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 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”
Tax Deducted at Source (TDS) compliance is an essential responsibility for deductors under the Income Tax Act, 1961. If you are not required to submit the relevant statement, it is advised to submit a declaration via the TRACES portal. However, if filing is mandatory, it is crucial to adhere to the provisions outlined by the …
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The Goods and Services Tax (GST) framework in India mandates the generation of an E-Way Bill (EWB) for the movement of goods above a specified value. However, Rule 138(14) of the Central Goods and Services Tax (CGST) Rules, 2017, along with its Annexure S.Nos. 4 and 5, provides certain exemptions. Specifically, goods falling under Chapter …
Continue reading “Clarification on E-Way Bill Requirement for Goods under Chapter 71”
Donations made to political parties qualify for deductions under the Income Tax Act, 1961, under Section 80GGC. This provision is sometimes misused by salaried individuals who have limited avenues for tax savings, using it as a means to reduce their taxable income. However, there are also genuine contributions made to political parties that rightfully qualify …
Continue reading “Donation of Political Parties May Now Subject to Scrutiny: Genuine or Bogus?”
We wish to inform you of recent developments regarding the GST registration process that may impact your application. The following points outline key updates pertaining to biometric-based Aadhaar authentication and document verification for GST registration applicants in Tamil Nadu and Himachal Pradesh: Key Updates: We advise all applicants to adhere to these updated procedures to …
Background of the Case The Income Tax Appellate Tribunal (ITAT), Ahmedabad, “C” Bench, delivered its judgment on January 24, 2025, in the case of Kshama Sanjay Tripathi (Appellant) vs. The Income Tax Officer, Ward-4(2)(2), Ahmedabad (Respondent). This judgment pertains to an appeal filed by the assessee for the assessment year 2010-11. The core issues revolved …
The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently deliberated on a notable case concerning the taxation regime opted by Mr. Akshay Nitin Malu, a businessman engaged in cloth manufacturing. This case, ITA No.1651/PUN/2024, pertained to the assessment year 2022–23 and presented a critical examination of the taxpayer’s choice between the old and new …
Introduction The Income Tax Appellate Tribunal (ITAT), Pune Bench “A,” recently delivered a significant judgment on January 2, 2025, concerning the imposition of penalties under Section 271B of the Income Tax Act, 1961. This case involved Dr. Murugesh Shantveerya Hiremath, a renowned cardiologist, who appealed against the penalty imposed for failing to file the tax …
The E-Way Bill is an important compliance mechanism under GST (Goods and Services Tax) in India, designed to ensure smooth movement of goods while preventing tax evasion. It is applicable to the transportation of goods exceeding ₹50,000 in value. The generation of an E-Way Bill is necessary for the movement of goods across states and …
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