The limits on cash transactions and their legal consequences can differ from one country to another. The government of India has introduced stringent regulations on cash transactions that aim to tackle tax evasion and encourage digital payments. These regulations are mainly outlined in several sections of the Income Tax Act of 1961, specifically sections 269SS, […]
Important Update Taxpayers will not be able to modify values auto-populated in GSTR-3B from GSTR-1/1A/IFF or GSTR-2B as it will automatically derived from supplies declared in GSTR-1, GSTR-1A, or IFF. FORM GSTR-3B will be frozen from January 2025, as it changes the previous process where GSTR-3B could be filed even if GSTR-2B wasn’t available. Now, […]
The notice directed the vendor to appear in person and present financial documents related to his transactions over the past three years. A pani puri vendor from Tamil Nadu has come under the Goods and Services Tax (GST) authorities’ scanner after reportedly receiving online payments amounting to Rs 40 lakh during the 2023-24 financial year. […]
Hr Breaking News (ब्यूरो) : इनकम टैक्स को लेकर अकसर लोग आईटीआर (ITR) न भरने की लापरवाही कर बैठते हैं। बहुत लोगों को तो आईटीआर के स्लैब्स का भी पता नहीं होता। ऐसे में आयकर विभाग नोटिस भेजकर टैक्स वसूलता है। लेकिन, अब हाईकोर्ट के एक फैसले से पुराने समय में टैक्स (Income Tax notice time […]
WAIVER SCHEME UNDER SECTION 128A For reducing the tax disputes and to provide a big relief to the taxpayers, GST Council in its 53rd meeting held on 22nd June, 2024 had recommended for waiver of interest and penalties in the demand notices or orders issued under Section 73 of the CGST Act, 2017 (i.e. the […]
In a development that may encourage increased investment in commercial real estate, the Supreme Court granted the industry relief on Thursday by permitting the application of input tax credits (ITC) on construction expenses for commercial buildings meant for leasing. “If the construction of a building was essential for carrying out the activity of supplying services, […]
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