The Goods and Services Tax (GST) system was introduced to simplify the indirect tax structure in many countries, including India. It replaced various taxes with a single tax, aiming to create a uniform and efficient system. While the GST system has made tax compliance easier for businesses, it often results in situations where businesses are …
In a significant development, the Central Board of Direct Taxes (CBDT) has revised the monetary limits for filing income tax appeals by the Department before the Income Tax Appellate Tribunal (ITAT), High Courts, and the Supreme Court. This move is part of the broader effort to reduce litigation and bring greater certainty to taxpayers’ income …
Quashing of Reassessment Proceedings: Legal Grounds and Impact on Penalty In a recent case, the appeals in ITA No. 1413 & 435/Del/2023 for the assessment year (AY) 2016-17 were filed against the order of the Commissioner of Income Tax (Appeals)-29, New Delhi (CIT(A)), concerning the reassessment order passed under sections 147/148 of the Income-tax Act, …
Background of the Case A search and seizure action was conducted under Section 132 of the Income Tax Act on 14th February 2019, involving the Antariksh Group, a company engaged in construction, warehousing, and commercial retail development for several years. The assessee, who provided contractual services to the Antariksh Group, had its documents seized during …
Continue reading “Case Remanded to CIT(A) for Providing Reasonable Opportunity to Be Heard”
In a recent case, the assessee filed an appeal against the order of the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, dated 14th March 2023, for the assessment year 2011-12. The appeal was initially delayed by three days, but the assessee submitted an application for condoning the delay. After reviewing the application, …
The Central Board of Direct Taxes (CBDT) has provided relief to individual taxpayers by extending the deadline for filing Belated and Revised Income Tax Returns (ITRs) for the Assessment Year 2024-25. The new deadline for Resident Individuals is now 15th January 2025, a significant extension from the earlier date of 31st December 2024. Key Highlights …
Key Changes in Table 8A and 8C Reporting As per Notification No. 12/2024-Central Tax dated 10th July 2024, read with Notification No. 20/2024-Central Tax dated 8th October 2024, the following updates are applicable for FY 2023-24 onwards: Reasons for Mismatches and Reporting Guidance Discrepancies between Tables 8A and 8C can arise due to several scenarios. …
As a trusted advisor in tax and compliance, we aim to keep you updated on critical developments that impact your business. The Goods and Services Tax Network (GSTN) has introduced significant enhancements to the GST registration process, now applicable in Chhattisgarh, Goa, and Mizoram. These changes, effective December 15th, 2024, focus on strengthening the authentication …
In a move to bolster the security and efficiency of the E-Way Bill and E-Invoice Systems, the Goods and Services Tax Network (GSTN) has announced that the National Informatics Centre (NIC) will roll out significant updates effective from 1st January 2025. These changes are in line with the government’s commitment to adopting best practices and …
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The GST Council has made significant recommendations encompassing changes in GST rates, measures to provide relief to individuals, facilitate trade, and streamline compliance procedures. Here is a comprehensive overview of these recommendations: Changes in GST Rates of Goods 1. Goods 2. Services Other Changes Related to Goods and Services Measures for Facilitating Trade 1. Amendments …
