Clarification on availability of input tax credit as per clause (b) of subsection (2) of section 16 of the Central Goods and Services Tax Act, 2017 in respect of goods which have been delivered by the supplier at his place of business under Ex-Works Contract
Clarification on availability of input tax credit as per clause (b) of subsection (2) of section 16 of the Central Goods and Services Tax Act, 2017 in respect of goods which have been delivered by the supplier at his place of business under Ex-Works Contract The Copy of the Circular is as under :- […]
Clarification in respect of input tax credit availed by electronic commerce operators where services specified under Section 9(5) of Central Goods and Services Tax Act, 2017 are supplied through their platform
Clarification in respect of input tax credit availed by electronic commerce operators where services specified under Section 9(5) of Central Goods and Services Tax Act, 2017 are supplied through their platform The Copy of the Circular is as under :- The post Clarification in respect of input tax credit availed by electronic commerce […]
Clarification on various issues pertaining to GST treatment of vouchers
Clarification on various issues pertaining to GST treatment of vouchers The copy of the order is as under: The post Clarification on various issues pertaining to GST treatment of vouchers appeared first on The Tax Talk.
Clarification on Place of supply of Online Services supplied by the suppliers of services to unregistered recipients
Clarification on Place of supply of Online Services supplied by the suppliers of services to unregistered recipients The copy of the order is as under: The post Clarification on Place of supply of Online Services supplied by the suppliers of services to unregistered recipients appeared first on The Tax Talk.
Reassessment under the Income Tax Act should be grounded in solid evidence rather than speculation,
Reassessment under the Income Tax Act should be grounded in solid evidence rather than speculation, Reassessment under the Income Tax Act should be grounded in solid evidence rather than speculation, as highlighted in the case of Subhash Chander Dabas vs ACIT [W.P.(C) 12784/2019; Date of Order: 5/12/2024]. The court emphasized the importance of adhering to… […]
Failure to exercise professional judgement & perform appropriate audit procedures- NFRA Imposed fine on two more Auditors
Failure to exercise professional judgement & perform appropriate audit procedures- NFRA Imposed fine on two more Auditors NFRA Penalises Partners of Audit Firm M/s Haribhakti and Co. LLP for Audit Lapses The National Financial Reporting Authority (NFRA) has imposed penalties of Rs. 8 lakh on two auditors and prohibited them for up to five… […]
Unauthorized transactions with related parties without the proper approval of Audit Committee, Board and Shareholders: NFRA slapped penalty of Rs. 2 crores on Auditor
Unauthorized transactions with related parties without the proper approval of Audit Committee, Board and Shareholders: NFRA slapped penalty of Rs. 2 crores on Auditor Zee Entertainment Enterprises Ltd (ZEEL) NFRA slapped penalty of Rs. 2 crores on Deloitte Haskins & Sells LLP, 10 lakh on Engagement Partner and Rs. 5 lakh penalty on Engagement… […]
The case pertains to the Assessment Year 2017-18.
The case pertains to the Assessment Year 2017-18. The assessment was reopened under Section 148 of the Act, alleging that the stamp duty value of a purchased property exceeded the declared consideration, leading to unexplained investment. The reopening was challenged as being beyond the statutory time limit (3 years for income below ₹50 lakh,… […]
The Honourable Income Tax Appellate Tribunal, Bengaluru in case of GEAR Foundation Vs The ACIT Exemptions
The Honourable Income Tax Appellate Tribunal, Bengaluru in case of GEAR Foundation Vs The ACIT Exemptions ITA No.1389/Bang/2024 has held that 1) Accumulation under Section 11(2) of the Income-tax Act, 1961 cannot be denied on the ground of non-filing of Form 10 when delay is condoned by appropriate authority. (In favor of the Assessee) 2)… […]
Whether the power U/s 119(2)(b) allows commissioners to admit a belated Form 9A & condone the delay if assessee provides valid reasons
Whether the power U/s 119(2)(b) allows commissioners to admit a belated Form 9A & condone the delay if assessee provides valid reasons The Bombay High Court, in Nav Chetna Charitable Trust vs. Commissioner of Income Tax (Exemption), addressed the issue of whether the power under Section 119(2)(b) of the Income Tax Act, 1961 allows… […]
