GST|NEWS: The GSTN has issued an advisory to inform all taxpayers that two new Table 14A and Table 15A have been introduced in GSTR-1 to capture the amendment details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 or liable to pay tax u/s […]
GSTN Advisory on GSTR-1/IFF: Introduction of New 14A and 15A tables Read More »
news
Many a times, in the cases when the Input Tax Credit claimed in GSTR-3B and GSTR-2A are inconsistent, a certificate is necessary to demonstrate the validity of the supply made. The Central Board of Indirect Taxes and Customs (CBIC) had made it clear that the GST department can request a certificate from a Chartered Accountant or a
GST Cir No. 183/15/2022: Mismatch in Claimed ITC in GSTR-3B & 2A Read More »
Articles, Circulars/Notifications
Income Tax: The Central Board of Direct Taxes (CBDT) has notified the Income-tax Return (ITR) form 7 applicable for filing of return for the Assessment Year 2024-25. The Board has already notified ITR forms 1 to 6 applicable for AY 2024-25. ITR-7 is an income tax return form designed for entities such as firms, companies, local
CBDT notifies ITR-7 applicable for AY 2024-25 Read More »
Circulars/Notifications
GST | Case Laws: Restoration of GST registration was to be allowed on filing of returns for period prior to cancellation of registration together with tax dues along with interest thereon and fee fixed for belated filing of returns within a period of forty-five days from date of receipt of order [2024] 159 taxmann.com 518
GST | Case Laws: Where a clerical error in GSTR-1 return resulted in denial of Input Tax Credit to recipient-respondent without revenue loss, High Court permitted assessee to rectify error to ensure fairness, prioritizing legitimate claims over technicalities in genuine error cases [2024] 159 taxmann.com 656 (Bombay) HIGH COURT OF BOMBAY NRB Bearings Ltd.
On 10 January 2024, the Karnataka Government published the Karnataka Compulsory Gratuity Insurance Rules, 2024 (‘Rules’) (No: LD 397 LET 2023) to prescribe the requirement for employers to obtain a valid insurance policy for the employer’s liability towards payment of gratuity to eligible employees as per the Payment of Gratuity Act 1972 (‘Gratuity Act’). With
Karnataka Compulsory Gratuity Insurance Rules, 2024 notified effective 10 January 2024 Read More »
Articles
Income Tax: CBDT has issued corrigendum to new ITR-2, ITR-3 and ITR-5 to correct minor mistakes. The Central Board of Direct Taxes (CBDT) recently released a corrigendum, marked as Notification No. 22/2024 dated February 21, 2024, amending Notification No. 19/2024 dated January 31, 2024. This corrigendum serves to provide clarity and notify six specific changes
Corrigendum to new ITR-2, ITR-3 and ITR-5 issued by CBDT: Read More »
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Case Laws| GST: Where appeal not filed in time, State Government allowing window of opportunity vide Notification dated 4-11-2023 to taxable persons who could not file appeal against order passed on or before 31-3-2023 under sections 73 or 74 of TSGST Act, concerned bank was to be directed to permit petitioner to remit amount of
Case Laws| Income Tax: Co-operative banks are co-operative societies, and, therefore, interest income earned by a co-operative society from fixed deposits with such co-operative bank would be entitled for claim of deduction under section 80P(2)(d) [2024] 159 taxmann.com 350 (Surat-Trib.) IN THE ITAT SURAT BENCH (SMC) Assistant Commissioner of Income-tax, Circle-1(1)(1) v. Shree Aradhna Urban
Case Laws| GST: Where order under section 73 was passed and petitioner applied for rectification admitting tax liabilities of CGST and SGST, requested for relief from penalty as 100% penalty was imposed on SGST, since notice was issued under section 73 and not under section 74 of TNGST Act, impugned order was to be quashed