Immovable Property and GST: Safari Retreats Case Upcoming Decision Could Reshape India’s Tax Landscape

Supreme Court to decide on GST applicability to immovable property sale. Decision could impact real estate sector, with developers, buyers potentially liable to pay tax. On August 17, 2023, the Supreme Court of India heard a significant case concerning the...

August 19, 2023

Income Tax

Boards for Advance Rulings established by CBDT in Mumbai and Delhi is now operational via email and video conferencing for proceedings

The Central Board of Direct Taxes (CBDT) has operationalized the Boards for Advance Rulings (BAR) in Mumbai and Delhi. These Boards will now function through e-mail-based procedures and conduct hearings through video conferencing. This is in line with the CBDT’s...

August 19, 2023

Income Tax

CBDT Amends Income Tax Rule 26 to Ensure Accurate TDS on Foreign Currency Payments

New Telegraphic Transfer Buying Rate to be Used for TDS on Foreign Currency Payments The Central Board of Direct Taxes (CBDT) has amended Income Tax Rule 26, which sets the rate of exchange for the calculation of the value in...

August 19, 2023

Income Tax

Income Tax India Introduces New Challan Correction Functionality

How to Correct Errors in Income Tax Challans The Income Tax Department of India has introduced a new functionality to allow taxpayers to correct errors in challans pertaining to advance tax, self-assessment tax, and demand payment as regular assessment tax....

August 18, 2023

CBDT Notifies Rule 11UACA to Clarify Taxation of Life Insurance Policies

Income Tax

CBDT Notifies Rule 11UACA to Clarify Taxation of Life Insurance Policies

What You Need to Know About the New Tax Rules for Life Insurance Policies The Central Board of Direct Taxes (CBDT) recently notified Rule 11UACA under Section 10(10D) of the Income Tax Act, 1961. This rule provides for the computation...

August 16, 2023

CBDT Invites Comments on Draft Form No.6C for Inventory Valuation

Income Tax

CBDT Invites Comments on Draft Form No.6C for Inventory Valuation

New Inventory Valuation Rules: What You Need to Know Introduction The Central Board of Direct Taxes (CBDT) has issued a notification inviting comments on the draft Form No.6C for implementing the amendment made by the Finance Act 2023 to subsection-2A...

August 16, 2023

No More Fear for Directors: Gujarat HC Rules Against Attachment of Personal Property for Tax Default

General Updates

No More Fear for Directors: Gujarat HC Rules Against Attachment of Personal Property for Tax Default

Gujarat HC: Cannot attach Director’s personal property for tax default by company Facts of the case The case involved a company called Patel Rolling Mills Pvt. Ltd. (the “Company”) that owed sales tax to the Gujarat government. The government issued...

August 16, 2023

Income Tax

ITAT Dehradun Upholds Taxpayer’s Rights: AO Cannot Reopen Assessment Without Material Evidence

Uttarakhand Poorv Sainik Kalyan Nigam Ltd. v. ITO: AO Cannot Reopen Assessment Without Material Evidence Introduction The Income Tax Appellate Tribunal (ITAT) Dehradun recently decided a landmark case that has important implications for taxpayers. In the case of Uttarakhand Poorv...

August 16, 2023

GST

FADA’s GST Rate Reduction Request: Will It Boost Demand for Entry-Level Two-Wheelers?

FADA Seeks GST Reduction on Entry-Level Two-Wheelers to Boost Demand A delegation of the Federation of Automobile Dealers Associations (FADA) met Union Minister for Road Transport and Highways Nitin Gadkari on Wednesday to seek a reduction in the Goods and...

August 10, 2023

Income Tax

Safe Harbour Rules Extended to AY 2023-24: A Guide for Taxpayers

CBDT Extends Applicability of Safe Harbour Rules to AY 2023-24 The Central Board of Direct Taxes (CBDT) has issued a notification dated August 09, 2023, to extend the applicability of Safe Harbour rules to Assessment Year (AY) 2023-24. The Safe...

August 10, 2023

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Blog

Immovable Property and GST: Safari Retreats Case Upcoming Decision Could Reshape India’s Tax Landscape

Boards for Advance Rulings established by CBDT in Mumbai and Delhi is now operational via email and video conferencing for proceedings

CBDT Amends Income Tax Rule 26 to Ensure Accurate TDS on Foreign Currency Payments

Income Tax India Introduces New Challan Correction Functionality

CBDT Notifies Rule 11UACA to Clarify Taxation of Life Insurance Policies

CBDT Invites Comments on Draft Form No.6C for Inventory Valuation

No More Fear for Directors: Gujarat HC Rules Against Attachment of Personal Property for Tax Default

ITAT Dehradun Upholds Taxpayer’s Rights: AO Cannot Reopen Assessment Without Material Evidence

FADA’s GST Rate Reduction Request: Will It Boost Demand for Entry-Level Two-Wheelers?

Safe Harbour Rules Extended to AY 2023-24: A Guide for Taxpayers

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