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Penalty / Late Fee u/s 234E confirmed for delay in filing Form 26QB for TDS voluntarily deducted u/s 194IA on purchase of property though it was an agricultural land In a recent judgment, ITAT Ahmedabad confirmed penalty / Late fee u/s 234E for delay in filing TDS return …

High Court penalised Assessing Officer to pay cost of Rs. 50000/- to assessee for unnecessary harassment during the course of re-assesment proceedings u/s 148A(d) In a recent judgment, a division bench of the Hon’ble Jharkhand High Court directed AO to pay cost of Rs. 50000/- for unnecessary harassment …

No penalty u/s 270A when disallowances were mentioned in Tax Audit Report but assessee by mistake not added it back to the total income. In a recent judgment, the ITAT Pune held that no penalty u/s 270A can be levied when disallowances u/s 43B were mentioned in Tax …

In District Courts instances are where even judges, particularly, in rural areas, still lack access to proper washroom facilities – Supreme Court issues directions on Toilets in Court In a recent judgment, the Hon’ble Supreme Court has directed States & UT for construction and maintenance of public toilets …

GST rate notifications to implement recommendations of 55th GST Council (Goods) MINISTRY OF FINANCE(Department of Revenue) New Delhi, the 16th January, 2025 Notification  No. 01/2025- Central Tax (Rate) G.S.R. 50(E).— In exercise of the powers conferred by sub-section (1) of section 9 and sub-section (5) of section 15 …

Revised and up-to-date list of services covered under GST RCM as on 16.01.2025 Categories of supply of services where GST is to be paid on reverse charge basis Up-to-date list of services covered under GST reverse Charge Mechanism (RCM) There are two type of reverse charge scenarios provided …

GST rate notifications to implement recommendations of 55th GST Council  The CBIC vide Notification No. 11/2017-Central Tax (Rate) specified central tax, on the intra-State supply of specified services. The subsequent amendments prescribed different GST rates on suppliers providing hotel accommodation at specified premises. The term “specified premises” was …

Re-opening u/s 148 on incorrect facts assuming that assessee does not have PAN and he did not file any of his return quashed as invalid In a recent judgment, ITAT Delhi has held that AO had invoked jurisdiction for reopening assessment u/s 147/148 on basis of incorrect facts …

CENVAT Credit can not be denied on the ground that input was not liable to excise duty when the supplier wrongly paid the duty In a recent judgment, Bombay High Court has held that CENVAT Credit can not be denied on the ground that such input was not …

Banks to specify number of times a borrower may be allowed to switch over from floating interest rate loan to a fixed interest rate loan and vice versa – RBI issues FAQs RBI, vide Circular dated 18.08.2023, had issued guidelines for “Reset of Floating Interest Rate on Equated …