of transportation of goods along with ancillary service of handling of goods and related activities would not be taxed as Cargo Handling Service. Read more

Revenue Department is not empowered to seize Cash under GST

The Hon’ble Delhi High Court in the case of Jagdish Bansal allowed the writ petition and directed the Revenue Department to remit the cash seized along with interest thereby holding that, the Revenue Department is not empowered to seize cash under applicable laws of GST. Read more

Google Ireland exempted from tax on Rs.8,600 crore received from India unit

Google Ireland (GIL) will not have to pay tax on over Rs.8,600 crore received from Google India (GIPL), the Income Tax Appellate Tribunal (ITAT) has ruled. Read more

Income Tax Dept sets high-risk value assessment guidelines for updated ITRs, AY 2021-22 filing deadline March 31

The Income Tax Department has finalized guidelines for assessing or re-assessing of high-risk value in updated Income Tax Returns filed for Assessment Year 2020-21 (Fiscal Year 2019-20). Read more

New tax rules come into effect from April 1: Here’s all you need to know on basic exemption limit and rebate

Here’s a look at some of the changes in tax rules that will be effective from April 1. Read more

Domestic startups come under income tax glare for their recent funding

Several new economy ventures, primarily in the fintech sector, have received income tax notices in recent weeks with respect to venture capital raised by them, according to people in the know. Read more

Income Tax department levies Rs 564 crore penalty on Bank of India

The Income Tax department has levied a penalty of Rs 564.44 crore on Bank of India, the public sector lender said on Thursday. Read more

The income tax department has detected a fraud involving unauthorised use of permanent account numbers (PAN) by individuals to claim house rent allowance when they were not even tenants.

A youth, who is a college student, has filed a complaint with the police in Madhya Pradesh’s Gwalior district after transactions of Rs. 46 crores occurred from his bank account, a police official said on Friday. Read more

Tax department detects HRA fraud with illegal usage of PANs

The income tax department has detected a fraud involving unauthorised use of permanent account numbers (PAN) by individuals to claim house rent allowance when they were not even tenants. So far, at least 8,000 – 10,000 high value cases have been detected with amounts running into Rs. 10 lakh or more. Read more

Income Tax – Here’s how to make a switch between new and old tax regimes

During the Union Budget 2023-24, Finance Minister declared that the new tax structure will be established as the default regime. Read more

Guidelines for CGST field formations in maintaining ease of doing business while engaging in investigation with regular taxpayers

CBIC issued an Instruction No. 01/2023-24-GST (Inv.) dated 30.03.2024 providing guidelines for CGST filed formations in maintaining ease of doing business while engaging in investigation with regular taxpayers. Read more

Lawgics – Judgment No. 99

It is on the basis of the said Notification, the Demand–cum–Show Cause Notice dated 21.12.2023 has been issued asking the petitioner to show cause as to why a sum of Rs. 62,06,927/- shall not be demanded and recovered from the petitioner. Read more