The Institute of Chartered Accountants of India (ICAI) has submitted its suggestions for the Union Budget 2025 and released a detailed Pre-Budget Memorandum focusing on Direct and International Taxation. This comprehensive memorandum aims to address critical issues faced by taxpayers and professionals, and proposes actionable solutions to simplify compliance and promote tax equity. For detailed …
The Goods and Services Tax (GST) framework in India has been constantly evolving to address various compliance and administrative challenges. GST Show Cause Notices (SCNs) issued under Sections 73 and 74 of the GST Act have long been a cornerstone of tax recovery. These sections have provided clarity on addressing cases of tax non-compliance. However, …
India, as a growing economy, has seen significant engagement in international trade, with businesses actively involved in the export and import of goods. Among the many facets of this trade is the concept of duty drawback, an essential mechanism that provides relief from import duties under certain conditions. This article delves into the fundamentals of …
Continue reading “Duty Drawback in India: Meaning, Types, and Benefits for Exporters”
In a recent decision, the Income Tax Appellate Tribunal (ITAT) in Delhi dealt with an appeal filed by the Assessee, Mr. Vikas from Gurgaon, regarding a delay in filing an appeal before the CIT(A) for the Assessment Year 2012-13. The appeal before the ITAT was directed against the order passed by the National Faceless Appeal …
Continue reading “ITAT Condones Delay of Over 3 Years in Filing CIT Appeal”
Income tax law is complex, and at times, disputes arise between taxpayers and the authorities. A recent case before the Income Tax Appellate Tribunal (ITAT) in Delhi, titled Hirdey Ram vs. DCIT, ITA NO. 319/Del/2022 sheds light on issues related to the rectification of errors in tax assessments under Section 154 of the Income Tax …
The Goods and Services Tax (GST) department is pleased to announce that the technical challenges experienced with the e-way bill generation process have been successfully resolved. The portal is now fully operational, ensuring a smooth experience for taxpayers and transporters. In light of the earlier disruption, the following facilitation measures have been implemented to assist …
Continue reading “Advisory to Taxpayers on Extension of E-Way Bills Expired on 31st December, 2024”
