Flavored milk is a drink that will be taxed, according to AAAR regulation. Flavored milk is not milk; it is a drink that contains milk, according to the Appellate Authority of Advance Ruling (AAAR). Milk is exempt from the goods and services tax, although flavored milk is subject to a 12% tax. Vadilal, the ice…
The Income Tax Department (I-T Deptt) conducted “searches” at over 100 sites in Maharashtra, Delhi, Haryana, and Uttar Pradesh on Wednesday. It also held “surveys” in various parts of Delhi. The surveys were performed, according to tax officials, in response to certain apparent anomalies in the funding of these groups. The searches, on the other…
From October 1, 2022, income taxpayers will be prohibited from investing in the Atal Pension Yojana (APY). The question now is whether a current APY investor may continue to claim a tax deduction for their contributions to the program. Executive Partner S Vasudevan of Lakshmikumaran & Sridharan Attorneys said, “According to the announcement of August…
The Central Board of Indirect Taxes and Customs has released recommendations on the processes that must be followed to prosecute under Section 132 of the Central Goods and Services Act, 2017. The rules were created to provide clarity to tax authorities on the procedure for beginning prosecution under the act, as well as to save…
The deadline to file your income tax return for the fiscal year 2021-22 (the assessment year 2022-23) has gone. In some situations, though, you can still file your tax return. For example, if you have previously submitted your income tax return but discovered a mistake or failed to declare any income, you can file a…
Taxpayers are receiving automated online notifications from the Income Tax Department if extra deductions are claimed in the Income Tax Return (ITR), resulting in an income tax refund from the tax deducted at source (TDS) by employers. Such notifications are issued automatically if there are disparities between the values specified in Form 16 and the…
According to government sources, a panel of state finance ministers on casino and internet gambling taxation would likely deliver its findings to Finance Minister Nirmala Sitharaman within the next day or two. The GST Council is expected to convene towards the end of this month or early September to examine the Group of Ministers (GoM)…
According to the new GST laws that went into effect on July 18, a renter who is registered with the GST must pay a Goods and Services Tax of 18% when renting a property. The 18% tax on rent paid is only applicable to renters who are GST registered. Previously, only commercial buildings such as…
If you buy real estate from a Non-Resident Indian (NRI), you must deduct tax (TDS) under Section 195 of the Income Tax Act of 1961. (ITA). When you make a payment to an NRI for the purchase of a piece of property, you must deduct tax. This is also true if an advance is being…
As part of a full clarification of the tax duty on a variety of products and services, the Central Board of Indirect Taxes and Customs (CBIC) has confirmed that ice cream supplied by a parlour or equivalent outlets will attract 18% Goods and Services Tax (GST) with an input tax credit. To prevent unnecessary litigation,…