Monthly Archives: August 2024

New RCM Liability/ITC Statement on GST Portal introduced

By | August 24, 2024
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Introduction of RCM Liability/ITC Statement Aug 23rd, 2024 To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called “RCM Liability/ITC Statement” has been introduced on the GST Portal. This statement will enhance accuracy and transparency for RCM transactions by capturing the RCM liability shown in Table 3.1(d) of GSTR-3B and its corresponding… Read More »

Category: GST

Jurisdictional Assessing Officer can not issue notice u/s 148 in Faceless Assessment Scheme : High court

By | August 22, 2024
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Jurisdictional Assessing Officer can not issue notice u/s 148 in Faceless Assessment Scheme : High court HIGH COURT OF PUNJAB & HARYANA Jatinder Singh Bhangu v. Union of India* Sheel Nagu, CJ. and Jagmohan Bansal, J. C.W.P. No. 15745 AND 15791 of 2024 JULY  19, 2024 ORDER   Jagmohan Bansal, J. – By this common order, the civil writ petitions… Read More »

Income tax clearance certificate (ITCC) in India : CBDT clarification

By | August 21, 2024
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Ministry of Finance CBDT issues clarification in respect of Income-tax clearance certificate (ITCC) It is being erroneously reported that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country – a position that is factually incorrect Posted On: 20 AUG 2024 9:19PM by PIB Delhi Section 230 (1A) of the Income-tax Act,… Read More »