15 Apr Taxpayers Get Choice in Valuing Startup Investments (Angel Tax)
The Delhi High Court ruled in favor of taxpayers, allowing them to select the method for valuing investments received from angel investors....
Taxation updates Tag
10 Apr GSTN Issues Advisory on Automatic HSN-wise Summary Population in GSTR-1 Table 12 from e-Invoices
The GSTN has released an important Advisory No. 630 dated April 09, 2024, regarding the automatic population of HSN-wise summaries from e-Invoices into Table 12 of GSTR-1....
10 Apr Approval of outstanding refunds must be completed by April 30, Income Tax Department.
The Income Tax Department has announced a positive development for individuals awaiting their income tax refunds....
06 Apr Delhi GST Department: Biweekly Registration Slots & Clarifications for CAs/Advocates
The Delhi GST Department recently issued Public Notice No. F. Circular/CRC/DT&T/2024/249-255 on April 04, 2024, addressing the process of GST new registrations....
06 Apr GST Implications on Lump Sum Transfer Charges for Leasehold Rights
In a recent ruling by the Uttar Pradesh Authority for Advance Rulings (AAR), Remarkable Industries (P.) Ltd. sought clarification regarding the GST implications on lump sum upfront premium paid as transfer charges for leasehold rights....
05 Apr State’s GST Department Witnesses 43% Decline in GSTIN Applications Following Introduction of Biometric Verification to Combat Fraudulent Billing
A notable development within the state's GST department reveals a substantial 43% decrease in the average monthly count of GSTIN (Goods and Services Tax Identification Number) applications since November 2023....
05 Apr CBDT Enables Filing of Commonly Used ITRs from April 01, 2024
The Central Board of Direct Taxes (CBDT) has introduced the option for taxpayers to submit their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (pertaining to the Financial Year 2023-24) starting from April 01, 2024....
04 Apr Tax Liability cannot be imposed merely because the financial statement did not provide State-wise turnover
The imposition of tax liability solely based on the absence of state-wise turnover information in financial statements has been contested in the legal realm....
28 Mar Delhi High Court Alters Retrospective Revocation of GST Registration
In the legal case of Supreme Enterprises versus Principal Commissioner of Goods and Service Tax, North Delhi, the Delhi High Court recently deliberated on the matter of retroactively canceling GST registration....
27 Mar Validity of Assessment Orders in Light of Assessee’s Response
The Delhi High Court, in the case of Emco Cables Pvt. Ltd. v. Union of India [W.P. 1622 of 2024, February 27, 2024], addressed the issue of the validity of an assessment order when the Assessee's response hadn't been duly considered....