Exceeding ₹2.5 lakh B2B output tax liability under Rule 14A risks GST registration cancellation and ITC disruption. Learn how to transition to normal registration immediately.
Section 135 mandates companies above certain thresholds to spend 2% of profits on social initiatives, establish CSR committees, and disclose activities in annual reports for transparency and accountability.
The Court held that the negative blocking of Input Tax Credit under Rule 86A CGST was ultra vires, directing authorities to restore ₹5.56 lakh ITC within 15 days, reaffirming taxpayer rights.
PPIRP offers a rapid, low-cost alternative to traditional insolvency but adoption remains limited due to creditor consensus requirements, NCLT delays, and low MSME awareness.
The Tribunal held that cash deposits were fully supported by stock records and sales invoices, proving they were genuine business receipts. It ruled that Section 68 cannot apply to recorded turnover already taxed.
Explains that revenue records alone don’t qualify land as agricultural; actual use determines tax treatment. Key takeaway: Land used commercially may attract capital gains tax despite agricultural classification.
ITAT held that charitable trusts without member-wise income shares cannot be taxed at 30% MMR. Tax must be applied at normal slab rates per CBDT Circular 320.
The Court held that leasing a residential building used as a hostel for students and professionals falls within “renting of residential dwelling for use as residence.” It ruled that GST exemption applies even if the lessee does not personally reside there.
SC directs Bar Council of India to ensure at least 30% of seats and office-bearer posts in every State Bar Council are reserved for women, addressing underrepresentation.
Because differing judicial views existed on taxation of co-operative society interest income, the AO’s accepted position could not be termed erroneous. The Tribunal ruled that debatable issues cannot trigger section 263 revision.
