In recent years, the global tax landscape has changed dramatically, especially with the introduction of robust information exchange mechanisms under the Double Taxation Avoidance Agreement (DTAA). The recent revelations reported by The Economic Times serve as a wake-up call for taxpayers. According to the report, Germany has shared information about Indian-held properties in the UAE. …
The Goods and Services Tax (GST) framework has always emphasized compliance, transparency, and accountability. Recently, a surge in the issuance of Form GST ASMT-10 notices has been observed, particularly to investigate discrepancies in input tax credit (ITC) between various GST returns for the financial year 2020-21. Taxpayers are being scrutinized for differences between GSTR-2A and …
Date: November 16, 2024 The GST Network (GSTN) has issued an advisory to address concerns raised by some taxpayers regarding the non-generation of GSTR-2B for the October 2024 period. Below are the key points taxpayers need to be aware of: Scenarios Where GSTR-2B Is Not Generated Resources for Further Guidance Taxpayers are encouraged to refer …
The Central Board of Direct Taxes (CBDT) has introduced a special campaign to help taxpayers correctly report their foreign assets and foreign-sourced income in their Income Tax Returns (ITRs) for the Assessment Year (AY) 2024-25. This campaign is called the Compliance-Cum-Awareness Campaign and aims to make sure that taxpayers understand their responsibilities when it comes …
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