IMO this rule is not being followed by many dealers due to the reason that GST Portal poses no such restriction.BUT it should be kept in mind that as pet Rule 21(g)-Registration is liable to be cancelled if Rule 86B is not followed. Also another important aspect is that payment under RCM is not to […]
Posted inINCOME TAX
Update Your Income Tax Returns: Notices Issued for Financial Discrepancies
The Income Tax Department has initiated a process of issuing formal notice to taxpayers regarding potential discrepancies identified between the information reported in their Income Tax Returns (ITRs) and the Department’s records of specific financial transactions for the assessment year 2021-22 (financial year 2020-21). The Income Tax Department encourages those who received notices regarding discrepancies […]
Posted inMAGAZINES
Corporate Compliance Calendar for the Month of May, 2024
This article contains various Compliance requirements for the Month of May, 2024 under various Statutory Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure. If you think compliance is expensive, try non‐ compliance” Compliance […]
Posted inINCOME TAX
Form 10BE and Section 80G: New Rules for Claiming Tax Benefits
If you have donated to eligible trusts and institutions qualifying for tax benefits under Section 80G, you must obtain Form 10BE from them. Previously, donors only needed to provide a receipt from the recipient organisation as proof. From 2022-23 (FY23), the donor must provide Form 10BE which should be obtained from the donee organisation before […]
Posted inINCOME TAX
Section 133(6) of the Income Tax Act: Provisions, Case Laws, and Response Guidelines
Section 133(6) Of Income Tax Act: Time Limit, Case Laws, Penalty And How To Respond To Notices Income tax department takes tax filings very seriously. It is known to take strict and prompt action against any wrongdoers; in just the month of July 2023, the department issued 1 lakh+ notices to taxpayers suspected of underreporting […]
Posted inINCOME TAX
Income-tax Portal: New Feature in Income Tax e-Proceedings
Introducing an Enhanced User Experience: New Filter and Improved Stability in Income Tax e-Proceedings The Income Tax Department has unveiled a new and improved feature on the Income Tax Portal, specifically in the e-proceedings tab, with the goal of simplifying the management of pending proceedings for taxpayers. This latest addition, a filter functionality, is designed […]
Posted inMARKETS
Virat Kohli backed Go Digit General Insurance IPO: Key Details and Overview
Go Digit General Insurance IPO Overview The price band for the upcoming Go Digit General Insurance Ltd IPO has been set at ₹258 to ₹272. Scheduled to open for subscription from May 15 to May 17, the IPO comprises a fresh issue of equity shares worth ₹1,125 crore, along with an offer for sale of […]
Posted inCOMPANY LAW
Relaxation of Additional Fees and Extension of Last Date for Filing LLP Form No. LLP BEN-2 and LLP Form No. 4D
Subject: Relaxation of additional fees and extension of last date of filing ofForm No. LLP BEN-2 and LLP Form No. 4D under the Limited LiabilityPartnership Act, 2008-regarding.Sir, The Ministry of Corporate Affairs has notified Limited Liability Partnership(Significant Beneficial Owners) Rules, 2023 vide G.S.R. No. 832(E) dated09.11.2023 and has prescribed E-form LLP BEN-2 to file Return […]
Posted inBUSINESS & ECONOMY
RBI’s New Norms on Project Finance
State Bank of India (SBI) Chairman Dinesh Kumar Khara stated that SBI will be able to absorb the additional provision requirement if the Reserve Bank of India (RBI) implements the new norms on project finance as proposed. However, it may be necessary to revisit the pricing of loans. The regulator has proposed a standard asset […]
Posted inINCOME TAX
Top Reasons for Delayed Income Tax Refunds and How to Address Them
Every taxpayer in India eagerly awaits their tax refund, which is issued by the government after filing tax returns. According to IRS norms, refunds are generally processed within 21 working days. If a refund is delayed, taxpayers are advised to check their income tax refund status online or by calling the IRS hotline. Delays can […]
Posted inMARKETS
Mutual Fund Flows Update: Equity Inflows Decline 16% as SIP Inflows Cross ₹20,000 Crore for First Time
In April, equity mutual funds experienced a 16% decline in net inflows, dropping from ₹22,633 crore in March 2024 to ₹18,917 crore. The average assets under management (AAUM) for equity mutual funds for the month stood at ₹24.21 lakh crore. With the exception of Value/Contra and ELSS, all categories of equity mutual funds observed net […]
Posted inGST
Traders Penalized GST Department Takes Strict Action
State Goods and Service Tax (SGST) Department Takes Strict Action Ahead of Elections In Indore, Madhya Pradesh, the State Goods and Service Tax (SGST) Department has taken stringent measures to ensure a fair and seamless election process. A total of 143 traders faced the consequences of their actions as they collectively deposited a staggering amount […]
Posted inINCOME TAX
Income Tax Benefits Available for Senior Citizens in 2024
Senior citizens have various ways to save on taxes in the year 2024. They can benefit from a higher tax exemption limit, deductions under Section 80TTB, and the utilization of the standard deduction for tax filing purposes. By making investments in avenues such as health insurance premiums, Senior Citizen Savings Scheme, Public Provident Fund, National […]
Posted inEPFO
EPFO Evaluating Course of Action After Karnataka High Court Judgement
Retirement fund body EPFO on Tuesday said that it is evaluating the course of action with regard to the judgement of Karnataka High Court holding the inclusion of foreign workers in the provident fund as “unconstitutional”. The Karnataka High Court has struck down the provisions of inclusion of international workers within the ambit of employees’ provident […]
Posted inINCOME TAX
Section 148 of Income Tax Act Notices Under Assessment or Reassessment
Section 148 of the Income Tax Act Notice: Assessment or Reassessment Section 147 of the Income Tax Act, 1961, grants the Income Tax Department the authority to reassess an individual’s previously filed income tax returns. This can be initiated through a notice under section 148 for Income Escaping Assessment, based on specific criteria. Unveiling Section […]
Posted inCOMPANY LAW
LLP Form 11 Filing: Important Deadlines Update
LLP Form 11 (ROC LLP Filing) LLPs must file Form 11, regardless of whether or not they have conducted any business activities. The due date for Form 11 is within 60 days of the end of the financial year, which is the 30th of May each year. For the financial year 2023-24, the due date […]
Posted inJUDGEMENT
Bombay High Court Ruling: Gifts of Shares Exempt from Capital Gains Tax
Bombay High Court Rules Transfer of Shares as Gifts Not Liable for Capital Gains Tax A recent ruling by the Bombay High Court has established a significant precedent regarding the transfer of shares as gifts. The case of Jai Trust versus the Union government resulted in the court deeming gifts as consideration-less transactions, thereby exempting […]
Posted inCOMPANY LAW
MCA Portal Update! Troubleshooting DSC Association Error in DIR-3 KYC Process
Several professionals have reported an error encountered during the DIR-3 KYC process, specifically related to DSC association. However, the MCA Helpdesk has offered a solution to address this issue. The problem stems from the omission of the “+91” prefix when submitting the DIR-3 KYC form. To resolve this, users are instructed to manually include “+91” […]
Posted inINCOME TAX
Income Tax Surcharge and Marginal Relief Provisions
Understanding Income Tax Surcharge in India Individuals falling under the higher income tax brackets in India, particularly those facing a 30% income tax rate, could be subject to additional surcharge on their tax liability. This additional charge is designed to require higher income earners to contribute more to taxes than those with lower incomes. The […]
Posted inJUDGEMENT
Supreme Court Upholds Validity of Tax Provisions on Interest-Free Loans for Bank Officers
The Supreme Court ruling on May 7, 2024, affirmed the authority of subordinate legislation to impose taxes on interest-free or concessional loans provided to bank employees as a fringe benefit under Section 17(2)(viii) of the Income Tax Act. Justices Sanjiv Khanna and Dipankar Datta, dismissing petitions filed by the All India Bank Officers Federation and […]
Posted inINCOME TAX
Income Tax Returns Filing Update for Assessment Year 2024-25
Over 800,000 Income Tax Returns Already Filed for Assessment Year 2024-25 In an effort to assist taxpayers in filing their returns for Assessment Year 2024-25, the Central Board of Direct Taxes (CBDT) made ITR-1, ITR-2, and ITR-4 available on the e-filing portal from April 1. As of May 5, nearly 829,000 income tax returns have […]
Posted inJUDGEMENT
Nooku Naidu vs. Income Tax Officer (ITAT) Case: Key Rulings on Bank Cash Deposits and Income Declaration
In the case of Konathala Nooku Naidu vs. Income Tax Officer (ITAT Visakhapatnam), the assessee appealed against the order of the Ld. Commissioner of Income Tax (Appeals) regarding the assessment year 2017-18. The assessee’s total income declaration was challenged due to cash deposits, with the Assessing Officer treating a significant portion as unexplained. The appeal […]
Posted inGST
Newly Added Bank: Now GST payment can be made through 27 banks
Now GST payments can also be made through Dhanlaxmi Bank. 11. HDFC Bank
Posted inGST
IDBI Bank Faces Rs 2.97 Crore GST Demand Order
IDBI Bank announced on May 7 that it has received a GST demand order of Rs 2.97 crore, which includes interest and penalty, for the alleged excess availment of input tax credit (ITC) during the 2018-19 fiscal year. The Dehradun state tax department issued the order under GST rules, citing alleged excess availment and utilization […]
Posted inINCOME TAX
Cash deposit limit in a savings account without alerting Income Tax Department
The maximum cash deposit limit in a savings account without alerting tax authorities is regulated by income tax laws to monitor cash flow and prevent illegal financial activities. Depositing INR 10 lakh or more requires notifying tax authorities, and the threshold for notification has been raised to INR 50 lakh for current accounts. Although high-value […]
Posted inJUDGEMENT
Disposable Paper Cups Now Subject to 18% GST in West Bengal
The West Bengal Authority of Advance Ruling (AAR) has ruled that the supply of disposable paper cups is subject to 18% GST. Disposable paper cups are typically made of paper with a plastic or wax coating to prevent leakage. The AAR specified that this falls under Chapter 4823 and would attract 18% GST. The applicant, […]
Posted inINCOME TAX
Comparing Old Tax Regime to the New Tax Regime for AY 2024-25 Informative Video from Income Tax Department
Do you know the difference between the Old Tax Regime & the New Tax Regime? Here’s an overview of the new and the old tax regime, tax slabs and benefits of opting for the new or old tax regime for AY 2024-25. Here’s a look at the procedure for opting out of the New Tax […]
Posted inJUDGEMENT
Supreme Court Grants MSEs Liberty to Seek Relief in High Court Regarding Income Tax Act Regulations and Penalties
The SC directed the MSEs to approach the High Court (HC) to seek any relief. The SC granted permission for the withdrawal of the petition and provided the MSEs with the liberty to pursue their case in the HC. This decision comes in response to a petition filed by the Federation of All India Vyapar Mandal, representing […]
Posted inINCOME TAX
Capital Gains and Tax Implications for Different Types of Assets
Investment in a house property is one of the most sought out investments primarily because you get to own a house. While others may invest with the intention of earning a profit upon selling the property in the future. It is important to note that a house property is regarded as a capital asset for […]
Posted inJUDGEMENT
Landmark Supreme Court Decision: District Cooperative Bank Held Liable for Service Deficiencies
The Supreme Court confirmed the District Cooperative Bank in Varanasi’s indirect liability for the misconduct of its employees, leading to the award of Rs 25,000 in compensation to a man who was incorrectly denied access to his fixed deposit nearly three decades ago. The apex court upheld the district consumer forum’s decision and overturned the […]