Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of auto-mobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law. The …
As an Indian taxpayer, I have been following the changes in the tax regime for quite some time now. The new tax regime introduced in the Union Budget 2020 has been the talk of the town since its announcement. The new tax regime has brought about …
What does Section 18 say? Section 18 of the CGST ACT 2017 talks about the Input Tax Credit availability under special circumstances such as in case of exempt supply, credit of capital goods, credit period availability etc. Input Tax Credit is the very basic backbone of …
The Income Tax Department has notified that Form 10 now available for filing on Income Tax Portal, which was earlier notified via Notification No. 96/2022 issued in August 2022. Form 10 This form is a Statement to be furnished to the Assessing Officer/Prescribed Authority under clause …
The income-tax (I-T) department sent notices to two large private banks in its ongoing investigation into possible malpractices involving commission payments made by insurance companies, says a report. According to the report, investigators from the tax department are apparently scrutinising transactions of over Rs 60,000 crore …
