Explore the latest developments in India’s Goods and Services Tax (GST) rate rationalization, with a proposed three-tier structure to simplify the current system. Learn how this change could impact essential and luxury goods, including the role of the Group of Ministers in shaping the future of GST rates….
Explore the concept of legislative intent in legal interpretation with insights from landmark Supreme Court cases. Learn how courts address draftsmanship issues, interpret ambiguous rules, and align statutes with contemporary values. Discover key rulings, including M.P.V. Sundaramier vs State of Andhra Pradesh and Avishek Goenka vs Union of India, to understand the application of legislative intent in modern legal contexts. …
CBDT Chairman Ravi Agrawal reveals that 66% of over 4 crore taxpayers have chosen the new income tax return (ITR) regime this season. The new regime’s simplification and enhanced compliance features, alongside recent Budget proposals including increased standard deductions, are driving this adoption. The current ITR filing season for FY 2024-25 will end on July 31, with expectations for further growth in the new regime’s uptake. …
Revenue Secretary Sanjay Malhotra announces that interest costs and stamp duty will not be included in the base price for calculating long-term capital gains (LTCG) on property. The recent Budget proposes a revised LTCG framework with a lower tax rate but without indexation benefits. Malhotra also discusses the review of the Income Tax Act and potential resolution of Angel Tax litigation under the Direct Tax Vivad se Vishwas scheme. …
The CBDT’s ‘Vivad se Vishwas’ scheme for settling direct tax appeals will officially start on December 31, 2024. The scheme, praised for its success in 2020, aims to resolve pending appeals. Notifications and FAQs will be released soon. Learn more about the scheme’s details and deadlines…
The government confirms no plans to reconsider the LTCG tax changes on property sales introduced in Union Budget 2024-25. Despite concerns over the removal of the indexation benefit, the new flat tax rate of 12.5% is deemed beneficial for taxpayers, simplifying compliance and potentially lowering tax liabilities. …
CBIC issued Instruction No. 19/2024-Customs on July 22, 2024, detailing guidelines for the provisional attachment of bank accounts under Section 110(5) of the Customs Act, 1962. The instruction emphasizes due diligence and procedural requirements to protect revenue interests and prevent smuggling. Read the full instruction for more details. …
Discover the latest CBDT Notifications Nos. 94 and 95 issued on July 24, 2024, granting income tax exemptions under Section 10(46) of the Income-tax Act, 1961. Organizations benefiting include the Punjab Skill Development Mission Society, Chandigarh, Himachal Pradesh State Load Despatch Centre, Shimla, and SAMEER, Mumbai. Access the full notifications now….
Explore the concept of retraction in legal proceedings, including its impact on cases under Section 132(4) of the Income Tax Act and Section 70 of the CGST Act. Review case analyses from the Calcutta High Court and CESTAT, and understand the timing, strategies, and challenges of retraction…
Explore the complexities of confessional statements in law, including their validity, the impact of retraction, and important legal precedents. Learn about recent rulings and safeguards to ensure fair judicial processes. …
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