INCOME TAX: Where assessee’s revision petition under section 264 was dismissed on ground that assessee had not applied for revision within limitation time prescribed and there was delay of more than two years, Legislature had conferred power on Principal Commissioner to condone delay under section 119 to enable authorities to do substantive justice to parties […]
GST : Where assessee filed a GSTR 1 return, mistakenly uploading duplicate invoices, upon receipt of an intimation regarding said discrepancies, assessee replied thereto by stating that it was an inadvertent error and that correct details were contained in assessee’s GSTR 3B return and also certifies that relevant purchasers stated that they had availed of
Income Tax| The CBDT has issued a corrigendum to the notification issued on the time limit to verify Income-tax returns. Para 5 of the notification is amended to provide that ITR shall be deemed invalid if it isn’t verified within 30 days of uploading or by the due date as per the Income-tax Act, 1961,
CBDT issues corrigendum to notification on time limit to verify Income-tax Returns Read More »
Circulars/Notifications, news
The GST department has issued an advisory required to generate an e-invoice from 1st April 2024 if their turnover exceeds INR 5 crores in FY 2023-24. In the notification dated 03rd April 2024, the department has specified that if the turnover of a taxpayer exceeds INR 5 crores in the FY 2023-24, the taxpayer will
GST: Self enabling for e-invoicing Read More »
Circulars/Notifications, news
INCOME TAX : Where assessee had submitted copy of financial statement, ledger details, ledger account details of GST sales in respect of tax invoices of all parties and copy of bank statement of HDFC Bank through which supplier had made payment, Assessing Officer could not treat sales as bogus merely because assessee failed to submit
INCOME TAX: Where assessee filed appeal before Tribunal with a delay of 58 days and submitted that delay in filing appeal belatedly was not as a result of any negligence or lack of diligence but solely due to unfortunate and unforeseen circumstances surrounding his health and he attached doctors’ certificate in support of his petition,
GST | Case Laws: Where impugned order recorded no proper reply/explanation had been received from tax-payer despite sufficient and repeated opportunities, assessee had submitted detailed point-wise reply to show cause notice, proper officer had not even looked at reply submitted by assessee, impugned order was to be set aside [2024] 160 taxmann.com 535 (Delhi) HIGH
INCOME TAX: Where assessee a co-operative society claimed deduction under section 80P(2)(d) on interest income earned from deposits placed with a co-operative bank and Assessing Officer after due examination of facts allowed said claim, Principal Commissioner was not justified in invoking revisionary jurisdiction merely on ground that interest income was not earned from any other
The CBDT notified changes to the Form 3CD vide Notification No. 27/2024 /F. No. 370142/3/2024-TPL, dated 05-03-2024. The changes duly include disclosure of section 43B(h) disallowance under clause 26. However, Clause 22, pertaining to interest restrictions under the MSME Development Act, was not amended. Now, said clause is amended to include disclosure of the amount
CBDT issues corrigendum to include sec. 43B(h) disallowance under clause 22 of Form 3CD Read More »
Circulars/Notifications, news
GST: GSTR-9 return filing is more than consolidating the monthly returns filed during a financial year. Businesses must collate the Goods and Services Tax (GST) data, including sales register, purchase register, returns filed, taxes paid, demands, and refunds. Further, one must file GSTR-9 if they were registered at least for a single day in a