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Archive: 13 March 2023

Posts in 13 March 2023

Activities to be undertaken for GST Compliances of FY 2022-23 in March 2023

March 13, 2023 64665 Views 0 comment Print

Ensure smooth transition for GST compliance in FY 2022-23 with this checklist. Reconcile ITC, report correct outward supplies, and address other crucial aspects.

ITC Blocking: SCN issued in mechanical manner is without authority of law

March 13, 2023 3492 Views 1 comment Print

The Hon’ble High Court was pleased to apply live link test i.e. the expression ‘reason to believe’, to denote reasons, which are based on tangible material and have a live link with the formation of the belief. Also, the Hon’ble High Court observed that blocking of electronic credit ledger is a drastic step, and therefore it was necessary for the concerned officer to have some material to form a belief that the conditions under Rule 86A of the Rules are satisfied.

CBDT’s selects 68,000 cases from FY 2019-20 for e-Verification

March 13, 2023 6111 Views 1 comment Print

On a pilot basis, in about 68,000 cases, information of financial transactions pertaining to FY 2019-20 has been taken up for e-Verification. Details of the transactions have been initially shared with the individual taxpayer through e-campaign. So far, e-Verification has been completed by the designated Directorate in approximately 35,000 cases and remaining are under verification.

Checklist of Income Tax Exemption For Start Up

March 13, 2023 4413 Views 1 comment Print

Learn about the income tax exemption checklist for startups, including eligibility criteria, benefits, and the process to avail exemptions and angel tax relief.

What To Do If Wrong Assessment Year Is Entered In Income Tax Challan

March 13, 2023 58686 Views 9 comments Print

Learn what to do if the wrong assessment year is entered in an income tax challan. Understand the process for correction and adjustment of refunds.

Refund not admissible as claimant failed to furnish required revised service tax return

March 13, 2023 1218 Views 1 comment Print

CESTAT Mumbai held that as per rule 7B(1) of the Service Tax Rules, 1994, the claimant is required to submit a revised return. Accordingly, as the claimant failed to furnish the same refund is not admissible.

Fresh adjudication directed to verify service of notice of legal heir after death of assessee

March 13, 2023 1260 Views 1 comment Print

ITAT Delhi directed fresh adjudication to verify whether notice was served upon to the legal heir after the death of the assessee and also to verify the correct name of the assessee.

TDS u/s. 194C of Income Tax Act applicable in case of Common Area Maintenance Charges

March 13, 2023 3489 Views 1 comment Print

ITAT Delhi held that TDS under section 194C (and not 194-I) of the Income Tax Act, 1961 is deductible in case of Common Area Maintenance Charges (CAM Charges).

Extended period not invocable as non-disclosure was based on bonafide interpretation of law

March 13, 2023 1560 Views 0 comment Print

Madras High Court held that invocation of extended period of limitation unjustified as non-disclosure or claim of non-liability was on the basis of bonafide interpretation of law.

Global Minimum Tax (GMT) on track for a 1st Jan 2024 launch: Agreed Administrative Guide released in Feb 2023

March 13, 2023 1341 Views 0 comment Print

OECD/G20 Inclusive Framework (IF) on BEPS released technical guidance to assist governments with implementation of the GMT, which will ensure Multi-National Entities (MNEs) will be subject to a 15% effective minimum tax rate.

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March 2023