CBDT Guidelines for Handling Delayed Old pending Tax Refund Claims The Central Board of Direct Taxes issued Circular No. 11/2024 on October 1, 2024, providing new guidelines for condoning delays in filing Income Tax Returns (ITRs) that claim refunds or carry forward losses u/s 119(2)(b) of the Income-tax Act, 1961. This circular supersedes earlier instructions …
RCM on Renting of Commercial Properties : Important GST Update A corrigendum to Central Board of Indirect Taxes and Customs Notification No. 09/2024-CTR has been released, bringing important clarity to the application of Reverse Charge Mechanism on the renting of properties. CBIC Issued Corrigendum to Provide RCM is Applicable Only on Renting of Commercial “Immovable” Property. …
Attention GST Taxpayers! Important Update on Bank Account Validation for GST GSTN Issued Advisory on Validation of Bank Account Details While Adding Bank Account. The Goods and Services Tax Network has implemented a new validation process for updating bank account details during non-core amendments. Here’s a quick guide to ensure you follow the updated process …
What is normal Components Included in CTC ? CTC (Cost to Company) is the total expenditure an employer incurs for hiring an employee. It includes the basic salary, allowances, perks, and contributions to savings like Provident Fund (PF) and gratuity. CTC provides a full picture of the employer’s cost but doesn’t reflect the actual money …
CBDT Guidance on Vivad Se Vishwas Scheme, 2024 related CBDT circular Direct Tax Vivad Se Vishwas Scheme, 2024 provides a structured approach to settle ongoing tax disputes and aims to reduce litigation by offering taxpayers a way to resolve matters amicably. The CBDT Circular No. 12/2024 outlines key guidelines, adding clarifications on various situations where …
Public Interest Litigation filed to challenge Sec 87A rebate denial & unfair demand raised by Govt A Public Interest Litigation was recently filed before Gujarat High Court on October 16, 2024, by Chartered Accountant Chintan N. Patel, represented by Advocate Chartered Accountant Rutvij Patel, challenging income tax demands raised by Tax Dept in relation to …
Check Your ICAI Polling Booth Details & Option to Change ICAI elections are scheduled to be held on 6th and 7th December 2024.We encourage all members to exercise their voting rights and make their voices heard. Your input is greatly appreciated. It looks like the ICAI elections are fast approaching, and it’s great that you’re encouraging participation. …
Summary of the key amendments from the Union Budget 2024, effective October 1, 2024: Direct Tax Vivad Se Vishwas Scheme (VSV) 2.0: Aimed at resolving tax disputes related to tax, interest, penalties, or fees pending as of July 22, 2024. If the tax department filed the appeal, taxpayers will benefit from a reduced settlement at …
Restoration of GST returns data: The Goods and Services Tax Network has issued a crucial update following its advisory from 24th September 2024 concerning the archival of Goods and Services Tax return data from the portal after seven years. Initially, the return data for July 2017 and August 2017 was archived on 1st August and 1st …
What happen when Failure to get accounts audited Section 271B of the Income Tax Act mandates a penalty for failure to comply with the audit requirements under Section 44AB. However, Section 273B provides relief by allowing the penalty to be waived if the assessee can prove a reasonable cause for such failure. While Section 271B …