The Income Tax department has taken action against Nandkishore Chaturvedi, a prominent figure in multiple ongoing cases involving financial irregularities. Chaturvedi is known for his involvement in providing significant loans to the brother-in-law of Uddhav Thackeray, the leader of the Shiv Sena (UBT). His company, Humsafar Dealers Pvt Ltd, has been linked to providing unsecured […]
EPF Rule Change: Claim up to ₹1 Lakh for Medical Treatment Through Form 31
EPF rule change: Now you can claim partial withdrawal up to ₹1 lakh for medical treatment Employees’ Provident Fund Organisation (EPFO) has ordered to enhance the existing eligibility limit of 68J claims for withdrawal from ₹50,000 to ₹1 lakh now. The announcement was made via a circular issued by the EPFO on April 16. The pension fund body has […]
Policemen beat up a CA: A Call for Justice and Accountability
A horrifying incident of police brutality has come to light in the Jaisinghpura area of Jaipur, where a senior citizen was mercilessly beaten up by the police in front of his son. The victim, identified as Chiranjilal (35), sustained serious injuries as a result of the police assault. Chiranjilal, a resident of Jaisinghpura, works in […]
Government Considers Easing ‘Related Party Transaction’ Clause Under GST for Foreign Companies in India
The government is working on easing the ‘related party transaction’ clause under the Goods and Services Tax, for foreign companies in India. This is likely to happen within 100 days after the elections, which will exempt airlines and shipping lines from paying GST at the time of import of services, but which they can pay […]
SMS on TDS: Income Tax department sends message on TDS, should you be worried?
Income Tax Department has reportedly sent SMSes regarding total tax deducted at source to many salaried taxpayers across the nation. The message mentions details of TDS deducted by the employer for the quarter ending December 31 and the cumulative TDS for the financial year 2023-24. The message says: “Total TDS by employer of PAN xxx […]
Section 139(9) defective return notices issued by the Income Tax Department (ITD)
Section 139(9): Defective Income Tax Return Notice: Section 139(9) of the Indian Tax law pertains to defective return notices issued by the Income Tax Department (ITD). Taxpayers, often unaware of all the rules, may encounter errors while filing their Income Tax Returns (ITR). Upon verification, the ITD identifies these errors and issues a defective return […]
Income Tax Return Scrutiny Guidelines
The income tax department in India examines filed tax returns and selects cases for scrutiny assessment if there are reasons to believe that the information provided by the taxpayer is incorrect or incomplete. Taxpayers issued a notice are required to take necessary actions as communicated by the department. This blog provides a detailed discussion of […]
Admit Cards for May 2024 have been released by ICAI
The ICAI CA Intermediate and CA Final admit cards for May 2024 exams have been released on April 17, 2024. The CA admit card links for May 2024 are live at eservices.icai.org. Students can download their CA admit card 2024 from the e-services website by using their login credentials. How to download the CA May […]
CBDT Urges Reporting Entities to Submit High-Value Transaction Details
The Central Board of Direct Taxes (CBDT) has instructed various organizations, including banks, post offices, cooperatives, fintech firms, and mutual fund houses, to submit details of all high-value transactions conducted in 2022-23 by June 30. Approximately 6,000 reporting entities have not yet filed the information, incompletely provided it, or submitted it in an incorrect format. […]
Ministry of Finance issue Clarification on Taxability of Corporate Guarantees
The Ministry of Finance is likely to issue clarification regarding the taxability of corporate guarantees under the GST law between related parties, according to sources in the know. The debate revolves around the calculation of taxable value based on actual amount utilised by the beneficiary when the guaranteed amount exceeds the utilisation. In addition, there […]
Section 206AB – Higher Rate of TDS for Non-filers of income-tax return (ITR)
Section 206AB – Higher Rate of TDS for Non-filers of income-tax return (ITR) Section 206AA – Higher TDS for Non-furnishing of PAN Section 206AA v. Section 206AB Comparison
Deposited over Rs 10 lakh in cash in your account? You can get I-T notice
Cash deposits or withdrawals exceeding Rs 10 lakh (1 million) in a year in a savings account (except current accounts and fixed deposits) require reporting to the Income Tax department. Banks and post offices are responsible for reporting such transactions. Certain high-value financial transactions in India can trigger scrutiny from tax authorities. Here is a […]
Troubleshooting Mismatched TDS and TDS Credit in Form 26AS
Form 26AS is an annual consolidated credit statement that provides the details of the taxes deposited with the government by a taxpayer. Form 26AS can be accessed by a taxpayer from the Income Tax Portal using the PAN. What does it include? From AY 2023-24 onwards, Form 26AS will include every transaction where tax has been deducted (TDS) […]
Latest GST News, Information, Notifications & Announcements [Period 09/04/24 to 15/04/24]
GST WEEKLY UPDATE :02/2024-25 (14.04.2024) 1. GSTN is pleased to inform that a new feature to auto-populates the HSN-wise summary from e-Invoices into Table 12 of GSTR-1 is now available on the GST portal. This allows for direct auto-drafting of HSN data into Table 12 based on e-Invoice data. 2. Please note that the HSN-wise summary […]
Income Tax Department Identifies 1.52 Crore Non-Filers and Initiates Action
The I-T department has identified 1.52 crore such individuals who have the income or have had tax deducted at source (TDS) but did not file their returns An official said that in financial year 2022-23, there were about 8.9 crore taxpayers while the returns filed were 7.4 crore. The Income Tax Department will kickstart a […]
Real estate deals, credit card transactions: 6 times one can get Income Tax notice
Income Tax Department carefully tracks all financial deposits and withdrawals made by individuals. The I-T Department uses data from different sources to verify tax compliance, with certain transactions triggering additional scrutiny. For example, the tax department keeps a close on eye on all high-value cash transactions. Like if someone with a savings account gets a […]
CBDT’s Interim Action Plan for Fiscal Year 2024-25: Key Highlights and Mandates
In a recent directive from the Central Boardof Direct Taxes (CBDT), income tax officershave been mandated to scrutinize the top 30cases of short payment concerning taxdeducted at source (TDS). Additionally, theyare tasked with resolving at least 150appeals by the Commissioner of Income Taxabefore June 30 of this fiscal year. This initiative forms a crucial part […]
Extension of GSTR-1 due date
GSTN has noticed that taxpayers are facingdifficulties in filing GSTR-1 intermittentlysince yesterday due to technical issuesleading to slow response on the portal. GSTN has accordingly recommended to cbic_india that the due date for filing ofGSTR-1 for the monthly taxpayers beextended by a day ie till 12/4/24.
CBDT’s Interim Action Plan for Fiscal Year 2024-25: Prioritizing Tax Administration Efficiency and Taxpayer Relief
The Income Tax Department has introduced an interim action plan for the fiscal year 2024-25, focusing on key areas such as identifying instances of TDS short-payment and expediting appeals processing. The plan includes deadlines for refund approvals, asset release, and compounding proposals. It also outlines the identification of cases where seized assets are due for […]
Key Changes Applicable in ITR-4 form for AY 2024-25
Key Changes Applicable in ITR-4 form for AY 2024-25
Relief For Taxpayers On HRA Claims! CBDT Clarification on HRA Claims and Retrospective Taxation
CBDT clarification on media reports claiming special drive to reopen cases with reference to HRA claims Certain instances of mismatchinformation as filed by the taxpayer and asavailable with the Income Tax Department have come to the notice of theDepartment as part of its routine exercise of verification of data. In such cases, theDepartment has alerted […]
GSTN requests taxpayers to check their email and refile their GSTR-3B within 15 days from date of email
GSTN Advisory on Reset and Re-filing of GSTR-3B of some taxpayers. Dear Taxpayers, 1. This has reference to the facility for re-filing of GSTR-3B for some of the taxpayers. It was noticed that there were discrepancies in the returns of some taxpayers during the filing process between the saved data in the GST system and […]
Communication of income tax notice proposed adjustment u/s 143(1)(a)
Income Tax Department verifies the details provided in the return filed by the taxpayer. If any discrepancies exist, the department issues a notice or intimation to the taxpayer, instructing them to make corrections. However, before commencing any assessment procedure, the department provides a notice u/s 143(1)(a) mentioning the proposed adjustments to be made in the […]
CBDT to reopen cases linked to false HRA claims
CBDT to reopen cases linked to false HRA claims? Income tax body issues clarification, says ‘any apprehensions about…’ Rejecting media reports suggesting the large-scale reopening of cases related to incorrect house rent allowance (HRA) claims, the Central Board of Direct Taxes (CBDT) on Monday, April 8 clarified that “apprehensions about retrospective taxation on these matters […]
Food Safety and Regulatory Updates in the Indian Food Industry – Newsletter, April 2024
Food Law NEWSLETTER39th Monthly EDITION – April, 2024(1st Mar. to 31st Mar., 2024) Food Sector / Industry in India Food safety laws in India are primarily governed by the Food Safety and Standards Act, 2006 (FSS Act) and the Food Safety and Standards (FSS) Regulations, 2011. The FSS Act consolidates various acts and orders that […]
Big News! Delhi High Court Dismisses Plea To Postpone CA Inter, Final Exams Amid Lok Sabha Polls
The Delhi High Court dismissed a plea by 27 candidates to postpone the May 2024 Chartered Accountants (CA) inter and final exams to June due to the Lok Sabha elections. Justice C Hari Shankar ruled that the hardships faced by candidates in managing their exam schedule around the election dates do not justify derailing the […]
Weekly Insight: Latest Developments and Updates in the Indian MSME Sector
MSME SAKSHAM: This Weekly E- Newsletter (The Friday Journal) aims to increase awareness regarding various news / updated and activities that have been taken place for the MSMEs and to provide information about the various schemes and programmes along with latest updations from time to time. It is a digital tool used to share relevant […]
Police Seize Rs 5.60 Crore in Cash, 3 kg of Gold, and 103 kg of Silver Jewelry
WATCH | Ballari, Karnataka: Police seized Rs 5.60 crore in cash, 3 kg of gold, and 103 kg of silver jewellery with 68 silver bars. One person has been taken into custody and is being interrogated. Further details awaited: Police
New Option Added in GSTR 1 for Tax Payers Generating E-Invoices
New option added in “Table 12 – HSN wise summary of outward supplies” in GSTR 1 for Tax Payers generating e-invoices Now Tax Payers can Import HSN Data in GSTR 1 from E-Invoices, these will help the tax payers in importing all HSN data where e-invoices were generated and manual entry for only that HSN […]