Whether Cash seized by the income tax department can be adjusted against Self- Assessment Tax payable by the taxpayers? Whether income tax law permits the adjustment of seized cash against Self-Assessment tax liability is one of the most common questions which taxpayers encounter wherenver the high amount of cash is seized during search proceedings. The... The post Whether Cash seized by the income tax department can be adjusted against Self- Assessment Tax payable by the taxpayers? appeared first on The Tax Talk ..read more

Money saved due to low interest rate loans availed by bank employees taxable: SC   All India Bank Officers’ Confederation Vs Regional Manager (Supreme Court of India) Appeal Number : Civil Appeal No. 7708 of 2014   Introduction: 1.  The case centered around the interpretation of Section 17(2)(viii) of the Income Tax Act and Rule... The post Money saved due to low interest rate loans availed by bank employees taxable: SC appeared first on The Tax Talk ..read more

Authorised car dealers can claim input tax credit on demo cars: WB AAR   In a recent ruling that impacts automobile dealers across India, the West Bengal bench of the GST Authority for Advance Ruling (AAR) has provided clarity on the taxation aspects of demonstration cars, commonly known as demo cars.   The AAR clarified,... The post Authorised car dealers can claim input tax credit on demo cars: WB AAR appeared first on The Tax Talk ..read more

IITAT upheld CIT(A) justification of admitting additional evidenced produced   The submission of additional evidence is often there whenever the ex-parte assessment order is passed by the AO. Furhter, even in various cases, thought the order is not ex-parte but the assessee could not furnish few documents which could have been relevant for the assessment... The post IITAT upheld CIT(A) justification of admitting additional evidenced produced appeared first on The Tax Talk ..read more

TDS credit reflected in Form No. 26AS after the income tax return Filed? Here is a solution Taxpayers can claim TDS credit if the same is not claimed in the ITR as it was deposited by Deductor after filing the ITR. There is a Notification No. 73/2023, dated 30-08-2023 issued by the CBDT pursuant to... The post TDS credit reflected in Form No. 26AS after the income tax return Filed? Here is a solution appeared first on The Tax Talk ..read more

GSTR-6: Return for Input Service Distributors (ISD)   What is Form GSTR-6? Form GSTR-6 is a monthly return to be filed by all the Input Service Distributors (ISD) for distribution of credit (ITC) amongst its units. Who needs to file Form GSTR-6 and is it mandatory to file this form? Only those persons who are... The post GSTR-6: Return for Input Service Distributors (ISD) appeared first on The Tax Talk ..read more

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