Tax Guru14h
Appeal for Early Hearing to Waive GST Interest & Penalties – Section 128A
Section 128A of the Central Goods and Services Tax (CGST) Act, 2017, introduced effective November 1, 2024, provides a conditional waiver of interest and penalties for specific tax demands under ...
Tax Guru14h
Understanding Invoice Management System for ITC
Answer: By reflecting accurate invoice and ITC information in the IMS, the system helps align supplier and recipient records, reducing discrepancies that could trigger mismatch notices from the tax ...
Tax Guru14h
SEBI Advisory on Communication Protocol for Entities
1. From time to time, the departments of SEBI receive varied forms of communication from registered intermediaries/ regulated entities seeking clarification on the implementation of specific ...
Tax Guru14h
Empowering MSME via TReDS
The TReDS platform empowers MSMEs by providing quicker access to working capital, enabling them to thrive and grow 🌟 in a competitive market. By onboarding more companies, this platform will further ...
Tax Guru14h
ITAT quashes section 271B Penalty as Assessee’s Bank Deposits Reflect Sales for Mother Dairy, Not Own Turnover
In the case of Ved Singh vs. ITO (ITAT Delhi), the taxpayer Ved Singh challenged a penalty levied under Section 271B of the Income-tax Act, 1961, amounting to ₹1,09,807 for the assessment year 2017-18 ...
Tax Guru14h
Revised Classification Criteria for Non-Company Entities in Accounting Standards
The Institute of Chartered Accountants of India (ICAI) has revised the classification criteria for non-company entities concerning the applicability of Accounting Standards. Effective April 1, 2024, ...
Tax Guru23h
Payment by Google Ireland not in nature of royalty is not taxable in India: ITAT Bangalore
ITAT Bangalore held that payments made by [Google Ireland Limited] GIL towards Adwords program is not in the nature of royalty or FTS [Fees for Technical Service] and hence the same is not taxable in ...
Tax Guru14h
SEBI’s Proposed Review of UPSI Definition under insider trading Regulations
Proposed review of the definition of Unpublished Price Sensitive Information (UPSI) under SEBI (Prohibition of Insider Trading) Regulations, 2015 to bring regulatory clarity, certainty and uniformity ...
Tax Guru14h
National Green Tribunal: Role, Jurisdiction and Challenges
The National Green Tribunal (NGT) of India is a unique judicial authority constituted to address environmental disputes and implement environmental laws. This authority was established through the ...
Tax Guru14h
Mere cash deposits not constitutes turnover for Section 44AB Audit: ITAT Delhi
In Mohd Javed vs. Income Tax Officer (ITO), the Delhi ITAT addressed an appeal concerning a penalty under Section 271B of the Income Tax Act, imposed due to unreported turnover. Javed, a commission ...
Tax Guru23h
Appeal dismissed as tax effect below monetary limit as specified by CBDT: ITAT Kolkata
ITAT Kolkata dismissed the appeal preferred by the revenue since tax effect is below the threshold specified by CBDT vide circular no. 5 of 2004 dated 15.03.2024 and also the case doesn’t fall under ...
Tax Guru23h
Deduction u/s. 54EC admissible as nexus between advance from sale of property and investment in NHAI bonds established
ITAT Ahmedabad held that benefit of deduction under section 54EC of the Income Tax Act allowed since nexus between advance received towards sale of property and investment made in NHAI bonds ...