TAXATION


Moneylife Digital Team 17 July 2024
Following the meeting of the 53rd goods and service tax (GST) council, the central board of indirect taxes & customs (CBIC) issued a clarification on exemptions on services provided by Indian Railways, statutory collections made by the real estate regulatory authority (RERA), tax liability on...

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The Union Budget to be presented on 23rd July is perceived to have more salience than the last few that preceded it.    It is the first Budget in the third successive term of nearly the identical political formation, a phenomenon unseen in many decades.   Also, it would be the seventh...

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Moneylife Digital Team 24 June 2024
The goods and services tax (GST) council has decided to tweak tax rates on items, including accommodation services for students and solar cookers, and took a host of taxpayer-friendly measures, including waiver of interest and penalty for demand notices issued in the first three years of GST...

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Moneylife Digital Team 03 June 2024
The central board of indirect taxes and customs (CBIC), while directing its field formations to not initiate recovery within three months of serving a tax notice, asked its officers to strike a balance between the interest of the revenue and ease of doing business, says a report.   In the...

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Moneylife Digital Team 29 May 2024
Gallantt Ispat Ltd has challenged, before the Allahabad High Court (HC), the defiance by goods and services tax (GST) authorities of instructions issued by the central board of indirect taxes & customs (CBIC) on discipline to be maintained during search matters.    During the hearing last...

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Moneylife Digital Team 13 May 2024
An arrest is a serious matter and cannot be made in a routine manner on mere allegations that an offence has been committed, the Bombay High Court (HC) observed, says a report.   According to the report from Bar & Bench, a division bench of justice Revati Mohite Dere and justice Manjusha...

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Moneylife Digital Team 10 May 2024
Transit rent received from builders during redevelopment projects is not taxable and thus is exempted from tax deduction at source (TDS) obligations, the Bombay High Court (HC) says.   In an order last month, the Bombay HC bench of justice Rajesh S Patil says, "The ordinary meaning of rent...

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Moneylife Digital Team 09 May 2024
High net-worth Indians (HNIs) betting on the so-called blank cheque firms, a Wall Street term for special purpose acquisition companies (SPACs), are reportedly getting notices from the income-tax (I-T) department, says a report.   According to a report from the Economic Times (ET), the...

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Moneylife Digital Team 06 May 2024
A new provision in the Income-Tax (I-T) Act in Budget 2023-24 that aimed to secure payments to micro, small and medium enterprises (MSMEs) within 45 days of the supply of goods or services has resulted in a peculiar problem — that of large companies cancelling orders to registered MSMEs and...

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Moneylife Digital Team 20 April 2024
Holding that Classic Malabar Parota and Whole Wheat Malabar Parota are akin or similar to the products mentioned in chapter heading 19 (of goods and services tax-GST), and the ingredients used in and the process applied in their preparations are somewhat similar to the other products under the...

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Moneylife Digital Team 17 April 2024
Granting an interim relief to Bank of Baroda (BoB), the Bombay High Court (HC) restrained the tax authorities from taking any coercive recovery action against the public sector bank (PSB). The case is related to a show-cause notice (SCN) for Rs150 crore goods and services tax (GST) on charges...

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Moneylife Digital Team 16 April 2024
The Federation of All India Vyapar Mandal has filed a petition in the Supreme Court against Section 43B(H) of the Income Tax (I-T) Act. This newly introduced provision, part of the Finance Act 2022, limits micro and small enterprises (MSEs) from extending credit to buyers beyond 45 days. Any...

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The country’s gross good and services tax (GST) revenue for March 2024 jumped by 11.5% over the same month of the previous year, to touch the second-highest collection ever at Rs1.78 lakh crore, data released by the Finance Ministry on Monday showed.   This surge was driven by a...

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The finance ministry has clarified that there is no new change in the income-tax (I-T) regime that is coming in from 1 April 2024, as is being reported by some social media platforms.   "It has come to notice that misleading information related to new tax regime is being spread on...

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Bank of India has received a demand notice from the Assessment Unit, Income-Tax Department, pertaining to AY16-17 to the tune of Rs1,127.72 crore.   The Bank has received a demand notice under section 156 of the Income-Tax Act, 1961, pertaining to the assessment year (AY) 2016- 17...

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The provisional figures of direct tax collections for FY23-24 as on 17 March 2024, show that net collections were at Rs18,90,259 crore as compared to Rs15,76,776 crore in the corresponding period of the preceding financial year (FY22-23, representing an increase of 19.88 per cent, the Income...

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A day after the Rajasthan government scrapped the concept of 'different cities, different prices’ for petrol and diesel and termed it as a “discrepancy”, the Petroleum Pump Dealers Association in the state welcomed the move and expressed the hope that petrol would come under GST purview...

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The income-Tax (I-T) department has identified some persons and entities whose payment of taxes for financial year 2023-24 is not commensurate with the financial transactions made by them during this period, the finance ministry said on Sunday.   “Hence, as a part of taxpayer service...

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A Delhi Court recently sentenced a woman, identified as Savitri, to six months in jail for failing to file an income tax return (ITR) on an income of Rs two crore for the financial year 2013-14.   The Additional Chief Metropolitan Magistrate (ACMM), Mayank Mittal also imposed a fine...

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