The Central Board of Direct Taxes (CBDT) has made significant revisions to the monetary limits for condoning delays in filing returns of income, specifically for claiming refunds or carrying forward losses. In Circular No.7 of 2023, dated 31.05.2023, the CBDT has partially modified its earlier Circular No.9/2015 to address this matter. Under the revised guidelines, …
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The E-Waybill System has been enhanced with new features for Enrolled Transporters and Common Enrolled Taxpayers. These features are designed to improve the functionality and user experience of the system. Here are the details of the new features: These new features aim to provide more flexibility, control, and security to enrolled transporters and common enrolled …
The Ministry of Consumer Affairs has taken a significant step towards protecting consumer privacy by introducing a new advisory for retailers. The advisory explicitly states that shopkeepers can no longer demand customers to provide their personal contact details when generating a bill for a specific purchase. This measure aims to address the increasing concerns raised …
In a recent case before the Hon’ble Karnataka High Court, Sri Annadurai Muniswamy sought relief against the cancellation of his Goods and Services Tax (GST) registration. The petitioner challenged the Order-in-Appeal issued on January 4, 2023, which confirmed the cancellation of his GST registration by the Revenue department. The cancellation had initially been ordered on …
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Introduction The Income Tax Act plays a vital role in establishing a fair and transparent taxation system. Among its provisions, Section 154 of income tax holds significant importance, as it enables taxpayers to rectify mistakes made in their tax filings or any other documents submitted to the tax authorities. In this article, we will delve …
The Central Board of Direct Taxes (CBDT) has issued Notification No. 31/2023 on May 24, 2023, announcing a significant change in the exemption limit for leave encashment under Section 10(10AA) of the Income-tax Act, 1961. Non-government employees receiving leave encashment on retirement will now enjoy an exemption limit of Rs. 25,00,000 (twenty-five lakhs rupees), effective …
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In the case of Anil Ratanlal Bohra v. Assistant Commissioner of Income Tax (ACIT), the issue at hand revolved around the denial of credit for Tax Deducted at Source (TDS) to the taxpayer due to the non-furnishing of a declaration by the deductee to the deductor as required by the proviso to Rule 37BA(2). The …
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Introduction As the financial year has ended, many individuals and businesses find themselves concerned about filing their Income Tax Returns (ITRs) for the financial year 2022-23. Tax obligations can be complex and overwhelming, but understanding the process and taking proactive steps can alleviate much of the stress associated with ITR filing. This article aims to …
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A partnership firm is a business arrangement where two or more individuals come together with the purpose of conducting a profit-driven enterprise. Within a partnership, the partners jointly assume both the gains and losses of the business, as well as the responsibilities associated with its management. Several notable features define a partnership firm: A partnership …
The Ahmedabad ITAT has upheld the order of the CIT(A), which resulted in the deletion of an addition of Rs. 86.75 crore under Section 69A as unexplained income for the assessee. The ITAT held that the cash deposited in the bank account cannot be considered unexplained since the revenue department itself accepted in the remand …
