The income tax department has added “Discard ITR,” a new feature, to its website. Taxpayers will be able to delete their previously submitted Income Tax Returns (ITRs) that were not verified. To answer frequently asked questions about the Discard ITR Option, the tax department has published FAQs. Here’s everything you need to know about the […]
Assessee Saloom Trading was a dealer who was served with a notice under section 47 – Writ petition was filed in order to get benefit of CBIC Notification no. 08/23 dated 31-03-2023 in which benefit of waiver of amount of late fee referred to under section 47 was given. Sri. Thomas Mathew Nellimoottil, learned Senior […]
GST Appellate Tribunals are expected to receive tonnes of appeals amounting to more than ₹1 trillion
Sources state that the Government expects the Appellate Tribunals to be functional by April 2024. It is acknowledged by the government and business community that the establishment of these Appellate Tribunals will result in a decrease in the volume of cases that the country’s High Courts have to hear. The government notified the creation of […]
M/s. Henna Medicals vs. State Tax Office, Thalassery & Ors. [WP (C) 30660 of 2023 dated September 19, 2023] In the matter of M/s. Henna Medicals, the Hon’ble Kerala High Court rendered a decision by granting the writ petition, ruling that the discrepancy between GSTR 2A and GSTR 3B is not a reason to reject […]
The 52nd GST Council meeting brought forth a significant recommendation—an Amnesty Scheme for filing appeals against demand orders in cases where the appeal could not be filed within the allowable time. While this proposal offers relief to many taxpayers, it’s essential to analyze its limitations and shortcomings to better understand its implications. Amnesty Scheme for […]
The parent company’s corporate guarantee to its subsidiary for a bank loan will attract 18 per cent GST, recommended the GST Council on Saturday. However, there will be no GST if a director provides a personal guarantee for a loan from a bank or any financial institution to his/her own company without consideration.” “When the […]