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Issues in GST Refund of unutilized ITC

1. GST Authorities are not granting any refund unless an application is uploaded on the Portal. Section 54 specifies various types of refunds and the category of persons eligible to claim. It is mentioned below in nutshell. Refund to any person, of any tax, and interest paid on such tax, or any other amount paid. [Section 54(1)] Refund to Fo..

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All about the Clubbing of Cheque Dishonour Cases

KEY TAKEAWAYS Understanding the procedure of filing of complaint and prosecution in cheque dishonour cases. Studying the reason behind the introduction of clubbing together of the cheque dishonour cases. Analysing the various legislations governing the clubbing of cheque dishonour cases. INTRODUCTION Cheque dishonour cases,..

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Multiple Sources of Income: Types, Deductions and Tax Rates in India

Introduction In today's changing environment, reliance on one revenue source is risky. Many revenue streams are essential due to rising costs and economic uncertainty. It provides financial stability, security, and wealth building. This page discusses Indian income sources, deductions, and tax rates to keep in mind while a href="https://www.taxbuddy.com/itr-filing" targ..

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Filing ITR for Foreign Investments and Offshore Assets

Introduction In today's globalized world, individuals and businesses often engage in foreign investments and hold offshore assets as part of their financial portfolios. However, when it comes to ITR tax filing, it is essential to understand the tax implications and reporting requi..

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Laws for Buying and Selling Cryptocurrency Around World

Cryptocurrencies such as Bitcoin, Ethereum, Doge, and all others are virtual money transacted online. This means you can buy and sell Bitcoin instantly online using a phone app or web platform. So, why do you need to know the law for buying and selling crypto in different countries? Although the cryptocurrency sector claims it is not regulated by any government, its operations are sub..

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Cryptocurrencies And Taxation Thereof Under Indian Income Tax Act, 1961

Author of this article: Adv. Ravish Bhatt Connect with Mr. Bhatt on Linkedin: Click Here 1. What Is Cryptocurrency? Investopedia defines Cryptocurrency as: - "A cryptocurrency is a digital or a href="https..

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Aadhaar Card Update: Check steps to change Aadhaar linked mobile number

Certain papers must be linked to the Aadhaar, according to the Indian government. The mobile number must be linked to the Aadhaar card if you want to change any information on it online. If your mobile number has not yet been registered with Aadhaar, you must go to an Aadhaar Kendra to do so. Aadhaar cardholders should have their cards linked to phone numbers in ord..

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Section 35 (5) Omitted

OVERVIEW Nirmala Sitharaman, finance minister introduced the Financial Bill, 2021 in which it has been proposed that certain amendments will be made in the CGST Act and IGST Act, 2017. p style="text-align:justi..

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Amendments By Finance Bill 2021

KEY TAKEAWAYS • In the budget of 2021, certain amendments have been proposed in Central Goods and Services Tax (CGST) Act and Integrated Goods and Services a href="h..

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Arrest Under Customs Act

Section 104 of the Customs Act empower arrest of any person including Officers of Customs u/s 136 of the Customs Act, commits an offence in India or within the Indian customs waters, by the customs officers by an order of the principal or Commissioner of Customs as the case may be having reasons to believe that the above said offences has taken place. The offen..

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Understanding of Section 2(22)(e) of income tax act, 1961

SYNOPSIS The aim of this paper is to provide a clear understandingof the concept of ‘deemed dividend’, under the income tax laws right from the Income Tax Act, 1922 to current provisions. The said analysis is done with the support of various judgments at various forums on the said aspect. After a detailed delibera..

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Recommendations of GST council related to Law & Procedure

The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finan..

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Section 87A: How Does It Work?

Introduced in 1961, the Income Tax Act is the statute under which all taxation-related matters in India are listed. Various tax saving schemes in India, covered undervarious tax-saving Sections [including 80C, 80D, and 10(10D)], are all part of the Act. p ..

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ITAT for the first time, holds hearing through video conferencing

A division bench of the Income Tax Appellate Tribunal (ITAT), led by the Tribunal’s President Justice P.P. Bhatt, has, through web based video conferencing platform, heard and disposed of an urgent stay petition today. This is a first in the 79-year-old history of this Tribunal. The petition was heard by a two member bench of the ITAT Mumbai, comprising Justic..

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ITAT holds All India Video Conference on 'The Direct Tax Vivad Se Vishwas Act, 2020'

ITAT President Justice P.P. Bhatt encourages stakeholders to avail the Scheme so as reduce pending tax litigation Government open to suggestions for better implementation of the scheme and propose amendments to the Bill, says Mr. P.C. Mody, Chairman, CBDT div style="text-..

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