TAXATION


Moneylife Digital Team 20 January 2025
Expressing reservations about the speed at which the assessment officer (AO) re-opened assessment proceedings after four years and passed an assessment order without furnishing the reasons, the Bombay High Court (HC) quashed the proceedings initiated against a taxpayer.    In an order last...

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SN Thyagarajan (Bar  and   Bench) 10 January 2025
The Supreme Court on Friday stayed Goods and Services Tax (GST) proceedings against 49 online gaming companies over retrospective demand notices issued to them on full face value of bets placed through their portals. (Gameskraft v. GST)   A Bench of Justices JB Pardiwala and R Mahadevan...

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Sponsored Post 08 January 2025
Retirement is meant to be the golden phase of life when you can finally take a break from work and pursue interests close to your heart. However, would it turn out that way if financial worries loom over your silver years?   Proper retirement planning is crucial to truly maximising your...

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Moneylife Digital Team 07 January 2025
Coming down heavily on the jurisdictional assessing officer (JAO) and principal commissioner of income-tax (PCIT) for gross non-application of mind and totally irrelevant remarks alien to the case, causing serious prejudice to the petitioner and leading the petitioner to knock on the doors of...

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Moneylife Digital Team 27 December 2024
In a significant decision, the GST council clarified during its 55th meeting on 21 December 2024, that penal charges imposed by banks and financial institutions will no longer attract goods and services tax (GST). This clarification has resolved months of confusion that arose when banks began...

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Moneylife Digital Team 23 December 2024
In a significant development at the 55th GST council meeting held in Jaisalmer (Rajasthan) concluded with several significant tax framework modifications while the much-anticipated decision on restructuring GST rates for insurance products has been postponed, sparking discussions about...

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Moneylife Digital Team 13 December 2024
Switzerland has withdrawn the most favourite nation (MFN) status granted to India following an adverse court ruling against Nestlé for the avoidance of double taxation concerning taxes on income. This move will result in adverse tax implications for Indian companies operating in the European...

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Moneylife Digital Team 12 December 2024
Upholding a taxpayer's right to offset short-term capital losses (STCL) against long-term capital gains (LTCG) for reducing tax liability, the Mumbai bench of the income-tax appellate tribunal (ITAT) rejected the claim of tax evasion by the income-tax (I-T) department. The ruling provides a...

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Moneylife Digital Team 12 December 2024
Rapping the assessment officer (AO) of the income-tax (I-T) department for relying on information sourced from a Google search and local newspaper reports to make an addition under Section 68 of the I-T Act, the Mumbai bench of the income-tax appellate tribunal (ITAT) dismissed the appeal filed...

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Moneylife Digital Team 04 December 2024
The central board of indirect taxes and customs (CBIC) has rejected media reports regarding the group of ministers (GoM) recommendations on goods and services tax (GST) rate changes on various goods and services saying that such reports are premature and speculative. CBIC says that GST council...

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Moneylife Digital Team 27 November 2024
The Cabinet committee on economic affairs (CCEA) has approved the income tax (I-T) department's permanent account number (PAN) 2.0 project. This project aims to streamline and modernise issuing and managing PAN and tax deduction and collection account number (TAN), making it more user-friendly...

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Moneylife Digital Team 18 November 2024
The central board of direct taxes (CBDT) has launched a compliance-cum-awareness campaign for assessment year (AY) 2024-25 to assist taxpayers in accurately completing schedule foreign assets (schedule FA) and reporting income from foreign sources (schedule FSI) in their income-tax returns...

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Moneylife Digital Team 15 November 2024
While several reports ask taxpayers to link their permanent account number (PAN) with Aadhaar before 31 December 2024, the actual deadline to do so is already over. In fact, from 1 July 2023, PANs not linked with Aadhaar became inoperative. Since then, the Union government has been collecting...

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Moneylife Digital Team 17 October 2024
The central board of direct taxes (CBDT) has notified amendments in income-tax (I-T) rules for ease in claiming credit for tax collected at source (TCS) and tax deducted at source (TDS) for salaried employees and enabling claiming TCS credit of minors in the hands of parents.    CBDT...

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Chandramouli Mohan 11 October 2024
When was the last time you were hit with a late fee and thought, “Well, this seems fair”? Suppose you missed a loan payment or delayed submitting financial documents to your bank. In that case, you probably know the pain of penal interest—a little extra interest banks used to slap on for your...

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Sponsored Post 09 October 2024
Financial planning remains the most important part of income management. It helps you precisely determine your short- and long-term life goals and balance your income accordingly. However, tax liabilities and obligations are the most critical factors that can influence your financial...

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Moneylife Digital Team 03 October 2024
Bringing much-needed clarity to the reassessment process during transitional periods and striking a balance between the tax department and taxpayers, the Supreme Court on Thursday said the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA) will continue to...

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Moneylife Digital Team 02 October 2024
Goods and services tax (GST) revenue growth rate increased 6.5% to Rs1.73 lakh crore in September, despite slower groth in collections from domestic transactions as well as imports. However, this is the slowest growth of GST over the past 40 months. It is also lower by 1% compared with GST...

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Abhimanyu Hazarika (Bar  and   Bench) 23 September 2024
The Supreme Court on Monday rebuked the Income Tax Department for indulging in long and expensive litigation over small amounts (Principal Commissioner of Income Tax 1 v M/S Weedo Ventures Pvt Ltd).   A Bench of Justices Sanjiv Khanna and PV Sanjay Kumar emphasised that a litigant should...

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Moneylife Digital Team 18 September 2024
While small and medium businesses face stringent punishments for not paying statutory dues within time, SpiceJet Ltd has not paid its dues worth Rs427 crore for tax deducted at source (TDS), provident fund (PF) or gratuity dues to employees and goods and services tax (GST) since 2020, reveals a...

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