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Archive: December, 2024

Posts in December, 2024

Webinar on Critical Issues in Faceless Assessments under Income Tax Act, 1961

February 14, 2025 5097 Views 0 comment Print

Join our webinar on Faceless Tax Assessments under the Income Tax Act, 1961. Learn concepts, challenges, and solutions from expert CA Hari Agarwal, FCA.

Clarification regarding refund of TDS pertaining to Foreign Contribution (FC)

December 31, 2024 1164 Views 0 comment Print

Ministry clarifies TDS refund transfer to FCRA accounts, stating it’s not a violation and must be reported as “other income” in Form FC-4.

Foreign Contribution (Regulation) Amendment Rules, 2024

December 31, 2024 1467 Views 0 comment Print

Ministry of Home Affairs amends Foreign Contribution rules with changes to carry forward unspent administrative expenses and updated reporting in Form FC-4.

Clarification on GST Treatment of Vouchers by CBIC

December 31, 2024 2493 Views 0 comment Print

CBIC clarifies GST treatment of vouchers, including trading, commission models, and unredeemed vouchers (breakage), providing clarity for businesses and distributors.

Clarification on Place of Supply for Online Services to Unregistered Recipients

December 31, 2024 2277 Views 0 comment Print

CBIC clarifies place of supply for online services provided to unregistered recipients under IGST Act, including mandatory state name on invoices

ITC Availability for Goods Under Ex-Works Contract Clarified

December 31, 2024 7626 Views 0 comment Print

CBIC clarifies ITC eligibility for goods delivered under Ex-Works contract as per Section 16(2)(b) of CGST Act, 2017

Clarification on ITC Reversal for ECO under GST Act

December 31, 2024 1488 Views 0 comment Print

The circular clarifies that electronic commerce operators under section 9(5) of CGST Act need not reverse input tax credit for specified services, excluding restaurant services.

21 Joint Commissioners of Income Tax Elevated to NFSG Level 13 in 2024

December 31, 2024 879 Views 0 comment Print

CBDT promotes Joint Commissioners of Income Tax to NFSG Level 13 with notional effect from January 1, 2022. Notification issued on December 31, 2024

17 Joint Commissioners of Income Tax Elevated to Selection Grade

December 31, 2024 603 Views 0 comment Print

CBDT promotes Joint Commissioners to Selection Grade (NFSG) with notional effect from January 1, 2022, or 2024, as applicable. Notification issued on December 31, 2024.

No addition for NRI investment in mutual funds as the same was legitimate

December 31, 2024 738 Views 0 comment Print

AO had made the addition with the observation that no response was received from assessee. Based on that, he proceeded to complete the assessment u/s 144 based on the information available on his record.

50 ACITs Promoted as Deputy Commissioners of Income Tax, W.e.f. 01.01.2025

December 31, 2024 897 Views 0 comment Print

Government promotes Assistant Commissioners to Deputy Commissioners of Income Tax effective January 1, 2025. Subject to ongoing legal proceedings

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