KSCAA has urged Karnataka authorities to assess empanelment eligibility based on the audit experience of Chartered Accountants within a firm rather than the firm’s age. The representation emphasizes that professional competence should prevail over technical considerations relating to firm reconstitution.
The ITAT Chennai ruled that funds received by a Chartered Accountant for remitting clients’ taxes could not be treated as unexplained money. Documentary evidence showing corresponding tax payments led to deletion of the additions.
The article explains that ITC eligibility under Section 16 can still be denied by the overriding provisions of Section 17(5). It highlights the importance of examining statutory restrictions before claiming GST credit.
The Rajasthan GSTAT Bar has urged the Tribunal to adopt a pragmatic approach by accepting pre-deposits made through the Electronic Credit Ledger and refraining from objecting to original Hindi records filed with appeals.
The Jodhpur ITAT held that deduction under Section 80GGC cannot be denied merely on allegations against a political party in the absence of evidence showing any benefit returned to the donor.
The Rajasthan High Court held that a taxpayer who defaults in filing GST returns in one State cannot obtain fresh registration in another State. The ruling reinforces that GST compliance obligations have nationwide implications.
Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in another eligible residential property within prescribed timelines.
The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt for it voluntarily. Understanding the applicable challans, eligible payment methods, and compliance requirements is essential for seamless tax payments and accurate credit of taxes.
Permanent Account Number (PAN) serves as a unique identifier enabling the Income-tax Department to track tax payments, returns, TDS/TCS credits, and specified financial transactions of taxpayers. The Income-tax Act mandates obtaining and quoting PAN for various persons and high-value transactions, while also prohibiting possession of multiple PANs and prescribing penalties for non-compliance.
Taxpayers entering specified domestic transactions exceeding prescribed thresholds must maintain transfer pricing documentation, as failure to do so can attract penalties of 2% of the transaction value and other compliance consequences.
