The time frame for verifying an income tax return (ITR) has been shortened by the Central Board of Direct Taxes (CBDT) from 120 days to 30 days. For ITRs submitted on or after August 1, 2022, the 30-day time limit reduction is in effect. This was disclosed by the CBDT in a notification sent out […]
With effect from August 1, 2023, the GST Council has just announced a 5 crore e-Invoice limit. The Goods and Services Tax (GST) law created the e-Invoicing or electronic invoicing system, which gradually applies to some taxpayers registered under the GST statute. On May 10, 2023, the e-Invoice 5 crore notice 10/2023 was released, revising […]
It may happen that an NRI finds that his/her PAN is inoperative, after the expiry of the deadline to link PAN with Aadhaar on June 30, 2023. If you find yourself in such a similar situation, then here is what you can do to make your PAN operative again. Do note that an NRI can […]
Vishnu Srinivasa Rao Kakarla Vs ITO (ITAT Visakhapatnam)[Appeal No I.T.A. No.93/Viz/2023] The case of Vishnu Srinivasa Rao Kakarla Vs ITO revolves around the issue of limited scrutiny and the jurisdiction of the Assessing Officer (AO) to verify cash withdrawals. The appeal was filed against the order of the Commissioner of Income Tax (Appeals) by the […]
Dhiru Realestates Private Limited Vs ITO (Delhi High Court) The Delhi High Court recently set aside an income tax notice in the case of Dhiru Realestates Private Limited Vs ITO. The Court ruled that the Assessing Officer had made allegations that did not feature in the original notice, undermining the legitimacy of the proceedings. This […]
CBIC clarifies how to deal with the difference in ITC availed in GSTR-3B as compared to that detailed in GSTR-2A Circular No. 183/15/2022-GST (For difference pertaining to FY 2017-18 & FY 2018-19) Circular No. 193/05/2023-GST (For difference pertaining to FY 2019-20 & FY 2020-21) Taxpayers are facing issues in reconciliation of ITC that is disclosed […]