In a recent move to address concerns related to the filing of appeals under the Central Goods and Services Tax Act, 2017, the Ministry of Finance, Department of Revenue, Central Board of Indirect Taxes and Customs has issued Notification No. 53/2023–Central Tax. Dated 2nd November 2023, this notification outlines a special procedure for taxable persons …
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In a significant move to combat the rising issue of fake or bogus registrations under the Goods and Services Tax (GST) regime, the Central Board of Indirect Taxes and Customs (CBIC) has issued a comprehensive set of guidelines through Instruction No. 03/2023-GST, dated 14th June 2023. These guidelines, addressed to all Principal Chief Commissioners, Chief …
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In a recent development, the Central Board of Indirect Taxes and Customs (CBIC) has issued Instruction No. 05/2023-GST, dated 13th December 2023, addressing the implications of the Hon’ble Supreme Court’s judgment in the case of Northern Operating Systems Private Limited (NOS). The judgment, delivered on 19th May 2022, pertains to the nature of secondment of …
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In a recent landmark judgment, the Delhi High Court, in the case of M/s. Att SYS India Pvt. Ltd. Estex Tele Pvt. Ltd. Consortium v. Commissioner of Goods and Service Tax [W.P. (C) 14494/2023 dated November 20, 2023], has granted relief to the petitioners, directing the Revenue Department to reinstate their GST registration. The court …
Introduction In the ever-evolving landscape of taxation, disputes between taxpayers and tax authorities are not uncommon. One such case recently came before the Income Tax Appellate Tribunal, Delhi Bench ‘A’, New Delhi. Let’s delve into the details of the case between Mr. Akhil Kumar Bansal and the Income Tax Officer for the Assessment Year 2017-18, …
Continue reading “A favorable Judgement on Cash Deposit during Demonetization by Taxpayer”
Is there any compliance if an assessee revises its estimate of income for advance tax? Yes, there is a provision for an assessee to revise the estimate of income for advance tax. The assessee can update the income estimate and pay advance tax before the specified due dates without the need to file the revised …
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1. What are the key regulations governing the deduction of tax at source on rent payments? The deduction of tax from rent payments is mandated by specific sections of the Income-tax Act, namely section 194-I and section 194-IB. 2. What constitutes “rent” under these sections? 3. Who is responsible for deducting tax at source (TDS) …
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Who is mandated to file a TDS return under Section 194-IA? Any buyer involved in the payment of sales consideration for the acquisition of immovable property is required to deduct tax under Section 194-IA. This deduction is applicable only if the seller, receiving the payment, is a resident in India. When does Section 194-IA come …
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Tax regulations in India impose certain responsibilities on individuals and entities involved in the transfer of virtual digital assets. Section 194S outlines the obligations related to tax deduction at source for such transactions. This provision applies to both residents and non-residents who are responsible for making payments in consideration for the transfer of virtual digital …
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Introduction: In a recent decision, the Income Tax Appellate Tribunal (ITAT) Delhi Bench “G” set aside the order of the Commissioner of Income Tax (Appeals)-Faridabad and ruled in favor of the assessee, Mr. Vishnu Aggarwal, in relation to the assessment year 2013-14. The appeal, ITA No. 358/Del/2017, primarily contested the addition of Rs. 39,17,853/- to …
