According to the Central Board of Indirect Taxes and Customs (CBIC), businessmen who are registered on the GST network portal in Punjab’s Bathinda must display their GST number at their premises in order to avoid a fine of up to ₹ 50,000. The CBIC has ordered all businessmen to strictly adhere to the GST number […]
The Goods and Services Tax Network (“GSTN”) has issued an Advisory No. 601 dated August 31, 2023 on the introduction of Electronic Credit Reversal and Re-claimed statement on the GST Common Portal. The Government has notified certain changes in Table 4 of Form GSTR-3B to enable taxpayers in reporting correct information regarding ITC availed, ITC reversal, ITC […]
ACIT vs Mitsui & Co. India Pvt Ltd (ITAT Delhi) [ITA No. 765/Del/2020] The assessee company is in the business of general trading of materials and equipment needed for industrial projects; commission agent acting as a middleman between buyers and sellers who want to import, export or engaged in off-shore or domestic trading activities; and […]
Online games Such as Poker, Rummy, Ludo, Dream11 and battleground games are getting popular day by day especially since lockdown with celebrities endorsing such online fantasy games. Winning and use of real cash is common in such games among youngsters and even minors with revenue from gaming industry increasing exponentially year on year. INTRODUCTION OF […]
INTRODUCTION The Income Tax Department’s e-filing website has introduced an innovative feature called ‘Challan Correction.’ This feature is designed for fixing errors on tax payment forms (challans) much easier for taxpayers. It allows individuals to quickly correct mistakes in their Advance Tax, Self-Assessment Tax, and Regular Assessment Tax payments for the years starting from 2020–21. […]
V.K. Patel Securities Pvt Ltd Vs ADIT (ITAT Mumbai) A key decision concerning the Central Processing Centre’s (CPC) faulty notice for company receipts below the threshold limit stipulated in section 44AB of the Income Tax Act has been made by the Income Tax Appellate Tribunal (ITAT) in Mumbai. Due to the gross business receipts exceeding […]