26 Mar Discretion of Appellate Authority in Admitting Appeals Beyond Limitation Period
In the case of Arvind Gupta v. Assistant Commissioner of Revenue State Taxes [Writ Petition Application No. 2904 of 2023 dated January 04, 2024]...
Taxation laws Tag
23 Mar Assessment Order not sustainable when vague in nature
In the legal case of Rainbow Stones (P.) Ltd. versus Assistant Commissioner (ST), as documented in Writ Petition No. 4510 of 2024 dated February 26, 2024, the Madras High Court responded by granting the writ petition....
23 Mar Central GST Authority cannot initiate proceedings when State GST Authority has already initiated proceedings on the same subject matter
The Gauhati High Court, in the matter of Rajesh Mittal vs Union of India [WP(C) No. 371 of 2024 dated January 25, 2024], based its decision on sub-clause (b) of sub-section (2) of Section 6 of the Central Goods and Services Tax Act, 2017 ("the...
22 Mar GST Application to Educational and Allied Services
Are you operating a bus transport service catering to schools for student transportation? Wondering about GST applicability on such services? Let's delve into the specifics of GST laws concerning educational services and allied sectors....
21 Mar Auditor’s Accountability for Audit Trail Reporting
An essential aspect of maintaining financial transparency and accuracy is the implementation of an audit trail, which serves as a detailed record tracking the origin and modifications of financial transactions within a system. Auditors are obligated to report on the adequacy and effectiveness of these...
21 Mar CBDT issues corrigendum to include sec. 43B(h) disallowance under clause 22 of Form 3CD
The Central Board of Direct Taxes (CBDT) introduced amendments to Form 3CD through Notification No. 27/2024 /F. No. 370142/3/2024-TPL, dated 05-03-2024. These amendments primarily focused on enhancing disclosures related to certain provisions of the Income Tax Act....
20 Mar Guidelines on Cash Limits and Tax Implications for Individuals
As per the Income-Tax Act (ITA), 1961, there is no restriction on the amount of money stored in the house; in case of an income tax raid, an individual is required to present the source of the money....
18 Mar Opting for GST Composition Scheme Deadline Extended to March 31, 2024: Check Eligibility and File Form CMP-02 for FY 2024-25
The deadline for GST-registered individuals to opt for the GST Composition Scheme for the fiscal year 2024-25 has been extended to March 31, 2024. This scheme simplifies tax compliance for eligible taxpayers, allowing them to avoid regular filings if their turnover remains within specified limits....
16 Mar Section 194G of the Income Tax Act
Lottery tickets are often seen as gateways to instant wealth, but few realize the tax implications that accompany such windfalls. Section 194G of the Income Tax Act delineates the provisions for Tax Deducted at Source (TDS) on various activities related to lottery tickets, including their...
12 Mar Income Tax Exemption Announced for Specific Trusts and Institutions Under Conditions
The Income Tax Department recently released guidelines on March 8, 2024, specifying conditions under which certain trusts, institutions, universities, educational entities, hospitals, or medical institutions can be exempted from income tax....