The Income-tax Act, 1961, provides various provisions to ease the tax compliance burden for small taxpayers, particularly for those engaged in business or profession. Under normal circumstances, taxpayers are required to maintain books of accounts, which can be a time-consuming and tedious task. To simplify tax calculations for small businesses, the Income-tax Act has introduced …
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”
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 …
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 …
