Government is set to make it obligatory for them to file annual transparency reports

Bringing more transparency in the functioning of auditors of large listed firms, the government is set to make it obligatory for them to file annual transparency reports. The National Financial Reporting Authority (NFRA), which had earlier floated a draft paper for suggestions, is expected to make a formal announcement on it shortly, mandating auditors of …

Government is set to make it obligatory for them to file annual transparency reports Read More »

Guidelines on the proposed angel tax

finance ministry will come out with the guidelines on the proposed angel tax next month to clarify how the tax will be levied and will also provide valuation guidelines. However, there will be no rethink on the Budget proposal to make the levy applicable to non-residents as well. “Genuine startups registered with the department for …

Guidelines on the proposed angel tax Read More »

Income Tax Department sending messages to taxpayers certain significant financial transactions relating to FY 2022-23 (AY 2023-24)

Income Tax Department is sending messages to taxpayers regarding payment of advance tax keeping in view transactions incurred during the financial year 2022-23 i.e assessment year 2023-24. The last date to make payment of advance tax is 15/03/2023. “Attention DHA——– ENTERPRISES (PAN XXXXX2657X ) Income Tax Department has received information about certain significant financial transactions …

Income Tax Department sending messages to taxpayers certain significant financial transactions relating to FY 2022-23 (AY 2023-24) Read More »

Critical Rule 36(4) covering all amendments and timelines! Helpful in GST Audits & Assessments

One pager on Journey of critical Rule 36(4) covering all amendments and timelines!!May be helpful in ongoing GST Audits & Assessments. RULE 36(4)-AVAILABILITY OF ITC ON THE BASIS OF GSTR-2A/2B [GSTR1 OF SUPPLIER] CHRONOLOGY OF AMENDMENTS Introduced initially as following: “36(4)- Input tax credit to be availed by a registered person in respect of invoices …

Critical Rule 36(4) covering all amendments and timelines! Helpful in GST Audits & Assessments Read More »

GST amount to be adjusted if there is an issue of mismatch in GST Return with Bank Statement

The Hon’ble Allahabad High Court in Vriddhi Infratech India Pvt. Ltd v. Commissioner, Commercial Tax and Ors. [Writ Tax No. – 4 of 2022 dated February 23, 2023] has set aside the order passed by the Revenue Department, on the grounds, that the Revenue Department and the Appellate Authority have committed the misreading of FORM GSTR-09 filed by the …

GST amount to be adjusted if there is an issue of mismatch in GST Return with Bank Statement Read More »

Big relief to taxpayers on recovery proceedings

In a move that will help taxpayers till the GST Tribunal is set up, the Bombay High Court has said they can get relief from recovery proceedings if they file a declaration of intent to appeal against the order of the revenue authorities. If such a declaration is filed, the taxpayer should be given 15-day period to …

Big relief to taxpayers on recovery proceedings Read More »

Breaking: Calcutta High Court slaps ₹20,000 costs on Income Tax officer for issuing notice to non-existent entity twice

The Calcutta High Court recently imposed ₹20,000 as personal costs on an income tax Assessing Officer (AO), Bitan Roy, after the Court found that he had issued an assessment notice to a company that no longer existed after its amalgamation with another entity in 2019. [Orbit Projects Private Limited Vs Income Tax Officer, Ward 5(1), …

Breaking: Calcutta High Court slaps ₹20,000 costs on Income Tax officer for issuing notice to non-existent entity twice Read More »

Step by Step Calculation of Income Tax on Salary

Paying income tax is a right, not a burden. Here’s a detailed guide to help you calculate your income tax on salary, as follows: Step One: Calculate your gross income Your gross income is the total salary received before taxes and other deductions. This includes salary components like house rent allowance (HRA), leave travel allowance …

Step by Step Calculation of Income Tax on Salary Read More »

ITR filing: Income tax exemption from long term capital gains is not available in respect of repayment of a home loan

My father had a residential flat which was given to my mother under his Will. We transferred that flat in my mother name after his death in 2017. She also owns another flat bought in 2020 on which a home loan is running. My mother wants to sell the inherited flat and pay the home …

ITR filing: Income tax exemption from long term capital gains is not available in respect of repayment of a home loan Read More »

ITR Filing: You Can Avail Standard Deduction Of Rs 50,000, Check Details

As announced in the Union Budget 2023, the benefit of standard deduction for Income Tax payers has been extended to the new regime. Salaried individuals, pensioners and family pensioners can now avail of standard deductions under the new regime. Many of you might be aware of the various deductions provided under Sections 80C, 80D, 80DDB …

ITR Filing: You Can Avail Standard Deduction Of Rs 50,000, Check Details Read More »

RECTIFY GSTR-1 TO SHOWN CORRECT SUPPLY IN B2B INSTEAD OF B2C

Y. B. Constructions Pvt. Ltd. (Orissa High Court) W.P.(C) No.12232 of 2021 (DOJ 22/02/2023) FACTS OF THE CASEThe Petitioner before this Court seeks a direction to permit the Petitioner to rectify the GST Return filed for the periods 2017-18 and 2018-19 wherein supply shown in B2C instead of B2B; in order to get the Input …

RECTIFY GSTR-1 TO SHOWN CORRECT SUPPLY IN B2B INSTEAD OF B2C Read More »

Recent Amendments In TDS And Tax Regime And Its Ambiguities

Online gaming: Union Budget of 2023 has introduced several provisions related to tax deduction at source (TDS), aiming to strengthen the country’s tax collection mechanism. However, these provisions have raised ambiguities, particularly in relation to the online gaming industry. The industry has welcomed the government’s move to recognise the sector and provide clarity. The government’s …

Recent Amendments In TDS And Tax Regime And Its Ambiguities Read More »

Centre releases guidelines for celebrities, influencers, and virtual influencers on social media platform

Centre specifies disclosure word for paid or barter brand endorsement Disclosures must be clear, prominent, and extremely hard to miss in the endorsement: Department of Consumer Affairs The Department of Consumer Affairs, under the Ministry of Consumer Affairs, Food and Public Distribution, has released a set of guidelines called “Endorsements Know-hows!” for celebrities, influencers, and …

Centre releases guidelines for celebrities, influencers, and virtual influencers on social media platform Read More »

Understanding Section 194O of the Income Tax Act

Section 194O is applicable to e-commerce operators who provide an electronic platform for the sale of goods and services. It requires the e-commerce operator to deduct TDS on the payment made to the e-commerce seller. The provision applies to e-commerce operators who have a gross turnover exceeding Rs. 10 crores in a financial year. TDS …

Understanding Section 194O of the Income Tax Act Read More »

5 arrested for trying to kidnap a young man posing as fake income tax officers

The police have arrested 5 students who were trying to kidnap a youth by posing as fake income tax officers. The arrested accused are Nagendra Singh Rajput, resident of Mahalpur Barodamev, Kaptan Singh, resident of Ronpur, Nafees Khan, resident of Bileta Rajgarh Alwar, Hemveer Jat, resident of Bahaj Deeg, Bhim Singh Jatav, resident of Bedham …

5 arrested for trying to kidnap a young man posing as fake income tax officers Read More »

Toll Tax Hike: Driving on highways and expressways will be expensive!

Toll Tax Hike: Driving on National Highways and Expressways may now be a bit expensive from April 1. This is because the National Highways Authority of India (NHAI) is preparing to increase the toll tax. According to the report that came out on Sunday, there will be an increase of 5-10 percent in toll tax. …

Toll Tax Hike: Driving on highways and expressways will be expensive! Read More »

These 5 important tasks have to be completed by March 31

The last month of the financial year 2022-23 i.e. March has started. You have many important tasks to complete this month. One of these tasks is to link PAN with Aadhaar. If you do not do this till March 31, 2023, your PAN will become inactive. You can link PAN with Aadhaar till March 31, …

These 5 important tasks have to be completed by March 31 Read More »

Income Tax Department tightens the screws on NGO, many details will have to be given in audit

In the last few years, many changes have been made in the rules for the NGO sector. Actually, the government is increasing strictness regarding NGOs. The rules for registration and compliance of charitable and religious trusts and other institutions are being made stricter. Charitable and religious trusts, societies and companies are registered under section 8 …

Income Tax Department tightens the screws on NGO, many details will have to be given in audit Read More »

INCOME TAX

Tax related Important deadlines in March

Here’s a list of things that one needs to look out for: The Income Tax Department has made it mandatory for PAN holders to link it with Aadhaar by the end of March this year or it will be rendered ‘inoperative.’ Individuals will be restricted from filing the income-tax return or accessing PAN-related services failing to link …

Tax related Important deadlines in March Read More »

BIG NEWS: Rules for buying and selling gold changed

The central government has changed the rules for buying and selling gold and jewellery. The Consumer Affairs Ministry said that after March 31, gold jewelery without hallmark unique identification cannot be sold. Under the new rule, from April 1, instead of 4 digits, only 6 digit alpha-numeric hallmarking will be valid. Without this, consumers will …

BIG NEWS: Rules for buying and selling gold changed Read More »

IBBI GET CBDT EXEMPTION UNDER CLAUSE 46 OF SECTION 10 OF INCOME TAX ACT-1961

The Central Board of Direct Taxes (CBDT) notified the Income Tax exemption to Insolvency and Bankruptcy Board of India (IBBI) under clause (46) of section 10 of the Income- tax Act, 1961 (43 of 1961). The exemption has been extended to the IBBI, a board created by the central government, was notified for the purposes …

IBBI GET CBDT EXEMPTION UNDER CLAUSE 46 OF SECTION 10 OF INCOME TAX ACT-1961 Read More »

HC Quashes Income Tax Proceedings On The Ground That S. 148 Notice Was Served On Secondary Email Id Provided In PAN

Bombay High Court has set aside the proceedings initiated by the revenue authorities against the assessee for non-compliance of the reassessment notice issued under Section 148 of the Income Tax Act, 1961, on the ground that the notice was served on the secondary email id registered with the PAN database instead of the registered primary email …

HC Quashes Income Tax Proceedings On The Ground That S. 148 Notice Was Served On Secondary Email Id Provided In PAN Read More »

₹1,49,577 crore gross GST revenue collected in February 2023; 12% higher than GST revenues in same month last year

gross GST revenue collected in the month of February 2023 is ₹1,49,577 crore of which CGST is ₹27,662 crore, SGST is ₹34,915 crore, IGST is ₹75,069 crore (including ₹35,689 crore collected on import of goods) and Cess is ₹11,931 crore (including ₹792 crore collected on import of goods) The government has settled ₹34,770 crore to CGST and ₹29,054 crore to SGST from IGST …

₹1,49,577 crore gross GST revenue collected in February 2023; 12% higher than GST revenues in same month last year Read More »

GST PORTAL UPDATE

No input tax credit for liquor sales: GST-AAR

Restaurants that have offset input tax credit (ITC) in respect of liquor sales will be impacted by a recent goods and services tax (GST) advance ruling given by the West Bengal bench. In this regard, the gst-Authority for Advance Rulings (GST-AAR) has held that the applicant would have to reverse the ITC. While advance rulings do …

No input tax credit for liquor sales: GST-AAR Read More »

Income tax rule applies on dividend paying stocks, bonus shares, buyback of shares

tax and investment experts, interim dividend or final dividend is an additional income of a stock market investor and it comes to one’s account without selling of the portfolio stock. So, it is considered an additional income of the investors and hence it gets added to one’s annual income at the time of income tax return (ITR) …

Income tax rule applies on dividend paying stocks, bonus shares, buyback of shares Read More »

Urgent Notice! As per Income-tax Act, 1961

Urgent Notice! As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not come under the exempt category, to link their PAN with Aadhaar before 31.3.2023.From 1.04.2023, the unlinked PAN shall become inoperative. Please don’t delay, link it today! If you are not sure if your PAN and Aadhaar cards are …

Urgent Notice! As per Income-tax Act, 1961 Read More »

EPFO extends deadline to opt for higher pension

The Employees Provident Fund Organisation (EPFO) has extended the deadline for subscribers to opt for higher pensions till May 3, 2023. The joint option for employees who were in service prior to September 1, 2014 and continued to be in service on or after 01.09.2014 but could not exercise joint option under the Employees’ Pension …

EPFO extends deadline to opt for higher pension Read More »

Notice From The Department

Section 150 of the CGST Act 2017 states that certain entities such as taxable persons, local authorities, banks, state and central government authorities, etc. who maintain records of registration, transactions of goods or services, consumption of electricity, property transactions, etc. must furnish an information return in the prescribed format, to the designated authority or agency, …

Notice From The Department Read More »

Scroll to Top