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Why GST Registration is Important Legal Compliance: Mandatory for businesses exceeding a certain turnover threshold, GST registration helps avoid heavy penalties and legal complications. Input Tax Credit: Registered businesses can…
Enhancing Tax Deductions on Savings Account Interest: A Potential Boost for India's Banking Sector In a bid to stimulate deposit growth and bolster the banking sector, the Indian government is…
By: AdminJuly 04, 2024Categories: State GST Notification and Circular4 Min Read The Gujarat Laws (Amendment of Provisions) Ordinance, 2024 signifies a crucial update to Gujarat's legal framework, adapting it to…
Notification OverviewNotification No. 27/2024-Central Tax, issued by the CBIC on November 25, 2024, amends Notification No. 02/2017-Central Tax. It empowers Additional and Joint Commissioners to adjudicate notices issued by officers…
Case Title:Kasturi & Sons (P.) Ltd. v. Additional Commissioner of GST & Central Excise (Appeals-1), Chennai Judgment Date: July 10, 2024W.P. No.: 18642 of 2024 The Madras High Court has…
The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the PAN 2.0 Project of the Income Tax Department with a financial outlay of ₹1,435…
The National Financial Reporting Authority (NFRA), during its 19th meeting on November 25, 2024, finalized and recommended Auditing Standards for notification under Section 34A of the LLP (Amendment) Act 2021.…
On November 26, 2024, the central government clarified in the Lok Sabha that no proposal to provide income tax relief for senior citizens is currently under consideration. This statement was…
On November 25, 2024, the Central Board of Direct Taxes (CBDT) issued Notification No. 121/2024, officially designating the SKAN Research Trust, Bengaluru, as a Research Association for Scientific Research under…
The GST Annual Return for FY 2023-24 must be filed by December 31, 2024, by all eligible taxpayers, with certain exemptions. This year’s updates bring significant changes, making it crucial…
As of the 2024-25 assessment year, two lakh Income Tax Returns (ITRs) reporting foreign assets and income have been filed, highlighting the importance of accurate disclosure. To ensure compliance with…
The Life Insurance Corporation of India (LIC) has filed an appeal with the Commissioner (Appeals), Karnataka State, contesting a significant GST demand order issued by the Deputy Commissioner of Karnataka.…
The Kerala Advance Authority of Ruling (AAR) clarified the eligibility of Input Tax Credit (ITC) for motor vehicles used as demonstration cars. In the Sai Service Pvt. Ltd. case [Advance…