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GSTN Announcement: E-Waybill Integration with New IRP Portals
Introduction: In a significant development, the Goods and Services Tax Network (GSTN) has successfully integrated E-Waybill services with four new Invoice Registration Portal (IRP) portals via the Nat...
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Extension of Due Date for Filing Form No. 26QE for F.Y. 2022-23 retrospectively
Introduction: Circular No. 04/2024, issued by the Central Board of Direct Taxes (CBTD) on March 7, 2024, brings important relief for specified persons under section 194S of the Income-tax Act. The cir...
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No TDS on Payments to Units of IFSC – CBDT Notifies
The Government of India has issued a notification exempting specific payments made to IFSC Units from Tax Deducted at Source (TDS) under the Income Tax Act, 1961. This exemption applies for ten consec...
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Finance Head of a firm arrested for GST evasion to the tune of Rs 88 crore
Introduction: The Ministry of Finance recently made headlines with the arrest of the Finance Head of a prominent firm for alleged GST evasion amounting to a staggering Rs 88 crore. This incident, whic...
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CBDT Clarifies Provisions for Charitable Donations & Application of Income
The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has issued a comprehensive clarification regarding provisions under the Finance Act 2023 concerning donations made by trusts or...
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Reply to Show Cause Notice: No ITC Reversal Required on Input Loss During Manufacturing Process
Brief Facts: M/s. Steelco Pvt Ltd (Name Changed) ('the Assessee') is engaged in the manufacture of steel products.During the manufacturing process, a small portion of inputs is inevitably lost, which...
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Response to Show Cause Notice: CSR Expenses Eligible for ITC under GST Laws
Brief Facts: XYZ Pvt Ltd ('the Assessee') is a manufacturer of cosmetic products.The Assessee claimed input tax credit (ITC) on Corporate Social Responsibility (CSR) expenses incurred as per the manda...
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Taxability and Valuation of Personal Guarantees under GST
Query: Subject: Query regarding chargeability of personal guarantee under GSTDear Editor,I am a tax professional working. Recently, we have been facing queries from our clients regarding the taxabilit...
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CBDT revises Form 3CD Tax Audit Report Format, Form 3CEB & Form No. 65
The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has introduced significant amendments to the Income-tax Rules, 1962, specifically targeting Form No. 3CD. This revision, deta...
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Key Highlights of Delhi Budget Speech 2024-25
Delhi Budget 2024-25, unveiled with pride in the Legislative Assembly, reflects a decade of transformative policies under the leadership of Chief Minister Arvind Kejriwal. This article delves into the...
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Reply to Show Cause Notice: Goods Detained on Misclassification Grounds Despite Bona Fide Dispute
Date: <DD/MM/YYYY> To, The Jurisdictional GST officer <PLACE>Dear Sir/Madam,Re.: Mr./ Ms./ Mrs./ M/s. <NAME OF INDIVIDUAL/FIRM/COMPANY> -GSTIN: <……….>Sub.: Reply to the Show Cause Notice No….. dated…....
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Registrations of Micro Enterprises on Udyam Assist Platform cross 1.50 crore
The Ministry of Micro, Small & Medium Enterprises (MSME) has witnessed a significant milestone with the Udyam Assist Platform crossing the registration mark of 1.50 crore Informal Micro Enterprises (I...
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Instructions to AO’s for initiating Section 147 proceedings in e-Verification cases
The Directorate of Income Tax (Systems) issues e-Verification Instruction No. 2 of 2024, providing guidelines to Assessing Officers (AOs) on initiating proceedings under Section 147 of the Income Tax...
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CBDT allows Submission of Form 10B/10BB Audit Reports by March 31, 2024
Central Board of Direct Taxes (CBDT) has issued Circular No. 2/2024, granting an extension for the submission of Form 10B/10BB audit reports by trusts/institutions. Failure to comply may result in exe...
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Last date to file ITR-U for A.Y. 2021-22 (F.Y. 2020-21) is 31.03.2024
Introduction to the e-Verification Scheme 2021 In an era where transparency and accountability in financial transactions are paramount, the Income Tax Department of India has taken a significant step...
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Electronic Cash Ledger (ECL) Implementation for Courier Imports, Effective March 1, 2024
The Ministry of Finance has announced the implementation of the Electronic Cash Ledger (ECL) for the payment of import duties on goods imported through Courier Mode, effective from March 1st, 2024. Th...
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CBDT notifies ITR-7 under section 139 of Income tax Act 1961 for AY 2024-25
CBDT notifies ITR-7 [For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) only] under section 139 of Income tax Act 1961 for AY 2024-25 vi...
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Notification under IT Act, 1961: Karnataka Urban Water Supply & Drainage Board
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued a notification under section 10(46) of the Income-tax Act, 1961, pertaining to the Karnataka Urban Water Su...
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Notification under IT Act, 1961: UP Real Estate Regulatory Authority
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued a significant notification under section 10(46) of the Income-tax Act, 1961, concerning the Uttar Pradesh R...
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Submission in Response to Show Cause Notice: Rejection of Input Tax Credit based on Invoice Issued after Time of Supply
Factual Background: ABC Ltd operates in the mobile phone trading sector and received accounting and taxation support from XYZ LLP in August 2022. However, an oversight led to the delayed issuance of t...