ECONOMIC SURVEY 2022-23: HIGHLIGHTS Indian economy staging a broad based recovery across sectors, positioning to ascend to pre-pandemic growth path in FY23 Retail inflation is back within RBI’s target range in November 2022 Direct Tax collections for the period April-November 2022 remains buoyant Enhanced Employment generation seen in the declining urban unemployment rate and in… Read More »
SUMMARY OF THE ECONOMIC SURVEY 2022-23 INDIA TO WITNESS GDP GROWTH OF 6.0 PER CENT TO 6.8 PER CENT IN 2023-24, DEPENDING ON THE TRAJECTORY OF ECONOMIC AND POLITICAL DEVELOPMENTS GLOBALLY ECONOMIC SURVEY 2022-23 PROJECTS A BASELINE GDP GROWTH OF 6.5 PER CENT IN REAL TERMS IN FY24 ECONOMY IS EXPECTED TO GROW AT 7… Read More »
Interest on borrowed funds for Earnest Money Deposit is Allowed as Revenue Exp : High Court HIGH COURT OF KARNATAKA Principal Commissioner of Income-tax v. Prestige Garden Estates (P.) Ltd. P.S. DINESH KUMAR AND C.M. POONACHA, JJ. IT APPEAL NO. 841 OF 2018 OCTOBER 10, 2022 E.I. Sanmathi, Adv. for the Appellant. Sudheendra B.R., Adv. for the Respondent. JUDGMENT P.S.… Read More »
New validations incorporated for all B2B transactions, selection of PoS State Code as ‘96-Other Country’ is enabled for HSN related to Services by way of transportation of goods The Goods and Services Tax (“GST”) e – Invoice System has issued an Update dated January 30, 2023 on new validations incorporated for all B2B transactions, selection of PoS… Read More »
Assessing Officer can not change nature of loss claimed in ITR : ITAT IN THE ITAT AMRITSAR BENCH Amarnath Aggarwal Builders (P.) Ltd. v. Deputy Commissioner of Income-tax DR. M.L. MEENA, ACCOUNTANT MEMBER AND ANIKESH BANERJEE, JUDICIAL MEMBER IT APPEAL NO. 192 (ASR.) OF 2018 [ASSESSMENT YEAR 2014-15] AUGUST 11, 2022 Sudhir Sehgal and P. N. Arora, Adv. for… Read More »
Demand Order in GST is invalid if not passed within 7 days : High Court Madras High Court Deepam Roadways Vs Deputy State Tax Officer W. P. Nos. 476 of 2023 23/01/2023 The issue that arises for consideration in these writ petition is whether section 129(3) of the Central Goods and Services Tax Act, 2017… Read More »
Income Tax Last date 31.05.2023 I Assessment I New Instructions I CA Satbir Singh The Office of the Principal Chief Commissioner of Income Tax has issued a Letter vide F.No. Pr. CCIT/KNP/DCIT(T&J)/5(31)/2022-23 dated January 27, 2023 in order to direct all the Assessing Officers to complete re-assessment of all cases by May 31, 2023, where proceedings were… Read More »
Time limit for issuance of SCN in GST for F.Y. 2017-18 is extended till June 30, 2023 Kerala High Court Pappachan Chakkiath v. Assistant Commissioner & Anr. [WP(C) NO. 816 of 2023 dated January 11, 2023] It has held that, when the time limit for issuance of order under Section 73(10) of the Central Goods… Read More »
GST Portal will allow negative values in Table 4 of GSTR-3B The Goods and Services Tax Network (“GSTN”) will soon allow negative values in Table 4 of GSTR-3B, allowing users to show the net off credit notes values in Table 4A which will make Table 8 of the GSTR-9 comparison consistent as per the Release… Read More »
How to Save Income Tax by Tax Saving FDR (Fixed Desposits in Bank ) I Income Tax Planning Guide