06 Oct, 2024
Supreme Court Summarizes Key Principles on Interpreting Tax Statutes in GST Input Tax Credit Case On October 3, 2024, the Supreme Court of India provided crucial insights into the interpretation of taxation statutes, particularly within the context of the Central Goods and Services Tax (CGST) Act, 2017. The decision in Chief Commissioner of CGST vs. […]
Read More05 Oct, 2024
The Securities and Exchange Board of India (SEBI) convened its 207th board meeting on September 30, 2024, bringing significant regulatory changes aimed at enhancing investor protection, market efficiency, and overall ease of doing business. Here are the key takeaways from the meeting, highlighting the regulatory shifts and their impact on the investment landscape. 1. Mutual […]
Read More05 Oct, 2024
CBDT’s New Guidelines for Handling Delayed Income Tax Refund Claims: What Taxpayers Should Know The Central Board of Direct Taxes (CBDT) has introduced clear guidelines for dealing with delays in filing income tax returns (ITRs) related to refund claims and carrying forward losses. These updated rules replace previous instructions and streamline the process for taxpayers […]
Read More05 Oct, 2024
Income Tax Refund Delays: What You Need to Know and How It’s Being Addressed The issue of delayed income tax refunds has caught the attention of Finance Minister Nirmala Sitharaman, as she recently intervened in a citizen’s complaint regarding prolonged delays in tax refunds. This is not an isolated incident—many taxpayers have reported issues with […]
Read More05 Oct, 2024
As the government continues to streamline tax regulations, a series of significant income tax changes will come into effect from 1st October 2024. These updates cover various aspects of TDS rates, tax on buybacks, and important clarifications regarding property sales. Staying compliant is crucial, so understanding these changes is essential for both individual taxpayers and […]
Read More05 Oct, 2024
In recent months, there has been significant confusion among taxpayers regarding Section 87A, particularly after the changes introduced on 5th July 2023. With more than 3 crore taxpayers having already filed their ITRs, many are now facing unexpected tax demands. Let’s dive into the details to understand what has changed and how it impacts your […]
Read More05 Oct, 2024
On October 4, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued important instructions regarding officer mapping and de-mapping on the GSTN portal. This step aims to strengthen internal processes and prevent fraud, especially in cases where officers retain access to sensitive systems after being relieved from their duties. Such lapses have led […]
Read More04 Oct, 2024
Guidance on Correct RR No./Parcel Way Bill (PWB) Entries in the EWB System Post PMS Integration The Indian Railways’ Parcel Management System (PMS) is now seamlessly integrated with the E-Way Bill (EWB) system through Application Programming Interfaces (APIs). This advanced integration ensures efficient data transfer of Railway Receipt Numbers (RR Nos.) or Parcel Way Bill […]
Read More04 Oct, 2024
Common Time Limit for GST Demand Notices and Orders: What You Need to Know Introduction The Goods and Services Tax (GST) regime, with its self-assessment nature, has provisions for tax recovery when taxes are unpaid, short-paid, or erroneously refunded, or when Input Tax Credit (ITC) is wrongly utilized. Under the Central Goods and Services Tax […]
Read More04 Oct, 2024
The Central Goods and Services Tax (CGST) Act, 2017, is a comprehensive statute governing the levy and collection of goods and services tax in India. One of the critical aspects of the Act is the provision related to Input Tax Credit (ITC). Recently, the interpretation of Section 17(5)(d) of the CGST Act has been under […]
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