Bombay HC orders tax dept to allow these taxpayers claiming 87A rebate to file ITR till January 15, 2024, ET LegalWorld
Sometimes you need to fight against the government authorities for your rights rather than keeping your head down and accepting whatever is being imposed. The best example for this analogy should be the recent section 87A tax rebate fiasco, where many taxpayers who filed ITR after July 5, 2024, were denied, despite them being eligible […]
Income Tax Department regrets issuing erroneous notices to taxpayers: Know the details
Income tax dept sent wrong tax notice to many: The tax department has erred in sending notices to many taxpayers for defective income tax return (ITR). A defective return notice was wrongly issued on 29th Nov 2024 stating that income is offered u/s 44AD…. We regret the above erroneous communication, which was issued, for the […]
CBDT launches campaign to intimate taxpayers on undeclared foreign assets in ITR, ET LegalWorld
The income tax department on Saturday said it has launched a campaign to send messages to taxpayers who have not disclosed high-value foreign income or assets in their ITRs for AY 2024-25. The Central Board of Direct Taxes (CBDT) has launched a Compliance-Cum-Awareness Campaign for Assessment Year (AY) 2024-25 to assist taxpayers in accurately completing […]
New compounding guidelines issued by CBDT to help taxpayers in preventing prosecution, ET LegalWorld
The Income Tax Department has revised its guidelines for compounding of offences under the Income Tax Act, 1961. Basically, compounding of offences is a process wherein if you had committed a default under the Income-tax Act you can file an application to the specified competent tax authority accepting that you have committed an offence and […]
Waiver of interest and penalty on GST tax demand for eligible taxpayers to be effective from November 1, 2024, ET LegalWorld
The Ministry of Finance notified has the rules and procedures to be followed if a GST-registered taxpayer wants to apply for the ‘conditional waiver of interest and penalty’ scheme announced in Budget 2024. This notification by the Ministry of Finance was released on October 8, 2024, effective November 1, 2024. Who is eligible for this […]
What it is all about & how it will impact taxpayers, ET LegalWorld
A precedent-setting verdict by the Supreme Court on October 3 handed the Income Tax department a major victory in a landmark case that was essentially a tax war over old and news laws. Here follows a low-down on what the case was all about and how the ruling will impact a significant number of individuals […]
GST rate much below revenue neutral rate to lessen burden on taxpayers: FM Sitharaman, ET LegalWorld
Union Finance Minister Nirmala Sitharaman on Thursday said that the goods and services tax (GST) rate is much below the revenue neutral rate (RNR), originally suggested at 15.3 per cent, which means less burden on taxpayers. The current average GST rate has decreased to 12.2 per cent as of 2023, much below the revenue neutral […]
GST taxpayers without valid bank a/c to be barred from filing GSTR-1 from Sep 1, ET LegalWorld
GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory. As per GST Rule 10A, a taxpayer is required to furnish details of a valid bank account within a period of 30 days […]