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The Reserve Bank of India (RBI) announced on May 19th that it will be withdrawing Rs 2,000 notes from circulation following a thorough review. Despite this move, it’s important to note that the banknotes in Rs 2,000 denomination will remain valid as legal tender, as clarified by the RBI in an official statement. In accordance…
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Taxation is a great leveller. After ages, saw Right, Left and Centre equivocally ranting about 20% TCS. Govt data says under the LRS, $12.68 bn in 2020-21, $19.61 bn in, 2021-22 and rose to over $24.0 bn in 2022-23, of which overseas travel accounted for more than half. The e-Gazette notification dated 16th May 2023…
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The Kerala High Court has made a significant decision regarding the powers of the jurisdictional appellate Commissioner to grant stay of demand. The court has ruled that the introduction of the faceless scheme has stripped the authority of the power to grant stay, and thus directed the National Faceless Appeal Centre to provide a link…
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A total of 23 Registered Unrecognized Political Parties, 35 bogus intermediary entities and 3 major exit providers were jointly called as RUPP group of Ahmedabad. A search operation on RUPPs revealed that the donation is received by RUPPs through the cheque/RTGS/NEFT in the RUPP’s bank account .This money is then re-routed through various layers, and…
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Updates in the Offline Utility for ITR’s There have been some updates to the new offline ITR utility for ITRS in AY 2021- 22. For starters, JSON is now in use instead of the XML file format for pre-filled data or the utility-generated file for the upload instead. Furthermore, users can now import draft ITR…
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The Union Budget 2023-24, the Central Government of India has initiated the Vivad Se Vishwas Scheme aimed at providing relief to the Micro, Small, Medium Enterprises (MSMEs) during the Covid-19 pandemic. As a result, the Ministry of Finance’s Department of Expenditure has undertaken the necessary measures to implement the programme, which shall extend assistance to…
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The issue of whether partial payment made by a declarant under the Income Declaration Scheme (IDS) would get forfeited in similar circumstances came up for consideration before the Supreme Court in Hemalatha Gargya Vs. Commissioner of Income Tax, A.P. & Anr. [2002]. While the court held that the time limits prescribed under the IDS were…
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Recently, the Delhi Bench of the Income Tax Appellate Tribunal (TAT) ruled that an employee cannot demand his employer to remit the Deducted Tax at Source (TDS) with regard to foregone salary as per a settlement agreement signed between the employer and the employee before the accrual of the same. The case involved an ex-Chief…
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