20 Mar Filing of Form 10-IEA for Income-Tax Return
The Income-Tax Department has introduced Form 10-IEA for individuals who wish to switch back to the old tax regime from the new one....
Tax Compliance Tag
20 Mar Exploring Rule 31C: Understanding the Valuation of Gaming Supplies in CGST Rules
The advent of the Goods and Services Tax (GST) in India has ushered in a new era of tax regulations, particularly impacting the gaming and casino industry....
19 Mar Registration not to be cancelled retrospectively when vague SCN is issued and no reasonable opportunity granted to file reply
The Delhi High Court, in the case of M/s. Friends Media Add Company vs. Principal Commissioner of Goods and Service Tax [W.P.(C) No. 1260 of 2024 dated February 12, 2024], altered the GST cancellation ruling to apply prospectively from the date of the show cause...
19 Mar CBDT Issues Guidelines on Income Tax Appeal Filing to Reduce Litigation
The Central Board of Direct Taxes (CBDT) has issued Circular No. 5/2024 dated March 15, 2024, under Section 268A of the Income-tax Act, 1961, providing guidelines for the Department's appeal filings before the Income Tax Appellate Tribunal (ITAT), High Courts (HCs), and for Special Leave...
19 Mar Key JSON Schemas for ITR-1 and ITR-4 Issued by Income Tax Department for Assessment Year 2024-25
The Income Tax Department has recently unveiled the JSON Schema for ITR-1 for the Assessment Year 2024-25, corresponding to the Financial Year 2023-24....
19 Mar CBDT Orders Income Tax Offices to Operate on March 29-31, 2024
The Central Board of Direct Taxes (CBDT) has issued an Order dated March 18, 2024, announcing the extension of working days for all Income Tax Offices in India. This extension applies to March 29, 30, and 31, 2024, with the aim of facilitating the completion...
18 Mar Opting for GST Composition Scheme Deadline Extended to March 31, 2024: Check Eligibility and File Form CMP-02 for FY 2024-25
The deadline for GST-registered individuals to opt for the GST Composition Scheme for the fiscal year 2024-25 has been extended to March 31, 2024. This scheme simplifies tax compliance for eligible taxpayers, allowing them to avoid regular filings if their turnover remains within specified limits....
18 Mar Making Tax Payments Under the QRMP Scheme: Step-by-Step Guide
The Quarterly Return Filing and Monthly Payment of Taxes (QRMP) Scheme, initiated by the CBIC from January 1, 2021, aims to ease the compliance burden for small taxpayers. This guide outlines the process for tax payment during the initial two months of the quarter for...
16 Mar Section 194G of the Income Tax Act
Lottery tickets are often seen as gateways to instant wealth, but few realize the tax implications that accompany such windfalls. Section 194G of the Income Tax Act delineates the provisions for Tax Deducted at Source (TDS) on various activities related to lottery tickets, including their...
16 Mar Guide to Tax Collected at Source (TCS) – Rates, Payment, and Exemption
The Indian Income Tax Act incorporates provisions for Tax Collected at Source (TCS), where specific individuals are mandated to collect a predetermined percentage of tax from their buyers during certain transactions....