Diwali is a large event in which people share presents with family, relatives, and friends. However, the monetary worth of these donations may occasionally exceed the threshold limit. If unreported in your income tax return, or if you fail to quote your PAN as required by law, it is guaranteed to attract the attention of…
The government has extended the deadline for filing GST returns for September by one day, to October 21, according to the CBIC on Friday. The GST portal was down on Thursday, the deadline for filing monthly GST reports for certain taxpayers. Following that, the Central Board of Indirect Taxes and Customs (CBIC) stated that an…
The High Court of Karnataka has ordered the State government to determine the rate of app-based auto rickshaw aggregators within 15 days, which is an important decision. Up until that point, the Court has permitted the service providers to levy an extra 10% fee on top of the government-set rate. The government set the auto…
In a major decision, the Madras High Court ruled that Sections 73(9), 74(9), and 76(3) of the GST Act do not need the submission of a reply to the show-cause notice in form GST-DRC-06; the Madras High Court also ruled that the reply submitted by postal service would be accepted as legitimate. On January 8,…
The Revenue Tax Appellate Tribunal (ITAT), Bangalore upheld the revision judgment made by Section 263 of the Income Tax Act of 1961 and determined that the income from Joint Development Agreements (JDA) is considered commercial income. Before issuing the aforementioned notice according to Section 133C, the Income Tax Officer questioned the appellant, M/s. ETA Star…
Festivals and giving go hand in hand, and the festivities are made even more joyful and rewarding when we offer presents to the people we care about most—our family, friends, and acquaintances. Consider giving cryptocurrencies, non-fungible tokens (NFTs), other virtual digital assets (VDAs), and the like this holiday season if you want to give a…
The 18% Goods and Services Tax (GST) is applicable on parathas, according to the decision of the Gujarat Appellate Authority of Advance Finding (AAAR), which affirmed the ruling of the Authority of Advance Ruling (AAR). The two-member panel said that parathas cannot be categorized as simple chapati or roti since they are distinct from other…
The tax benefits that the National Pension System (NPS) provides to its members are only one of the many perks it offers. Any person who joins NPS is eligible to claim tax advantages. Tax advantages can be obtained by deducting contributions made to NPS from one’s income tax as well as by taking tax-free distributions…
Exporters are asking for reconsideration after the government’s decision to end the GST exemption on export freight at the beginning of the month left them anxious since they anticipate that liquidity would decrease at a time when they are struggling with sluggish demand in advanced nations. From October 1, GST on ocean freight will be…
The income tax department has produced a series of Frequently Asked Questions (FAQ) about the filling of form 27C as a relief to taxpayers seeking to do so. The Income Tax Department of India’s Form 27C is a valid document that can help with the exemption of tax that has been collected at the source…