Setting Aside Ex-Parte Orders: Opportunity to Reconcile GSTR-3B vs. 2A Discrepancies Facts The Period: The dispute involved two separate assessment years: 2020-21 and 2021-22. Year 2020-21: The Adjudicating Authority noticed a discrepancy between the Input Tax Credit (ITC) claimed in GSTR-3B and the credit available in GSTR-2A. Since the petitioner failed to file a reply,… Read More »
Mandatory Personal Hearing: Choice in Form DRC-06 Cannot Override Statutory Requirement Facts The Period: The dispute pertained to the assessment year 2018-19. The Notice: The Department issued Show Cause Notices (SCNs) in Form GST DRC-01 to the assessee, alleging tax or ITC discrepancies involving fraud (Section 74). The Response: The assessee filed a reply in… Read More »
IGST Refund on Exports: Prevention of Double Benefit and Repayment of Differential Drawback Facts The Transaction: Between July and September 2017 (the inception of GST), the petitioner-exporter exported stainless steel items under the “Payment of IGST” route and subsequently sought a refund of the tax paid. The Conflict: The Revenue authorities withheld the IGST refund,… Read More »
Violation of Natural Justice: Rejection of Refund Without Adjourning Hearing Facts The Application: The petitioner filed a refund application for the period May 2023 to June 2023 under Section 54 of the CGST Act. The Notice: The Department issued a notice requiring a reply within seven days and fixed a date for a personal hearing.… Read More »
SBI Letter of authority for collecting documents, PIN Mailers etc. from the branch SBI Letter of authority for collecting documents, PIN Mailers etc. from the branch The document NRI-13 is an official State Bank of India (SBI) “Letter of Authority for collecting documents” used by account holders to authorize a third party to collect specific… Read More »
Computation of Tax on Income from Agricultural Land Introduction Income from agricultural land is exempt under Section 10(1) . However, if agricultural income exceeds Rs. 5,000 and non-agricultural income surpasses the exemption limit, partial integration applies to calculate tax liability. Gains from transferring rural agricultural land are tax-exempt; urban agricultural land gains are taxable. Exemptions Agricultural Income:… Read More »
SBI For outward remittance from NRE / FCNR (B) account SBI For outward remittance from NRE / FCNR (B) account The document provided is an official State Bank of India (SBI) application form used for making outward remittances from NRE (Non-Resident External) or FCNR (B) (Foreign Currency Non-Resident Bank) accounts. Below are the key points… Read More »
Income from Agricultural Land Introduction Income derived from agricultural land can be categorized as income from agricultural operations or capital gains from the sale of agricultural land. While income from agricultural operations is exempt under the Income-tax Act, it may influence tax rates for non-agricultural income through partial integration. Capital gains from the sale of… Read More »
Agricultural Income Introduction Agricultural income is defined under the Income-tax Act and includes rent or revenue from agricultural land, income from agricultural operations, marketing processes, farm produce sales, and income from nursery operations. Meaning of Agriculture Though not explicitly defined in the Act, agriculture encompasses farming activities like tilling, sowing, and planting, requiring human effort.… Read More »
Categories of Residential Status Resident (R) Further classification for Individuals and HUF: Resident and Ordinarily Resident (ROR) Resident but Not Ordinarily Resident (RNOR) Non-Resident (NR) Taxability Based on Residential Status Resident and Ordinary Resident (ROR)Taxable on: Income received or is deemed to be received by him in India in the previous year Income accrues or… Read More »