ITAT Chandigarh Order Assessee Regarding FTC not be denied merely on procedural lapses if substantive conditions are met. Income Tax Appellate Tribunal Chandigarh in the case of Ashish Sood vs. DCIT (order dated 23.04.2024) ruled in favor of the assessee regarding the foreign tax credit claim. foreign tax credit should not be denied merely on …
GSTN Introduces Biometric Authentication Facility in Home State for GST Registration The Goods and Services Tax Network has introduced a new facility allowing promoters and directors of a company to complete their biometric authentication for GST registration in their home state instead of the state where the company is being registered. Previous Process for Goods …
GST collections rose by 9.1 percentage points to about INR 1.84 lakh crore in Feb 2025 Basic Key Insights from February 2025 GST Collections The 9.1% YoY rise in gross GST collections to ₹1.84 trillion in February 2025 reflects sustained domestic consumption and a potential economic revival. However, the collections are lower than ₹1.96 trillion …
Why we should Never Withdraw Cash with a Credit Card Withdrawing cash using a credit card is one of the costliest financial mistakes you can make! why you should avoid it at all costs: Why You Should Never Withdraw Cash with a Credit Card. Key Points on Credit Card Cash Withdrawals High Cash Withdrawal Charges …
Form ENR-03: Introduced for Unregistered Dealers on E-Way Bill Portal The E-Way Bill (EWB) system now allows unregistered dealers to generate e-Way Bills using Form ENR-03, eliminating the requirement for a GSTIN. This simplifies goods transportation compliance and enhances logistics efficiency. GSTN Issue Notification issued on ENR-03 filing process for Unregistered Persons (URPs) to generate …
Assessees have now received Intimation Orders on Feb 2025 for demands- Due to Post-Filing Disallowance Section 87A rebate Taxpayers who claimed Sec 87A rebate in Income Tax return’s for AY 2024-25, But later rebate disallowed by AO – What is Solution for Such demand case? This situation has created a lot of confusion among taxpayers …
Cash Credit vs Overdraft: Key Differences & Uses Both Cash Credit (CC) and Overdraft (OD) are short-term financing options provided by banks, but they serve different purposes and have distinct features. What is Cash Credit? Cash Credit is a short-term loan offered to businesses to meet their working capital needs. It is typically secured against …
ICAI asserts exclusive right to tax audit, dismisses claims of CS, CWA The new ICAI President, Charanjot Singh Nanda, has reinforced that auditing, including tax audits, should remain the exclusive domain of Chartered Accountants. He stated that it would be unfair to classify Company Secretaries and Cost Accountants as “Accountants” under the proposed Income Tax …
A gift from a blood relative is exempt u/s 56(2) of the Income Tax Act, 1961 What is a ‘Gift’ under the Income Tax Act? Under the Income Tax Act, a “Gift” refers to any money, immovable property, or movable property received by an individual from another person or organization without any consideration in return. …
GST Registration Advisory by GSTN—Rule 8 of CGST Rules The GST registration process has been updated to enhance verification and prevent fraudulent registrations. This GSTN advisory clarifies the GST registration process under Rule 8 of the CGST Rules, 2017, particularly the role of biometric authentication and document verification in ensuring a secure and fraud-free registration …