The Competition Commission of India (CCI) has imposed a fine of ₹213.14 crore on Meta for abusing its dominant position through WhatsApp's 2021 Privacy Policy update, which mandated data sharing…
GST Officials Review Taxation of Delivery Charges by Swiggy and Zomato
The fitment committee, comprising state and central GST officials, is evaluating whether delivery charges from platforms like Swiggy and Zomato should remain taxed as part of food supplies. Key PointsInvestigation…
🟥 CBDT Circular on Condonation of Delay for Filing Forms 9A/10/10B/10BB
Date: November 18, 2024Category: CBDT Notification The Central Board of Direct Taxes (CBDT) has issued Circular No. 16/2024 concerning the condonation of delay under Section 119(2)(b) of the Income-tax Act,…
GSTN Introduces New Feature to Fix Invoice Matching Errors for ITC Claims
Date: November 16, 2024Category: GST Recent News The Goods and Services Tax Network (GSTN) has launched a new Invoice Management System (IMS) to streamline invoice matching, enabling taxpayers to claim…
Important GST Case Law: L&T-IHI Consortium Eligible for ITC on Advance Received for Atal Setu Project
Case: Bombay High Court - L&T IHI Consortium vs. Union of India & Ors.Writ Petition: No. 2980 of 2019 Key Highlights: ITC Allowed Despite Non-Compliance with Section 16(2)(b):The Bombay High…
More than 8 Crore ITRs Filed for FY 2023-24: 74% Opt for New Tax Regime
Date: November 15, 2024Category: Income Tax News Key Filing Statistics: Over 8 crore Income Tax Returns (ITRs) were filed for the Assessment Year 2024-25, covering income earned in FY 2023-24.…
Finance Ministry Pushes for Income Tax Act 1961 Reform
Author: AAERM Law Associates The Finance Ministry is working swiftly to reform the Income Tax Act of 1961. This effort aims to simplify compliance, remove outdated clauses, and foster fairness…
Finance Ministry to Revamp the Income Tax Act of 1961: Simplifying India’s Tax System
Introduction The Finance Ministry has initiated a major reform to streamline the Income Tax Act of 1961. This initiative seeks to simplify the tax system by removing outdated provisions and…
Direct Tax Code Overhaul Expected in Budget 2025 to Cut Litigation and Simplify Compliance
November 14, 2024Aaerm Law Associates As the Union Budget 2025 approaches, the Central Board of Direct Taxes (CBDT) is reportedly focusing on introducing a streamlined version of India’s income tax…
HSN Code and GST Rate on Sale of Scrap Materials: A Guide for Businesses
Introduction to GST on Scrap Materials Scrap material sales are subject to Goods and Services Tax (GST) in India, with rates varying based on the HSN (Harmonized System of Nomenclature)…