Compliance-Cum-Awareness Campaign for AY 2024-25
Publish Date : Saturday, November 16, 2024 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1212/Press-Release-Compliance-Cum-Awareness-Campaign-for-AY-2024-25-dated-16-11-2024.pdf source
[Opinion] Transfer Pricing Nuances of Intra Group Services in the Financial Services Industry
Shefali Shah & Darshak Pandya – [2024] 169 taxmann.com 199 (Article) 1. Global value chains and Intra-group Services (IGS) In the recent competitive environment, Multinational Enterprises (MNEs) in the financial services industry (FSI) have been striving to attain several business objectives, amid volatile macro-economic conditions. Globalization has led to the formation of global value chains […]
MMR Includes Surcharge for Highest Income Slab Despite Assessee’s Income Being Below Rs. 50 Lakhs | ITAT
Case Details: Clestra Foundation vs. ITO – [2024] 169 taxmann.com 46 (Bangalore-Trib.) Judiciary and Counsel Details Ramit Kochar, Accountant Member & Keshav Dubey, Judicial member Ravindra T., A.R. for the Appellant. Ganesh R. Ghale, Standing Counsel for the Respondent. Facts of the Case The assessee, a private trust, e-filed its return of income for the relevant assessment […]
Initiation of an Enquiry or Summons Under CGST Cannot Be Considered as Initiation of Proceedings | HC
Case Details: K.T. Saidalavi v. State Tax Officer – [2024] 168 taxmann.com 211 (Kerala) Judiciary and Counsel Details Gopinath P., J. Meera V. Menon & K. Krishna, Advs. for the Petitioner. Sheela Devi I., SC, Central Board of Excise and Customs, Jagath N., CGC & Thushara James, Sr. Government Pleader for the Respondent. Facts of the Case In […]
RBI Raises Interest Rate Ceilings on Foreign Currency (Non-Resident) Accounts (Banks) Deposits Effective from 06.12.2024
Circular No. RBI/2024-25/94 DoR.SPE.REC.No.51/13.03.00/2024-2025, Dated 06.12.2024 RBI has raised the interest rate ceilings on Foreign Currency (Non-resident) Accounts (Banks) [FCNR(B)] deposits for banks, effective from December 06, 2024, until March 31, 2025. For deposits with a maturity of 1 year to less than 3 years, the ceiling is the Overnight Alternative Reference Rate (ARR) of […]
HC Set Aside Order Cancelling the GST Registration Due to the Lack of Reasons for Retrospective Cancellation
Case Details: Akash Garments India (P.) Ltd. v. Union of India – [2024] 168 taxmann.com 688 (Delhi) Judiciary and Counsel Details Yashwant Varma & Dharmesh Sharma, JJ. N.K. Sharma, Adv. for the Petitioner. Ms Shreya Bhardwaj, SPC, Harpreet Singh, SSC, Ms Suhani Mathur and Shivang Chawla, Advs. for the Respondent. Facts of the Case The petitioner had moved an application seeking […]
GSTN Advisory on Mandatory Sequential Filing of GSTR-7 Returns as Per Notification No. 17/2024
GSTN Update dated December 4th, 2024 The GSTN has noted that multiple tickets have been received regarding sequential filing of return in Form GSTR-7. Thus, the GSTN has issued an advisory to inform that GSTR-7 filing has been made sequential from the October tax period. Hence, GSTR-7 return is to be filed in chronological order, […]
Genuine Hardship Should Be Construed Liberally; Delay in Filing ITR Due to Advocate’s Inadvertence to Be Condoned | HC
Case Details: Nirzari Amitbhai Mehta vs. Pr. Commissioner of Income-tax-1 – [2024] 168 taxmann.com 674 (Gujarat) Judiciary and Counsel Details Bhargav D. Karia & Mrs Mauna M. Bhatt, JJ. S.N. Divatia, Adv. for the Petitioner. Varun K. Patel, Adv. for the Respondent. Facts of the Case The assessee, an individual and long-time taxpayer failed to file an […]
IBBI Extends Due Date for Filing Liquidation and Voluntary Liquidation Forms Till 31.12.2024
Circular No. IBBI/LIQ/79/2024, Dated: 02.12.2024 After considering representations from liquidators and agencies citing technical difficulties, the Insolvency and Bankruptcy Board of India has extended the deadline for filing liquidation and voluntary liquidation forms to 31.12.2024, previously set at 30.11.2024. Further, it has been clarified that for ongoing liquidation and voluntary liquidation cases, the responsibility for […]
Order Dismissing Appeal Was Set Aside as Signatory Was Authorized and Required Pre-Deposit Was Made | HC
Case Details: Delphi World Money Ltd. v. Union of India – [2024] 168 taxmann.com 341 (Bombay) Judiciary and Counsel Details Jitendra Jain & M.S. Sonak, JJ. Sriram Sridharan, Adv & Shanmuga Dev, for the Petitioner. Karan Adik & Ms Sangeeta Yadav, for the Respondent. Facts of the Case The petitioner filed appeal before the GST Appellate Authority […]