CBIC notifies Late fee capped at Rs. 500/- for each GSTR-3B Return [Read Notification]

In a major relief to the GST taxpayers, the government has decided to cap the maximum late fee for Form GSTR-3B at Rs. 500/- (five hundred only) per return for the tax period July 2017...

Advance Ruling: GST on Salary of Directors / Partners, Interest, Rent and Dividend & Sale proceeds from Company Shares

A recent advance ruling issued by the Karnataka Authority for Advance Ruling covers multiple frequently asked questions and thereby assumes significance. The ruling is issued in Order No. KAR ADRG 30/20/04.05.2020 in a case where Mr. Anil...

DTAA overrides provisions of Income Tax Act: ITAT [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the provisions of the Double Taxation Avoidance Agreement (DTAA) would prevail over the provisions of the Income Tax Act, 1961. The...

18% GST applicable on Royalty Paid for Licensing Services for Right to Use Minerals including its Exploration and Evaluation: AAR [Read Order]

The Gujarat Authority of Advance Ruling (AAR) ruled that 18% of GST is applicable to the royalty paid for Licensing services for the right to use minerals including its exploration and evaluation. The applicant, M/s....

Dismissal of Appeal after filing Vivad Se Vishwas Scheme 2020 before receiving Form 3 from Dept: ITAT gives Assessee Liberty to recall Dismissal Order [Read Order]

The Bangalore bench of the Income Tax Appellate Tribunal (ITAT), while dismissing an appeal by the assessee in view of filing Vivad Se Vishwas Scheme 2020, stated that the assessee can recall the dismissal order...

Air France not Taxable in India for Profit derives from Pool Participation as per DTAA: ITAT [Read Order]

In a major relief to Air France, the Income Tax Appellate Tribunal (ITAT) has held that the Company is not liable to income tax in India for its services/activities and profit thereof derives from pool...

Excess ITC has to be Refunded back to Dealer, can’t be carried Forward for Adjustment of Future Tax Liability: Madras HC [Read Judgment]

The High Court of Madras held that excess Input Tax Credit (ITC) has to be refunded back to the dealer. There was no provision for carrying forward such Input Tax Credit for adjustment of tax...

Lockdown Period will not Count to Determine Residency Status of NRIs: CBDT [Read Circular]

The Central Board of Direct Taxes (CBDT), on Friday, issued a clarification in respect of residency under Section 6 of the Income Tax Act, 1961 wherein the Board has clarified that the lockdown period will...

CBIC extends due dates of GSTR-3B in UTs of Jammu & Kashmir, Ladakh [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due dates of filing GSTR-3B in Union Territories of Jammu & Kashmir and Ladakh. The notification issued by CBIC said that...

Azerbaijan announces Tax Benefits and Vacations for Entrepreneurs hit by COVID-19

Governments across the world are striving to formulate measures to mitigate the economic impact of the pandemic in the best possible ways. With reference to the Azerbaijan Cabinet of Ministers, Trend reported the decision that...

COVID-19: CBDT extends Validity of Forms 15G and 15H [Read Circular]

In order to overcome the issues caused due to the COVID-19 outbreak and the lockdown period, the Central Board of Direct Taxes (CBDT) has extended the validity of Forms 15G and 15H of FY 2019-20...

Tax Relief to Unauthorized Colonies: CBDT revises Definition to extend Benefit to Colonies of NCT Delhi [Read Notification]

The Central Board of Direct Taxes (CBDT) has recently amended the definition of ‘unauthorized colonies tax relief under the newly inserted rule 11UAC wherein it was clarified that ‘unauthorized colony’ shall have same meaning as...

Interest payable on Delayed Tax to be calculated on Total Tax Liability as filed in GSTR-3B: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) has said that taxpayers who have filed their returns in GSTR-3B Form are required to pay interest on the total amount of tax liability shown in...

GSTR-1 is declaration of Tax Liability and GSTR-3B is Evidence of Actual Payment, says Madhya Pradesh HC [Read Order]

The Madhya Pradesh High Court held that the GSTR-1 is the declaration of tax liability and GSTR-3B is evidence of actual payment. The High Court, while deciding the case of Kabeer Reality Private Limited v/s...

Notice to Holder of Bank Account for lien towards payment of Tax Liability to be Quashed where no Notice Served to Joint Holder: Karnataka HC [Read Order]

The Karnataka High Court in the case of Mrs. Beena Muralidhar v. Tax recovery officer held that wherein a recovery proceeding, no notice was issued to the joint holder of bank account for lien towards...

Input Tax Credit can’t be denied to Buyer If Seller discharges Tax Liability: Karnataka HC [Read Judgment]

The Karnataka High Court has held that if the assessee purchaser proves that the seller has already discharged the tax liability, then the department cannot deny the benefit of input tax credit to such buyer....

Delhi HC Upholds Addition since Security Deposit Received in absence of Contractual Clauses to Exercise Control, used as a Camouflage to Postpone Tax Liability [Read Judgment]

The Delhi High Court in the case of Commissioner of Income Tax v. M/s. Ansal Properties and Industries has upheld an addition made by the Revenue by finding that a security deposit where there was...

Addition is Justifiable when Assessee Voluntarily admits Tax Liability during the Course of Proceedings and later refuses: Delhi HC [Read Order]

In a recent ruling the division bench of the Delhi High Court upheld an addition made under the Income Tax Act by holding that the same is justifiable when assessee voluntarily admits Tax Liability during...

A Director of Company cannot escape from Tax Liability by merely stating he was not in charge of Affairs of the Company: Gujarat HC [Read Judgment]

In Ajay surendra Patel v. DCIT, the division bench of the Gujarat High Court categorically held that a Director of a Company cannot escape from tax liability by merely stating that he was not in...

Supreme Court dismisses appeal against R-Com on Rs 4800 cr Tax Liability

In a big relief to Anil Ambani led Reliance Communications, Supreme Court of India on Monday has dismissed Income Tax Department’s Special Leave Petition on Rs. 4800 crore tax liability treating the proceeds as “unexplained...