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…
Consequences of defective income tax return: The mere mention of an Income Tax Notice rings an alarm bell for many people. But there is nothing so scary about it. It is a common practice for the Income Tax Department to send notices to taxpayers for multiple reasons. The reasons for sending the notice could be…
In the second quarter of the current fiscal year, the Center’s advance direct tax collections increased by roughly 22% year over year to Rs 1.81 trillion, according to CNBC TV18. However, a senior member of the revenue department told FE that the data was “premature” since it was still being totaled. The 15th of the…
Moonlighting has recently gained popularity. IT behemoths like Infosys, TCS, and Wipro have informed their staff that variable compensation will be delayed or reduced in the first quarter of FY23 due to lower margins due to moonlight. IBM also referred to moonlighting as ‘unethical.’ Following the covid epidemic, which resulted in major layoffs and/or salary…