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CBIC Advisory GST Provisional Attachment Section 83(2)

This communication will also reference Section 83(2) of the CGST Act, 2017, and state that the property or account in question is being released or restored in accordance with these provisions.

Fine Up To 50000 Non Display GST Number CBIC

Failure to comply with this guideline may result in fines of up to Rs 50,000. The CBIC is actively promoting GST number verification among businesses through a campaign running until September 15.

Tax Implications of Cash Deposits in Bank Accounts

The RBI has announced the withdrawal of Rs. 2000 notes from circulation & requested the public to submit the 2000 notes if they have them for exchange

Advisory Regarding The Extension of Due Dates For GST Returns

As per Notifications No. 11/2023 – Central Tax, 12/2023 Central Tax, and 13/2023 – Central Tax, all dated 24th May 2023, the government has granted an extension for the due date of filing GSTR-1, GSTR-3B, and GSTR-7 for the tax period of April 2023.

Income Proof is Mandatory For Rs. 10 lakhs investments in small savings schemes

The government has recently implemented new regulations regarding post office schemes. As per the updated guidelines, individuals investing more than Rs 10 lakh in post office schemes are now required to provide documentation proving the source of funds.

Ignoring Income Tax Notices

The department has explicitly stated that individuals who disregard income tax notices will be subject to thorough scrutiny regarding their Income Tax Returns (ITR).

ITR Filing Due Date, Benefit, & Documents For AY: 2023-24

The deadline for furnishing the Income Tax Return (ITR) for the Assessment Year (AY) 2023-24, which is for the income earned in the financial year (FY) 2022-23, is on July 31, 2023, for most taxpayers. Nevertheless, for taxpayers who must undergo an audit of their accounts as per the Income Tax Act, including companies, LLPs, and some individuals, the deadline for filing the ITR is commonly October 31, 2023.

I-T returns: Norms notified for compulsory scrutiny

The Central Board of Direct Taxes (CBDT) has identified specific parameters for the compulsory selection of returns for thorough scrutiny during the fiscal year 2023-24. One of these parameters includes cases where a law enforcement agency provides specific information highlighting tax evasion for the relevant assessment year, and the assessee has filed the return for that assessment year.

EPF members can avail of Non-refundable advances for illness of self or Family members

The Employees' Provident Fund (EPF) is a social security scheme designed to provide financial support to employees in India. Under the EPF scheme, members have the opportunity to avail themselves of various benefits to ensure their well-being and that of their families.

Fake GST Registration May Affect Small e-commerce Businesses

Starting from May 16th, both central and state indirect tax authorities have initiated a two-month campaign aimed at identifying and removing entities that obtain GST registrations through fraudulent means.

GST Campaign Under way 4,000 Firms In District Tagged Suspicious

Around 4,000 firms based in Ludhiana have been flagged as doubtful by the online system of the Goods and Services Tax Network (GSTN).

Understanding Sections 90, 90A, and 91 of the Income Tax Act

The Income Tax Act is a vital legislation that governs the taxation system in many countries, providing the framework for determining tax liabilities and obligations. For individuals or entities involved in international transactions or earning income from foreign sources, it becomes crucial to comprehend the provisions related to cross-border taxation. Sections 90, 90A, and 91 of the Income Tax Act play a significant role in addressing international taxation's complexities and providing relief measures to prevent double taxation.

BE AWARE! The income tax department can Deliver Notice even on your friend’s transaction

Receiving notices from the Income Tax Department is a common occurrence, and sometimes these notices are issued for transactions that you haven't actually made. This can happen to anyone, causing a sense of anxiety. However, there's no need to panic excessively. In a special program called CNBC Awaaz Tax Guru, tax expert Sharad Kohli shared valuable insights on how to address this issue. Let's find out what steps you need to take to resolve the situation.

Company Directors Get 3 Months Jail For Income Tax & Liability Delay

Yash Patnaik, Mamta Patnaik, and their television production company have been convicted by a metropolitan magistrate court for failing to submit income tax amounting to Rs. 8.37 crore. The court has sentenced the directors to three months imprisonment in three separate cases filed by the Income Tax department. Additionally, a fine of Rs. 5,000 has been imposed in each of the three cases.

FADA Urges GST Council to Reduce GST Rates on Two Wheelers to 18% From 28%

The Federation of Automobile Dealers Associations (FADA) has made an appeal to the GST Council, urging a decline in the GST rate on two-wheelers. FADA is urging for an immediate reduction of the GST rates from the existing 28% to 18%.

ITR-1 and ITR-4 forms are Available Online mode

The income tax department has made ITR forms 1 and 4 available on the e-filing website. These forms were enabled for online filing almost a month after the department released the Excel utility for them.

ITR Filing AY 2023-24 Tax Helplines Latest Updates

According to information from the Income Tax Department, the helpline numbers for Aaykar Sampark Kendra (ASK), which are 1800 180 1961, and 1961, are scheduled to be discontinued from June 1st, 2023. This change will take place after a period of nearly 11 months from now.

Steps to handle the Show Cause Notice (SCN) In GST

Handling a Show Cause Notice (GST) is a crucial aspect of compliance and legal procedure. When an authority suspects non-compliance or irregularities in GST filings, they issue an SCN to the concerned taxpayer. This notice outlines the alleged violations and provides an opportunity for the taxpayer to present their case and provide explanations or evidence to refute the allegations.

GST Authorities Broadens Investigation Against Insurers, 10 More Firms to Get Notices Soon

DGGI has uncovered a tax evasion amounting to Rs 2,500 crore by insurers. Out of this sum, the companies have voluntarily paid nearly Rs 750 crore.

Physical Verification in Indian GST

The Indian GST Department has recently released a new advisory titled "Guidelines for Special All-India Drive against fake registrations" (Instruction No. 01/2023-GST dated 04-May-2023). This advisory aims to address tax evasion and verify the authenticity of businesses.

File GSTR-10 Final Return Before 30/06/2023 To The Avail of GST Amnesty

Since its implementation, the Goods and Services Tax (GST) has transformed the indirect tax landscape in India. Nonetheless, numerous businesses have encountered difficulties in adhering to the GST regulations, resulting in the non-filing or inaccurate filing of returns.

Government to launch a special TWO-Month nationwide Drive Against GST frauds w.e.f. 16th May

Starting on May 16, the government will initiate a two-month special drive to combat fraudulent practices involving input tax credits within the Goods and Services Tax (GST) system. This drive aims to target individuals, professionals, and firms who unlawfully claim input tax credits by using fake identities and forged documents, despite not actually supplying any products.

Big Update For E-filing of Income Tax Return Form 2 For FY 2022-23 (AY 2023-24) Available Via Offline Method

The income tax department has recently made available the offline form ITR-2 for filing income tax returns (ITR) for the financial year 2022-23 (AY 2023-24). In the previous month, the CBDT had announced the availability of offline forms for ITR-1 and ITR-4.

Mandatory e-invoicing for Taxpayers having aggregate turnover INR 50mn

As per Notification no: 13/2020-Central Tax dated 21 March 2020, the Indian government mandated the use of e-invoicing for specified individuals or entities with an annual turnover (ATO) exceeding INR 100 Mn in any financial year from 2017-18 onwards.

Automated GST Scrutiny to Result In Notices For Data Discrepancies

According to experts, the recent implementation of automated scrutiny of Goods and Services Tax (GST) returns by the central government may result in taxpayers receiving notices when there are discrepancies between various types of tax returns.

How to Handle GST Return Scrutiny Notice-ASMT-10

If you are registered under GST, it is mandatory for you to submit GST returns as per the regulations of GST law. Nevertheless, there might be situations where you receive a scrutiny notice, specifically ASMT-10, to examine the correctness and comprehensiveness of your GST returns.

CBIC reduces E-invoicing limit 5 cr from existing limit of 10 cr w.e.f. August 01, 2023

The CBIC issued Notification No. 10/2023–Central Tax dated May 10, 2023 to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020 to decrease the E-invoicing aggregate turnover limit from 10 crore to 5 crore w.e.f. August 01, 2023.

Karnataka HC Directs To File a Revocation Application: Cancellation of GST Registration on Non-Filing of Tax Returns

In the recent GST notification regarding the revocation of GST registration, the Karnataka High Court has granted permission to file cancellation applications. Applications filed outside the time limit can now be resubmitted if the cancellation of registration occurred before December 31, 2022.

Finance Minister Instructed CBIC To Implement Its Automated GST Return Scrutiny

The Finance Minister instructed the CBIC to introduce an automated GST return scrutiny system by the following week & and to develop an action plan that utilizes technology to expand the taxpayer base..

Analysis of 8th GST Notifications on 31st March 2023

On the 31st of March, 2023, when the fiscal year 2022–2023 was close to an end, we were awakening into the night to uphold the discussions reached at the 49th Council meeting, which was held on 18th February, 2023.

CBIC to Provide Big Relief for these GST Small Taxpayers

CBIC will provide significant relief to these GST small taxpayers by lowering interest rates for a specified period of time for tax periods ranging from February to July 2020.