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Archive: 07 August 2024

Posts in 07 August 2024

Initiation of re-assessment proceedings merely based on faceless information quashed: Bombay HC

August 7, 2024 1659 Views 0 comment Print

Bombay High Court held that initiation of re-assessment proceedings u/s. 148 of the Income Tax Act without verifying the information derived from the mechanism of faceless collection of information is unsustainable and liable to be quashed.

Notification No. 98/2024 Income Tax Exemption for Karnataka Disaster Centre

August 7, 2024 921 Views 0 comment Print

CBDT notifies Karnataka State Natural Disaster Monitoring Centre for tax exemptions on specific incomes. Effective for AY 2021-22 to 2025-26 with conditions.

Notification No. 97/2024 Income Tax Exemption for Kalyan Karnataka Board

August 7, 2024 195 Views 0 comment Print

Ministry of Finance notifies Kalyan Karnataka Region Development Board’s tax exemption for grants and interest, effective for FYs 2021-22 and 2022-23.

Filing Income Tax Return for 2-3 years at once (ITR-U explained)

August 7, 2024 2976 Views 0 comment Print

Learn how to file Income Tax Returns for previous years using ITR-U. Understand the process, deadlines, additional taxes, and penalties for missed filings.

Lees than stipulated 7 clear days to respond: HC directs Fresh Assessment 

August 7, 2024 783 Views 0 comment Print

Calcutta High Court remands Sreelekha Banerjee’s 2019-20 tax assessment case to Faceless Assessment Unit for review, citing inadequate response time and natural justice principles.

Calcutta HC Stays GST Demand considering jurisdictional issue in Gopal Samanta case

August 7, 2024 705 Views 0 comment Print

Calcutta High Court stays GST demand against Gopal Samanta, questioning validity of time extensions under Section 73 of WBGST/CGST Act due to lack of force majeure.

High Credit Card Use Can Trigger Income Tax Scrutiny

August 7, 2024 6564 Views 1 comment Print

Excessive credit card spending may attract tax notices. Learn how to manage credit card transactions to avoid scrutiny and ensure compliance with tax regulations.

Corporal Punishment to Child Not Part of Education: Chhattisgarh HC

August 7, 2024 477 Views 0 comment Print

Chhattisgarh High Court declares corporal punishment for reforming children cannot be part of education, upholding a case against a teacher accused of abetment of suicide.

A comprehensive analysis of function of electronic information in tax assessments

August 7, 2024 1116 Views 0 comment Print

Explore how electronic data transforms tax assessments, highlighting accuracy issues, verification needs, and taxpayer rights as seen in the Benaifer Vispi Patel case.

Budget 2024: Amendments relating to Indirect Taxes (GST & Custom Duty)

August 7, 2024 2814 Views 0 comment Print

Explore the major 2024 amendments in Customs and GST laws. Key changes in tariff rates, warehousing rules, and GST regulations affecting trade and taxation.

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