GSTN clarifies that the Invoice Management System (IMS) implementation does not change GSTR-2B auto-population or its timing. Credit Note handling offers new flexibility for recipients.
Understand the tax rules for Diwali gifts under Section 56(2)(x). Learn which gifts from relatives are exempt and when gifts from non-relatives become taxable.
Read the ITAT’s order on the validity of share capital additions under the pre-amendment Section 68 for AY 2012-13. The ruling confirms that the Revenue must conduct thorough inquiries beyond mere non-service of summons to creditors.
India’s 28% GST on online gaming deposits has slashed operator revenue and pushed players to unregulated offshore platforms. Industry demands GST only on platform fees (GGR) and a central regulator.
Balance Sheet builder helps in preparing balance sheets and financial statements for Indian companies according to the Non-Ind-AS format. It is an Excel tool that automates every step of the process. From importing data to exporting PDFs, this tool streamlines tasks, saves time, and ensures accuracy.
Gujarat High Court rules tax cannot be recovered from employees when employer fails to deposit deducted TDS; directs CBDT to enforce Section 205 compliance.
Kerala High Court rules that Section 54F exemption applies only to new residential construction, not renovation or extension of existing houses.
Delhi ITAT sustained a Rs.14.69 Cr unexplained loan addition under Section 68 against Alvin Reality, ruling that companies with less than Rs.2,000 in income and minimal reserves cannot be deemed creditworthy to advance multi-crore loans.
The ITAT Delhi sets aside over ₹1112 Cr in tax additions in Enormous Nivesh Pvt. Ltd. Vs ACIT, ruling that Section 56(2)(viia) applies only to the ‘transfer’ of shares, not the ‘fresh allotment’ (issue) of shares, which is governed by Section 56(2)(viib).
Telangana High Court held that genuineness and validity of will are civil disputes and should not be adjudicated by TSGST authorities since appropriate jurisdiction in such matter lies with the Civil Court.
