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Representation Regarding Incorrect Processing of Income Tax Returns Filed for the AY 2023-24 [Denial of Deduction Even in Cases Where It Has Not Been Claimed]
To enhance compliance with regards to ITC utilization and the accurate reporting of ITC availment, ITC reversal, ITC re-claimed and Ineligible ITC information in GST returns by taxpayers, CBIC continuously implementing certain measures.
HC set aside SCN and held that assessee was not ‘intermediary’ and therefore, refund claim of unutilized ITC used in making zero rated supplies of services without payment of IGST was allowed.
SC in Gagandeep Singh v. Union of India & Ors. admitted Writ and issued notice to Revenue Department, challenging GST provisions pertaining to power to arrest and power to summon.
Stay informed about the latest regulatory changes in Company Law, Securities Law, RBI, and Insolvency Law that took place in August 2023.
Stay updated on key clarifications post 50th GST Council Meeting! Explore Circulars addressing issues like IGST credit, ITC availing, TCS liability, warranty replacements, and more. Expert insights by Tarun K. Gupta.
A company may decide to move its headquarters after a while; in that case, the registered office must be changed with notice. The MCA has established procedures, which must be followed by the company, for altering a company’s address.
Supreme Court upheld the importance of proportionate and equal treatment for creditors in a class, emphasizing that the Resolution Plan should be feasible, viable, and just. The Court rejected the appellant’s plea for a higher amount based on the value of their security interest, underscoring the need for a rational and equitable resolution process that maximizes the value of the Corporate Debtor’s assets.
Taxpayers are being provided a facility to report their cumulative ITC reversal (ITC that has been reversed earlier and has not yet been reclaimed) as opening balance for Electronic Credit Reversal and Re-claimed Statement if any.
ITR U is the updated income tax return form introduced by the Government of India in the Union Budget 2022. It allows taxpayers to update their income tax returns within 24 months from the end of the relevant assessment year.
