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 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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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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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 …
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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 …
