Income Tax Return: CBDT releases ITR-7 Guidance Note for AY 2020-21
The Income Tax Department notified the ITR-7 Guidance Note for Assessment Year 2020-21. The ITR-7 is filed when persons including companies fall...
![GST can be levied on Notional Interest on Security Deposit: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/GST-Notional-Interest-Security-Deposit-AAR-AAR-Karnataka-Taxscan.jpg "GST can be levied on Notional Interest on Security Deposit: AAR [Read Order]")
![Gujarat High Court issues notice to GST Authorities for allegedly coercing, pressurising to transfer amount of Rs.9 Cr to department’s account [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/Gujarat-High-Court-GST-GST-Authorities-Bharat-Acids-and-Chemical-Taxscan.jpg "Gujarat High Court issues notice to GST Authorities for allegedly coercing, pressurising to transfer amount of Rs.9 Cr to department’s account [Read Order]")
![No GST on Medical Services and part-time practising in Clinic: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/GST-Medical-Services-AAR-AAR-Karnataka-Clinic-Taxscan.jpg "No GST on Medical Services and part-time practising in Clinic: AAR [Read Order]")
![18% GST on Chocolate Milk Powder: AAR [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/GST-AAR-Chocolate-Milk-Powder-AAR-Karnataka-Taxscan.jpg "18% GST on Chocolate Milk Powder: AAR [Read Order]")
![ITAT orders MLFPS received to be treated as Capital Receipts only [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/ITAT-MLFPS-Capital-Receipts-Taxscan.jpg "ITAT orders MLFPS received to be treated as Capital Receipts only [Read Order]")
GST Evasion: Kerala GST Department arrests a person for creating Fake Invoices for ineligible ITC around Rs 5.5 cr
The Kerala Goods and Services Tax Department has arrested a person for creating Fake Invoices for ineligible ITC around Rs 30 crores. An investigation conducted by the Idukki unit of the...
Customs Commissioner notifies Waiver of Penalty for late filing of Bill of Entry due to Non-functioning of ICEGATE [Read Circular]
The Custom Commissioner notified General Waiver of Penalty for late filing of Bill of Entry due to Non- functioning of ICEGATE from February 1, 2021, to February 3, 2021. The ICEGATE System was...
![Customs Commissioner notifies Waiver of Penalty for late filing of Bill of Entry due to Non-functioning of ICEGATE [Read Circular]](https://www.taxscan.in/wp-content/uploads/2021/02/Customs-Commissioner-Penalty-ICEGATE-Bill-of-Entry-Taxscan.jpeg "Customs Commissioner notifies Waiver of Penalty for late filing of Bill of Entry due to Non-functioning of ICEGATE [Read Circular]")
Forfeiture of Convertible Warrant has resulted in extinguishment of Right of Assessee to obtain a Share in issuer company: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench held that the forfeiture of the convertible warrant has resulted in the extinguishment of the right of the assessee to obtain a share in the...
![Forfeiture of Convertible Warrant has resulted in extinguishment of Right of Assessee to obtain a Share in issuer company: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/Forfeiture-extinguishment-of-the-right-assessee-issuer-company-ITAT-Taxscan.jpg "Forfeiture of Convertible Warrant has resulted in extinguishment of Right of Assessee to obtain a Share in issuer company: ITAT [Read Order]")
Basic Agricultural Operations enough to classify Income from Land as ‘Agricultural Income’ under 2(1A): ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Hyderabad clarified that basic agricultural operations are enough to classify income from a land as ‘agricultural income’ under 2(1A) of the Income Tax Act...
![Basic Agricultural Operations enough to classify Income from Land as ‘Agricultural Income’ under 2(1A): ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2021/02/Basic-Agricultural-Operations-Income-from-Land-Agricultural-Income-ITAT-Taxscan.jpeg "Basic Agricultural Operations enough to classify Income from Land as ‘Agricultural Income’ under 2(1A): ITAT [Read Order]")