Introduction In a crucial judgment, the Income Tax Appellate Tribunal (ITAT) Ahmedabad has ruled in favor of the assessee, Mr. Sudhakar Ratan Shanker Gautam, by holding that severance compensation received due to employment termination is a capital receipt and not taxable under Section 17(3) of the Income Tax Act, 1961. This decision provides clarity on …
Nowadays, the GST department issues various notices and orders to GST registration holders for past years, often leading to demand notices. However, GST registration holders should be aware that each notice and order has a prescribed time limit under the relevant act, which the GST department must adhere to. Additionally, if a retrospective notification or …
Introduction The new section 16(5) of the CGST Act allows taxpayers to claim Input Tax Credit (ITC) for a certain period. This is a helpful step by the government to support GST-registered businesses in claiming their unused ITC for the financial years 2017-18 to 2020-21. They can do so until November 30, 2021. This section …
Introduction Getting GST refunds has been challenging for industries when dealing with the GST department, especially for exports. Exporters need to prove their transactions by justifying the export of services, payments in foreign currency, matching invoices with payments received, submitting BIRCs, and other supporting documents. Refunds are only granted if the GST officer is satisfied …
The Income Tax Department has recently uncovered significant foreign assets owned by Indian taxpayers. As taxpayers, we all aim to save on income tax through legitimate means, and the funds we pay as tax are used for the creation of assets, both domestic and foreign. When assets are located in India, the rules are more …
This appeal pertains to an order passed by the Ld. CIT(A)/NFAC, Delhi, on 27th May 2024, related to assessment year 2013-14. The case has undergone multiple rounds of litigation, with the current appeal being the second round before the Tribunal. The assessee has filed various details before the Assessing Officer though not according to his …
Introduction On September 20, 2021, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 161/17/2021-GST to clarify the interpretation of condition (v) of Section 2(6) of the IGST Act, 2017. This condition determines whether services provided by an Indian subsidiary to its foreign parent company qualify as an export of services or …
The Delhi High Court recently quashed the cancellation of GST registration for Rashid, Proprietor of MS Enterprises, highlighting serious procedural lapses in the issuance of Show Cause Notices (SCNs) and the denial of a personal hearing. Background of the Case The petitioner, Rashid, filed a writ petition under Article 226 of the Indian Constitution, challenging …
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The much-anticipated Income Tax Bill 2025 has been introduced, ushering in a new era of tax reforms. Scheduled to take effect from April 1, 2026, the new bill aims to simplify and streamline the taxation system in India. With only a year to prepare, taxpayers and professionals such as Chartered Accountants (CAs), Advocates, Company Secretaries …
Continue reading “The Income Tax Bill 2025: A Comprehensive Overview”
Introduction The GST registration process has been updated to enhance security and streamline authentication for applicants. As per Rule 8 of the CGST Rules, 2017, applicants must follow specific steps based on whether they opt for Aadhaar authentication or not. This blog provides a detailed overview of the updated GST registration process to help taxpayers …
Continue reading “Advisory for GST Registration Process: Updates as per Rule 8 of CGST Rules, 2017”
