TAXATION


In a relief for taxpayers, the Central Board of Direct Taxes (CBDT) has extended the due dates for filing of various electronic forms under the Income Tax Act, 1961.   In a statement, the Finance Ministry said that the move comes on the back of difficulties reported by taxpayers and...

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Moneylife Digital Team 27 August 2021
In a case that highlights how transporters could be harassed through the e-way bill system, the High Court (HC) of Tripura directed the tax authorities to release a transport vehicle and machinery detained due to the e-way bill's expiry and other issues. The truck was detained by the state...

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Moneylife Digital Team 24 August 2021
After a well-publicised summons, finance minister (FM) Nirmala Sitharaman asked Salil Parekh, managing director (MD) and chief executive (CEO) of Infosys Ltd to resolve the issues faced by the taxpayers on the Income Tax (I-T) e-filing portal by 15th September. While the government has indeed...

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Moneylife Digital Team 23 August 2021
The Union ministry of finance has summoned Infosys managing director (MD) and chief executive officer (CEO), Salil Parekh on Monday over continuing glitches on the new income-tax (I-T) e-filing portal.   In a tweet at 2pm on Sunday, the I-T department also said that the portal is...

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Moneylife Digital Team 23 August 2021
The Mumbai zonal unit of directorate general of GST (goods and service tax) intelligence (DGGI) has busted an input tax credit (ITC) refund fraud case and arrested the promoter of seven companies which fraudulently availed the ITC of Rs 118 crore as refund against exports from the government...

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The Ministry of Finance has amended the Income Tax Rules to allow resolution professionals appointed by the National Company Law Tribunal (NCLT) to verify the tax returns of companies undergoing bankruptcy.   The Income-tax (24th Amendment) Rules, 2021, notified by the ministry on...

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It may seem amusing but your good old car seat cover is not actually a "part" of the seat but an "accessory", at least, in the eyes of the tax department.   In an assessment, the Andhra Pradesh Authority for Advance Ruling (AAR) has turned down the plea of an applicant to term the car...

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In a move that would bring respite to importers struggling with multiple agencies for assessment of customs duties chargeable on the imports of goods, the Karnataka High Court has held that any order on assessment customs duties passed by any agency other than resolute department could be set...

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Subhash Narayan (IANS) 12 August 2021
Expanding the scope of taxation, the tax department will now levy GST on the supply of e-vouchers thereby bringing even exclusive marketing companies under the tax net.   In a recent ruling the Authority for Advance Ruling, Karnataka brought supplies of e-vouchers made by marketing...

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The Income Tax Department will refund excess amount of interest and late fee paid by taxpayers during the return filing for FY21.   In a tweet, the department said that the income tax return filing software was rectified on August 1, 2021 to remove the error due to incorrect...

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The income-tax (I-T) department has further strengthened its 'Faceless Scheme' by extending grievance registering facility to taxpayers without any physical touch points.   The department has now created dedicated e-mail ids for registering grievances in respect of pending cases under...

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Moneylife Digital Team 05 August 2021
After Cairn Energy embarrassed the government by secured an order from a French court to seize about 20 properties in Paris belonging to India, the Narendra Modi government has finally decided to amend the retrospective amendment introduced in 2012. The retrospective amendment of the law to...

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The government will resume blocking of E-way Bill (EWB) generation facility for all taxpayers who fail file their monthly or quarterly GST return for two successive periods.   E-way is a permit needed for inter-state and intra-state transportation of goods. If this is blocked, the...

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The Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electronic filing of tax forms in view of difficulties reported by the taxpayers and other stakeholders.   The Income Tax Department had mandated electronic filing of certain forms under the...

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Moneylife Digital Team 02 August 2021
Rupali Kini (name changed), a senior executive working with an investment bank, received an income-tax (I-T) notice in the last week of April 2021. The notice referred to assessment year (AY)2014-15 and alleged that “...we have reason to believe your income has escaped assessment…” while...

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Subhash Narayan (IANS) 31 July 2021
Taxpayers looking at ease of compliance requirement for filing annual GST returns for 2020-21 are in for a rude shock as the government has not completely done away with the process of including the reconciliation statement along with the returns.   The preparation of the...

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The Central Board of Indirect Taxes and Customs (CBIC) has abolished the requirement of periodic renewal of licence and registration issued to Customs Brokers and Authorised Carriers.   This move is expected to help reduce the compliance burden cast on the trade, which had to...

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The Central Board of Indirect Taxes and Customs (CBIC) has clarified that extension of time limit for tax-related matters as per recent Supreme Court order is restricted only to quasi-judicial and judicial matters relating to petitions, applications, suits and appeals and will not impact...

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Moneylife Digital Team 21 July 2021
The Central Board of Direct Taxes (CBDT) extended till 15 August 2021, the date for submission of form 15CA and form 15CB. Taxpayers can now submit their form 15CA, 15CB online or in manual format with authorised dealers till 15th August.   Due to glitches on the new income tax...

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In a major relief for jewellers, the Karnataka Authority for Advance Ruling (AAR) has held that in case of resale of second-hand gold jewellery, jewellers have to pay GST only on the profit earned from such sale.   The ruling was made in reference to the application filed by Aadhya...

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