Madras High Court in Greenstar Fertilizers Limited v. The Joint Commissioner (Appeals) clarifies that penalties under CGST Act Section 74 do not apply to unutilized ineligible Input Tax Credit (ITC).
Introduction to Judicial Interpretation of Income Tax Law in India The judicial elucidation of income tax legislation in India plays a pivotal role in shaping the contours of the nation’s taxation regime. Given tax statutes’ intricate and often convoluted nature, the judiciary’s part in expounding and construing these laws becomes indispensable. Over the years, Indian […]
SA 320 states that misstatements, including omissions, are considered to be material if they, individually or in the aggregate could reasonably be expected to influence the economic decisions of the users taken on the basis of the financial statements. The objective of the individual auditor is to obtain a reasonable assurance about whether the financial […]
Understand Form MSME-1 filing requirements and penalties under the MSMED Act. Learn about deadlines, required information, and compliance details here.
Read the Orissa High Court’s landmark judgment ordering Rs 10 lakhs compensation for a minor’s death due to a school wall collapse. Includes detailed analysis and implications.
Learn how to determine the right coverage for health and life insurance. Discover the best plans and tips for securing your family’s financial future.
Explore summaries of recent GST circulars issued by CBIC following GST Council recommendations. Stay updated on key clarifications affecting taxpayers.
Discover what income is tax-free and save on your taxes. Learn about untaxed earnings before filing your ITR. Stay updated!
Discover why Input Tax Credit (ITC) safety in GST is uncertain for businesses. Explore reasons, challenges, and proposed government actions for safeguarding ITC.
In the vast alphabet of investment options available in the Indian market today, the Tax Saving Fixed Deposit (FD) has been standing out as a popular choice for countless investors.
