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The Central Board of Direct Taxes (CBDT) in a bid to address the emerging challenges from implementing the Direct Tax Vivad Se Vishwas Scheme, 2024, has given a clarification via a gazette notification dated January 20, 2025. Through the Finance (No. 2) Act, 2024, the scheme has been legislated and come into force from October

The Bombay High Court has overturned a decision that was previously made against Champions Steel Industries Private Limited. The court found that there were mistakes in how notices were delivered to the company, which affected the process. Champions Steel Industries Private Limited, the applicant has contested a Show Cause notice on 23-12-2020 and the forthcoming

A tax demand order against M/S Jain Medicals has been set aside by the Allahabad High Court quoting the refusal of a chance for an oral hearing as obligated Under Section 75(4) of the U.P. GST Act, 2017. On 05.12.2023, M/s Jain Medicals filed a writ petition contesting an order issued via the income tax

As Finance Minister Nirmala Sitharaman gears up to present the Union Budget 2025 on February 1, industry experts are eyeing significant reforms to propel India toward its ambitious goal of “Insurance for All” by 2047. The insurance sector anticipates pivotal announcements aimed at increasing insurance penetration and financial inclusion. Union Budget 2025: Key Expectations for

Industry insiders and experts are urging the Union Budget 2025 to introduce tax incentives and simplify the tax structure to enhance the appeal of Real Estate Investment Trusts (REITs) as a viable investment option. Suggestions include sops for green building developments and measures to drive retail and institutional participation in REITs, currently a niche asset

An a bid to address challenges arising from the implementation of the Direct Tax Vivad Se Vishwas Scheme, 2024, the Central Board of Direct Taxes (CBDT) has issued a clarification through a gazette notification dated January 20, 2025. CBDT Issues Key Clarification on Appeals Timeline for Vivad Se Vishwas Scheme 2024 The scheme, enacted via

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT) quashed the assessment for failure to issue the needed notice u/s 143(2) of the Income Tax Act,1961, and unjustified additions. The taxpayer Jivarajbhai Ramabhai Chaudhary submitted the plea 63 days late due to a mistake by the Chartered Accountant. The delay was elaborated on and not countered

It was ruled by the Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT), that the misuse of credit cards via a friend could not be regarded as personal expenditure. The taxpayer, Abdulmannan Mohammedkasad Bastawala, was a salaried employee. It was noted by the assessing officer that the taxpayer has merely cited the salary from

A notification has been issued by the Central Board of Indirect Taxes and Customs (CBIC) citing that no Goods and Service Tax (GST) will be imposed on gene therapy and it shall get waived immediately. Finance Minister Nirmala Sitharaman announced in the previous month that the gene therapy has been waived from GST. The therapy

An a bid to address challenges arising from the implementation of the Direct Tax Vivad Se Vishwas Scheme, 2024, the Central Board of Direct Taxes (CBDT) has issued a clarification through a gazette notification dated January 20, 2025. CBDT Issues Key Clarification on Appeals Timeline for Vivad Se Vishwas Scheme 2024 The scheme, enacted via