• Headlines
  • Two Parallel Proceedings in Respect of Same Period not Permissible under CGST Act: Guwahati HC [Read Order]
  • March 3, 2024
March 2, 2024
As an important milestone in the digitization of customs procedures in India’s North East Region (NER) , Union Finance Minister Nirmala Sitharaman inaugurated the Electronic Data Interchange (EDI) at Land Customs Stations (LCS) via virtual mode from New Delhi. The Finance Minister applauded CBIC’s efforts in converting non-EDI LCS, predominantly situated in remote border areas […]
March 1, 2024
Here is the comprehensive Income Tax compliance schedule for March 2024. It is crucial to keep in mind these deadlines to prevent unwarranted penalties. Comprehending and following the specified income tax due dates is vital to steer clear of late filing penalties and interest fees. These deadlines can vary based on the taxpayer’s category, the […]
February 29, 2024
In anticipation of the impending General Election for the 18th Lok Sabha in India scheduled for April and May, the reassessment of the MSME Payment Rule appears unlikely before the election notification. The amendment, introduced through the Finance Act 2023 to compel timely payments to micro and small enterprises ( MSMEs ), may face challenges […]


  • Application -GST AAR -Appeal -GST AAAR - Comprehensive - taxscan
  • Application to GST AAR and Appeal to GST AAAR: A Comprehensive Guide with Filing Checklist
  • February 23, 2024
  • Advance Rulings in GST – Relevance & Benefits Securing an advance ruling is beneficial for the applicant as it enables them to plan their activities subject to Goods and Services Tax payment well in advance. The ruling, issued by the Authority for Advance Ruling, ensures certainty in determining tax liability, and its binding nature applies […]
  • Income Tax - Income Tax Benefits - Senior citizen tax benefits - Savings Account - taxscan
  • Income Tax Benefits for Senior Citizen on FD and Savings Account Interest Income
  • February 17, 2024
  • The Section 80TTB of the Income Tax Act introduces valuable tax benefits for senior citizens, particularly concerning the interest income generated from deposits. Enacted through the Union Budget-2018, this provision targets to relieve the tax burden on individuals aged 60 or older, who are Indian residents for tax purposes. The introduction of Section 80TTB has […]
ITAT Bangalore - ITAT Ruling on Amazon India Expenses - Delivery Costs Amazon ITAT Ruling - Tax Implications of Amazon Warranty Expenses - Taxscan
March 2, 2024

In a recent ruling, the Bangalore Bench of Income Tax Appellate Tribunal ( ITAT ) has clarified that delivery costs and warranty expenses should not be categorized as advertising, marketing, and promotion ( AMP ) expenditures. The bench held that despite a detailed inquiry by the Transfer Pricing Officer ( TPO ) during TP proceedings,...

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Time of Accrual for Taxing Income Postpones Adjudication Dispute - Civil Court - Rajasthan HC - TAXSCAN
March 2, 2024

The Rajasthan High Court stayed the demand order and noted that the time of accrual for taxing income postpones till adjudication of dispute by the civil court. The counsel for the petitioner, Avin Chhangani submitted that the impugned penalty order and the consequential notice of demand have been passed against the present petitioner even when...

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Service Recipient - Pay Service Tax - PE of Foreign Service Provider Exists in India - CESTAT - TAXSCAN
March 3, 2024
The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) observed that service recipient in India not liable to pay service tax when pe of foreign service provider exists in India. The brief facts of the case are that the Appellants are engaged in the export of cut and polished Diamonds. In the impugned order the Commissioner (Appeals) upheld that the Appellants are liable to pay Service Tax under Reverse charge mechanism in terms of Section 68
Service Recipient - Pay Service Tax - PE of Foreign Service Provider Exists in India - CESTAT - TAXSCAN
March 3, 2024

The Ahmedabad Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) observed that service recipient in India not liable to pay service tax when pe of foreign service provider exists in India. The brief facts of the case are that the Appellants are engaged in the export of cut and polished Diamonds. In...

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Service Tax - Absence of Consignment Note - Services - Considered - GTA Services - CESTAT - TAXSCAN
March 2, 2024

The New Delhi Bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) ruled that service tax not leviable in absence of consignment note and that services cannot be considered as GTA services. On the basis of third party data provided by the Income Tax Department, it was observed that the appellant received certain...

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  • MCA - Booklet - BE(A)WARE - Fraudulent Schemes - taxscan
  • MCA releases Booklet ‘BE(A)WARE’ on Measures to Overcome Fraudulent Schemes
  • November 16, 2022
  • The Ministry of Corporate Affairs ( MCA ) has released a booklet titled “BEWARE” for the public to overcome the fraudulent schemes. There has been a surge in usage of digital modes of payment in the recent years. This gained further momentum during the Covid-19 induced lockdowns. While enhancing customer convenience, it also furthered the […]
  • GST - Crypto - CBIC - Working - Framework - TAXSCAN
  • GST on Crypto: CBIC Working on Defining Legal Framework
  • November 14, 2022
  • In a significant move, the Central Board of Indirect Taxes and Customs (CBIC) is working on defining a legal framework for applying goods and services tax (GST) on crypto or virtual digital assets appears to be around the corner, with the working on an agenda paper on the topic. The board has been interacting with […]
  • Govt - Rupee settlement - Export - Promotion Schemes - taxscan
  • Govt allows Rupee Settlement in Export Promotion Schemes [Read Notification]
  • November 10, 2022
  • In a major relief to the exporters, the Ministry of Commerce and Industry has notified the change in the Foreign Trade Policy 2015-2022  comes after the Reserve Bank of India had, on 11th July 2022, issued guidelines for the settlement of international trade in Indian rupees. Following this, the central government has made changes to […]
IBBI - Insolvency and Bankruptcy Board of India - Financial Service Provider - Voluntary Liquidation - Taxscan
March 3, 2024
The Insolvency and Bankruptcy Board of India ( IBBI ) directed the liquidators to make certain declaration when financial service provider undergoes voluntary liquidation. The IBC provides for the voluntary liquidation process of corporate persons. However, the definition of ‘corporate person’ in sub-section (7) of section 3 excludes any financial service provider ( FSP ). […]
IBBI - IBC - Insolvency and Bankruptcy Board of India - IBBI Directs RP - TAXSCAN
March 2, 2024
The Insolvency and Bankruptcy Board of India ( IBBI ) directed the Resolution Professional (RP) to provide copy of report prepared under Section 99 of the Insolvency and Bankruptcy Code, 2016 ( IBC ) to creditors and debtors. The resolution professional ( RP ) in an insolvency resolution process of a debtor under Chapter III […]
IBBI issues Circular - Enhance Transparency and Stakeholder Engagement in Liquidation Process - TAXSCAN
March 2, 2024
The Insolvency and Bankruptcy Board of India (IBBI) issued circular to enhance transparency and stakeholder engagement in liquidation process Circulation of progress reports to stakeholders Regulation 15 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations) provides that the liquidator shall submit Progress Reports, to the Adjudicating Authority (AA) and the […]
IBBI - IBBI new amendments - Liquidation Process Regulations - Liquidation process - TAXSCAN
March 2, 2024
The Insolvency and Bankruptcy Board of India ( ‘IBBI’ ) recently introduced major amendments through the IBBI ( Liquidation Process ) ( Amendment ) Regulations, 2024 ( ‘2024 Regulations’ ) to the existing IBBI (Liquidation Process) Regulations, 2016 aimed to refine the existing regulatory framework governing the liquidation process. The Key Amendments are: Proposal to […]
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