Whether Section 5 of limitation Act applies to CGST Cases?   The Allahabad High Court, while dismissing an appeal under Section 107 of the Central Goods and Services, observed that Section 107 of the Act specifically provides for the limitation and in the absence of any clause condoning the delay by showing sufficient cause after... The post Whether Section 5 of limitation Act applies to CGST Cases? appeared first on The Tax Talk ..read more

Modified return in the case of business reorganisation: An Overview   Section 170A of the Income-tax Act, 1961 provides that the entities going through business reorganization may furnish modified return of income for any assessment year to which such order of business reorganization is applicable within six months from the end of the month of... The post Modified return in the case of business reorganisation: An Overview appeared first on The Tax Talk ..read more

GSTN to ensure prompt credit & debit entries in real time : Allahabad HC   In a recent case involving Bhole Baba Milk Food Industries Limited vs. Union of India, the Allahabad High Court addressed the issue of levying penalties for delayed credit of payments to GSTN accounts. The petitioner sought relief from penalties and... The post GSTN to ensure prompt credit & debit entries in real time : Allahabad HC appeared first on The Tax Talk ..read more

Reassessment Proceeding: Short Overview of the Bombay High Court in Hexaware Technologies Limited v. ACIT   Hon’ble Bombay High court in the case of Hexaware Technologies Limited v. ACIT [WP No. 1778 of 2023 dt. 3rd May, 2024 for AY. 2015-16)] has made remarkable and noteworthy observation in the case of Hexaware Technologies Limited v. ACIT. The... The post Reassessment Proceeding: Short Overview of the Bombay High Court in Hexaware Technologies Limited v. ACIT appeared first on The Tax Talk ..read more

GST Rate & HSN Code for Watches & clocks   Rates (%) Products Description HSN Codes 18% Wrist-watches, pocket-watches and other watches, including stopwatches, with case of precious metal or of metal clad with precious metal 9101 18% Wrist-watches, pocket-watches and other watches, including stop watches, other than those of heading 9101 9102 18% Clocks... The post GST Rate & HSN Code for Watches & clocks appeared first on The Tax Talk ..read more

Whether cash can be seized by the GST Department?   Income Tax authorities have power to seize the cash during income tax search operations. The question arises as to whether the GST department can also do the same? Gujarat High Courtin Bharat Kumar Pravin Kumar & Co. (26-Oct-2023) has held that if cash found in... The post Whether cash can be seized by the GST Department? appeared first on The Tax Talk ..read more

Compliance Calendar for May’ 2024   INCOME TAX ▪ 07th May 2024- Due date for payment of TCS/ TDS for the month of April’24. ▪ 15th May 2024- Due date for TCS retuen for Q4 (Jan-Mar’24) ▪ 30th May 2024- Due date for TDS return for Q4 (Jan- Mar’24) ▪ 31st May 2024- Due date... The post Compliance Calendar for May’ 2024 appeared first on The Tax Talk ..read more

Notice issued by Jurisdictional Assessing Officer (JAO) & not by Faceless Assessing Officer is invalid and bad in law: Bombay HC   Hon’ble Bombay High court in the case of Hexaware Technologies Limited v. ACIT [WP No. 1778 of 2023 dt. 3rd May, 2024 for AY. 2015-16)] has made remarkable and noteworthy observation in the case... The post Notice issued by Jurisdictional Assessing Officer (JAO) & not by Faceless Assessing Officer is invalid and bad in law: Bombay HC appeared first on The Tax Talk ..read more

Monetary limit fixed for assessment to be done by ACIT won’t preclude jurisdictional AO to initiate reassessment   Recently, Allahabad HC has held that the monetary limit fixed for assessment to be done by ACIT won’t preclude jurisdictional AO to initiate reassessment. -Shivaaditiya Jems And Jewellery (P.) Ltd. v. ITO – [2022] 143 taxmann.com 64 (Allahabad)- Facts... The post Monetary limit fixed for assessment to be done by ACIT won’t preclude jurisdictional AO to initiate reassessment appeared first on The Tax Talk ..read more

NEW TAX REGIME: NO TAX ON INCOME OF RS. 7 LAKH* [* Terms & Condition Apply] Every individual with income not exceeding Rs. 7 Lakh (excluding income chargeable to special rate of tax) will not be required to pay any tax under the New Tax Regime (NTR). Salaried individuals also benefit from a standard deduction of... The post NEW TAX REGIME: NO TAX ON INCOME OF RS. 7 LAKH* [* Terms & Condition Apply] appeared first on The Tax Talk ..read more