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Stability breeds success! Fixed finance budgets bring predictability, aiding tax planning for businesses and individuals. Kudos to the government for the shortest budget in recent history—focused and devoid of pre-election populism. Less interpretation, more action. — CA’s rejoice! #NirmalaSitharaman’s #Budget2024: 10/10. #TaxStability #SmartMoves
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Embark on a journey of giving with Shri Ram Janmabhoomi Teerth Kshetra Trust! 🏛️ Section 80G opens the door to a 50% deduction on your donations, up to 10% of your income. But wait, cash won’t cut it—aim for the stars with traceable donations via cheques or online transfers. Ready to make history? Click, donate,…
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The petitioner argued that the adjustment of the refund against the demand is impermissible when there’s no mandatory intimation provided under section 245. This contention was put forth in the case between G.E. Power India Ltd. (formerly known as Alstom India Ltd.) and the Assistant Commissioner of Income Tax, heard by the Bombay High Court…
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GSTR-1 for October 2023, primarily stemming from the introduction of DRC-01C on October 1, 2023.Here are three ways for the representative assessee to address these issues: 1) Access the GST portal and navigate to the services section. Check the Tax liability and ITC summary. If there’s a discrepancy and 3B is greater than 2B, the…
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The Allahabad High Court in the case of M/s. Malik Traders v. State of Uttar Pradesh and Ors. [Writ Tax No. 1237 of 2021 dated October 18, 2023], dismissed the writ petition and held that, details of the Tax Invoice, E-Way bill, and Goods Receipt are not sufficient to prove the genuineness of the transaction beyond…
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Background: Earlier, the GST Council in its 52nd meeting recommended to amend Notification No. 1/2023-Integrated Tax dated July 31, 2023 w.e.f. October 01, 2023 so as to allow the suppliers of Special Economic Zone developer or unit, for authorised operations to make supply of goods or services (except the commodities like pan masala, tobacco, gutkha, etc. mentioned…
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The Income Tax Department has released the tax rates for all taxpayers for the Assessment Year 2023-24 and Assessment Year 2024-25.
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The recent incident involving the CPC (Centralized Processing Center) of Income Tax India Official highlights a concerning oversight in the tax assessment process. This oversight has affected taxpayers nationwide, as many of them have received notices that suggest incorrect adjustments under Section 143(1)(a) of the Income-tax Act. What’s particularly puzzling about these notices is that…
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