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Relief to Taxpayers from Tax Demand raised due to Inoperative PAN, Date Extended till 31.05.2024
Introduction: As per the CBDT Circular No. 6/2024 dated 23.04.2024, several grievances have been received from taxpayers who are TDS/TCS deductors or collectors. They have received notices for short d...
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GST Council Newsletter For March 2024
GST Revenue Collection Second highest monthly Gross GST Revenue collection in March at ₹1.78 lakh crore; Records 11.5% y-o-y growth (18.4% on net basis) Gross Good and Services Tax (GST) revenue for M...
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CBDT Circular No. 6/2024: Relief for TDS Deductors on PAN-Aadhar Linkage
The CBDT, aiming to address grievances of deductors/collectors who collected TDS/TCS at the normal rate but were required to deduct/collect at double the rate due to the deductee’s PAN being inoperati...
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Notification under Section 80G(2)(b) for Shree Ramanuj Kot Trust Indore
Introduction: The recent notification under section 80G(2)(b) of the Income Tax Act 1961 has significant implications for Shree Ramanuj Kot Trust in Indore. Issued by the Ministry of Finance, this not...
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Notification No. 39/2024-Income Tax, Dated: 22.04.2024
Notification No. 39/2024-Income Tax, issued by the Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, introduces pivotal changes to the Income-tax Act, 1961. Dated 22nd April,...
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Section 12AB - Procedure for Registration of Trusts on or after 01-04-2021.
Section 12AB - Procedure for Registration of Trusts on or after 01-04-2021The introduction of Section 12AB in the Income-tax Act, 1961 has brought about significant changes to the registration process...
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SCN Reply - Writ Petition for quashing of SCN issued without DIN
Subject: Writ Petition for Quashing Show Cause Notice No. [SCN Number] dated [SCN Date] for the Financial Year [20XX-XX]Ref: [Name of Individual/Firm/Company] - GSTIN: [GSTIN Number]Respected Sir/Mada...
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SCN Reply - Rectification of IGST Input Tax Credit Wrongly Claimed under CGST and SGST
Subject: Rectification of IGST Input Tax Credit Wrongly Claimed under CGST and SGSTDate: [DD/MM/YYYY]To, The Jurisdictional Officer, [Address]Respected Sir/Madam,We, M/s [Company Name], having GST Reg...
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Power of Inspection, Search, and Seizure under GST.
Power of Inspection, Search, and Seizure under GST 1. Introduction Section 67 of the Central Goods and Services Tax (CGST) Act, 2017 provides the legal framework for authorities to exercise the power...
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CPC Bangalore Income tax department to observe grievance redressal month
Introduction: CPC Bangalore Income Tax Department observes a grievance redressal month, facilitating public submissions via various channels. Learn about the process, officer details, and the efficien...
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Refunds of ITC on Zero-Rated Supplies Made Under LUT/Bond.
Refunds of ITC on Zero-Rated Supplies Made Under LUT/BondIntroduction A registered person can make zero-rated supplies of goods or services with payment of GST or without payment of GST under a Letter...
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Procedure to Claim Refund under GST: A Step-by-Step Guide.
Procedure to Claim Refund under GST: A Step-by-Step GuideIntroduction A person claiming a refund of tax, interest, or any other amount under GST must comply with the specified procedure laid down in t...
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IGST Refund on Zero-Rated Supplies (Other Than Export of Goods).
IGST Refund on Zero-Rated Supplies (Other Than Export of Goods)Introduction Under the GST law, a supplier can make zero-rated supplies of goods or services with payment of IGST or without any payment...
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General Conditions and Restrictions Relating to GST Refund.
General Conditions and Restrictions Relating to GST RefundIntroduction Claiming a refund under the GST laws is subject to certain general conditions and restrictions. These include filing the refund a...
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Examining Deemed Exports under GST: Provisions and Refund Procedure.
Examining Deemed Exports under GST: Provisions and Refund Procedure Introduction Deemed exports under GST differ from regular exports as they are not treated as zero-rated supplies. Instead, the suppl...
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Refunds under GST: Provisions, Procedures, and Practical Insights.
Refunds under GST: Provisions, Procedures, and Practical InsightsIntroduction Refund, in its general sense, refers to the payment of any amount back to the person who has paid it earlier. The GST law...
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SEBI Consultation Paper: Price Discovery Framework for Listed Investment Companies
Introduction: The Securities and Exchange Board of India (SEBI) has released a consultation paper on the “Framework for Price Discovery of Shares of listed Investment Companies & listed Investment Hol...
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Tax Implications of Agricultural Land Sale in India
OverviewIn India, agricultural land serves not only as a critical component of the agricultural sector but also represents a considerable asset class for tax purposes. The Income Tax Act, 1961 differe...
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SCN Reply - : Reply to Show Cause Notice u/s 272A(1)(d) of the Income Tax Act, 1961
Subject: Reply to Show Cause Notice u/s 272A(1)(d) of the Income Tax Act, 1961Respected Sir/Madam,This is in response to the Show Cause Notice issued under Section 272A(1)(d) of the Income Tax Act, 19...
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SCN Reply - Difference in Supplies Made Through E-Way Bill and GSTR-1
Date: [DD/MM/YYYY]To, The Jurisdictional Officer, [Address]Subject: Reply to Show Cause Notice Regarding Difference in Supplies Made Through E-Way Bill and GSTR-1Respected Sir/Madam,We, [Company Name]...