28 Mar, 2024
Navigating the intricacies of tax filing is paramount for every taxpayer. A crucial aspect of this process is being aware of the deadlines for filing updated Income Tax Returns (ITRs). The provision for updating an ITR allows taxpayers to make amendments or declare previously unreported income after the original deadline has passed. Below, we detail […]
Read More27 Mar, 2024
Understanding the Impact of GSTR-2A and GSTR-3B Mismatches on ITC Claims In a landmark decision, the Kerala High Court has brought clarity to the contentious issue of Input Tax Credit (ITC) denials based on discrepancies between GSTR-2A and GSTR-3B filings. This judgment emphasizes the necessity of a thorough review beyond mere numerical mismatches, setting a […]
Read More27 Mar, 2024
In a recent landmark decision, the Madras High Court protected a company’s claim for Input Tax Credit (ITC) even though the supplier’s GST registration was canceled retrospectively. In this case, Tvl. Engineering Tools Corporation vs The Assistant Commissioner (ST), Chennai (Writ Petition No. 3505 of 2024 And W.M.P. Nos. 3758 & 3759 of 2024), highlights […]
Read More27 Mar, 2024
While credit cards might not be the first thing that comes to mind for tax savings, they can be a powerful tool when used strategically. This approach allows you to not only reduce your tax burden but also earn valuable rewards and cashback. Here’s a breakdown of how to leverage your credit card for tax […]
Read More26 Mar, 2024
In an operation that reads more like a thriller than a routine crackdown, the Enforcement Directorate (ED) has made a startling discovery — a cache of Rs 2.54 crore stashed away inside a washing machine. This find was part of a broader operation under the Foreign Exchange Management Act (FEMA) spanning several major Indian cities […]
Read More26 Mar, 2024
In a significant judgment by the Madras High Court, it has been declared that women’s hostels, serving primarily non-commercial purposes, will not be subject to Goods and Services Tax (GST). This landmark decision underlines the crucial distinction between residential and commercial use in the context of GST filing and registration, providing a sigh of relief […]
Read More26 Mar, 2024
Introduction to GST E-Invoicing In the landscape of Indian taxation, the introduction of e-invoicing under the Goods and Services Tax (GST) regime marks a pivotal advancement towards digitizing business processes. E-invoicing, or electronic invoicing, is a system where B2B invoices are authenticated electronically by the GST Network (GSTN) for further use on the common GST […]
Read More26 Mar, 2024
In a significant development that has sent ripples through the tax compliance community, the Central Bureau of Investigation (CBI) has launched an investigation into two superintendents of central GST and another official for their purported demand of a Rs 22 lakh bribe from a bullion trader. This alarming incident underscores the challenges businesses face in […]
Read More26 Mar, 2024
As the July 31, 2024, deadline approaches for individuals exempt from audit for FY 2023-24, the perplexity around filing Income Tax Returns (ITR) with an inoperative PAN has intensified. The Income Tax Department, however, clarifies that taxpayers can still proceed with filing their returns, ensuring compliance and peace of mind. Understanding Inoperative PAN and ITR […]
Read More26 Mar, 2024
Have you filed your Income Tax Return (ITR) for Assessment Year (AY) 2021-22? The deadline to file an updated return (ITR-U) is fast approaching – March 31, 2024. This blog post explains recent developments from the Income Tax Department (ITD) regarding high-risk assessments and the importance of filing an updated return if needed. High-Risk Assessments: […]
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