10 Apr, 2024
Madras High Court: A Beacon of Hope for Taxpayers Facing GST Discrepancies In a landmark decision, the Madras High Court has recently illuminated the path for taxpayers embroiled in disputes over Goods and Services Tax (GST) demands, especially concerning Input Tax Credit (ITC) discrepancies. This ruling reiterates the unwavering principle of equality and non-arbitrariness in […]
Read More09 Apr, 2024
In the realm of income tax, staying updated with the latest rules and deadlines is not just beneficial; it’s essential. As we step into the new financial year starting April 1, 2024, a significant update awaits taxpayers who prefer the old tax regime for filing their Income Tax Return (ITR). This change emphasizes the importance […]
Read More09 Apr, 2024
In a landmark decision that resonates with countless taxpayers across India, the Income Tax Appellate Tribunal (ITAT) in Delhi has delivered a significant verdict favoring Mrs. Pushpa Rai over the Income Tax Department. This case sheds light on the critical nuances of Section 69A of the Income-Tax Act, 1961, amidst the financial whirlwind unleashed by […]
Read More08 Apr, 2024
In the last quarter of the fiscal year 2024, Transformers & Rectifiers India Ltd (TRIL) achieved what many strive for but few attain—a remarkable financial performance that speaks volumes of its strategic prowess and operational efficiency. With revenue soaring to ₹500 Crores, TRIL not only set a new precedent but also showcased a robust growth […]
Read More08 Apr, 2024
In recent times, a whirlwind of media reports and social media posts have stirred concerns amongst taxpayers, suggesting that the Central Board of Direct Taxes (CBDT) is on a spree to reopen cases related to House Rent Allowance (HRA) claims en masse. This post aims to demystify these claims, providing clarity directly from the CBDT […]
Read More08 Apr, 2024
In a significant judgment that highlights the importance of procedural compliance in GST filings, the Kerala High Court has made a notable decision regarding the statutory timelines for refunds over bona fide mistakes in GST Input Tax Credit (ITC) claims. This case, titled M. Trans Corporation vs State Tax Officer, dated 21-Mar-2024, provides valuable lessons […]
Read More07 Apr, 2024
In a landmark decision by the Madras High Court on January 23, 2024, businesses across India received news that could significantly affect their GST compliance strategies. The case, Eicher Motors Ltd. v. GST and Central Excise shines a light on a crucial aspect of the GST framework: the distinction between the timeliness of tax payments […]
Read More06 Apr, 2024
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) form the backbone of income tax collection in India, acting as a proactive measure to gather taxes at the source of income. As we venture into the Financial Year (FY) 2024-25, it’s pivotal for taxpayers to stay updated with the due dates and understand […]
Read More04 Apr, 2024
Marking a transformative approach in the tax filing domain, the Central Board of Direct Taxes (CBDT) has ushered in the Assessment Year (AY) 2024-25 with an enabling move for taxpayers. As of the 1st of April, 2024, the process of filing Income Tax Returns (ITRs) aligning with the Financial Year (FY) 2023-24 has been significantly […]
Read More04 Apr, 2024
In an ever-evolving business landscape, certain circumstances might lead a company to temporarily halt its operations. The concept of a dormant company serves as a strategic pause, allowing businesses to retain their incorporated status while momentarily ceasing operations. This guide elucidates the procedural nuances involved in obtaining or reactivating dormant company status, tailored to the […]
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