Sakhiya & Co.

SECTION 10(1) OF THE INCOME-TAX ACT, 1961 - INCOME
Where Assessing Officer added agricultural income disclosed by assessee in its return as assessee had not provided documents to substantiate that such income was indeed agricultural income eligible for exemption, since assessee had now filed additional documents to prove that it had earned agricultural income, impugned assessment order was to be quashed and assessee was to be given fresh opportunity to place those documents before Assessing Officer for consideration - Parvathi Ganesh v. Assessment Unit - [2024] 168 taxmann.com 441 (Madras)

Rejection of without providing a hearing opportunity violates principles of natural justice: HC

Writ Courts should not encourage bypassing of statutes when the effective remedy was available under : SC;

India gets its first Apple Store

GSTN has issued an advisory dated 12.04.2023 (further modified dated 13.04.2023) to suggest that the Government has decided to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with annual aggregate turnover greater than or equal to 100 crores.

GST
To achieve a revenue neutral structure, adjustments to GST rates could be carried out in a phased manner
Delhi : In September last year, the GST Council had tasked a group of ministers to look into the contentious issue of rate rationalisation. The GoM, headed by Karnataka Chief Minister Basavaraj Bommai, was also expected to examine the issue of the inverted duty structure and review the list of goods that were exempted from the tax. The rationale for setting up the committee was straightforward — to expand the tax base and boost revenues. While GST collections have improved of late — collections touched an all-time high of Rs 1.42 lakh crore in March — on the whole, they have fallen short of expectations.

2.0: Ideas to improve indirect taxation

Delhi : India is set to complete five years since the implementation of the Goods and Service Tax Law. The journey of the first half decade of this landmark reform has undoubtedly been a rollercoaster ride with a mixed bag of hits and misses. During this time, India has witnessed changes in effective tax rates and improved supply chain efficiencies. A tax regime founded on a technology-based monitoring system through e-returns, e-invoices, and e-way bills has been one of the biggest achievements of GST in India. It would also be important to laud the success of the Centre-State partnership under the aegis of the GST Council which has ensured that all policy decisions are implemented seamlessly across states. While the implementation of GST in India has been commendable, the time is ripe for the government to take note of some of the challenges which the business community at large has been facing, from blockage of working capital to duplicity of assessment proceedings

HAPPY RAM NAVAMI

Centre plans sharper income tax scrutiny on rich farmers

Delhi : Dodging tax by passing off earnings as agricultural income is set to get tougher as robust checks are being introduced, the government has told Parliament’s Public Accounts Committee, which pointed to several lapses in granting blanket exemptions. Super-rich farmers will face stricter scrutiny by tax authorities, who will comb through details of agricultural income — tax-free under the law — in jurisdictions where farm income exceeds a threshold of 10 lakh a year, the finance ministry said in a response to questions to the parliamentary committee