Budget 2024-25: Major Announcements For Students & Youths

On July 23, the Union Budget for 2024-25 was presented in the Lok Sabha by Finance Minister Nirmala Sitharaman. Here are major announcements for the youths: EPFO registration The job situation in the nation will improve thanks to the three programs the administration has suggested for promoting employment for fresh applicants. Employers will be encouraged to hire new...

Income Tax Slabs Under New Regime Revised, Standard Deduction Increased: Finance Minister Lays Budget 2024

Union Finance Minister Nirmala Sitharaman today revised the Direct Income tax rates under the new regime.The revised rates are as follows:0-3L income- nil tax3-7L income- 5% tax7-10L income- 10% tax10-12L income- 15% tax12-15L income- 20% taxAbove 15L income- 30% taxEarlier, the rates under the new regime were as follows:0-3L: nil3-6L: 5%6-9L: 10%9-12L: 15%12-15L: 20%Above 15L:...

Gujarat High Court Upholds SAD Refund For Betel Nuts, Rules No Distinction Between Industrial And Edible Varieties

The Gujarat High Court has upheld the decision of the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) allowing the refund of Special Additional Duty (SAD) on betel nuts. The court observed that there is no distinction between industrial grade betel nuts and edible supari.The division bench comprising Justices Bhargav D. Karia and Niral M. Mehta ruled, “Considering the facts of...

Object Of Introduction Of Faceless Assessment Stands Defeated If Show Cause Notice U/s 148 Is Issued By Jurisdictional AO: Punjab & Haryana HC

While pointing that scheme of faceless assessment is applicable from the stage of show cause notice u/s 148 as well as 148A, the Punjab & Haryana High Court ruled that notice u/s 148 cannot be issued by Jurisdictional Assessing Officer after introduction of faceless assessment scheme. Since the Revenue Department had issued show-cause notice u/s 148 relying on the Board's...

Interest Can't Be Levied When No Taxable Due Is Found: Gauhati High Court

The Gauhati High Court has held that once the assessment order of the authorities is set aside and the matter is remanded back and assessed, no taxable interest can be levied.The bench of Justice Arun Dev Choudhury has observed that in a judicial system that is administered by the court, one of the primary principles to keep in mind is that the court under the same jurisdiction must have...

No Service Tax Payable By CIPLA On Manufacturing And Exporting Of Pharmaceutical Products: CESTAT

The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that no service tax is payable by Cipla on the manufacturing and export of pharmaceutical products.The bench of Binu Tamta (Judicial Member) and Hemambika R. Priya (Technical Member) has observed that the respondent-assessee is a holder of a letter of approval issued by the Development Commissioner for...

Dept. Failed To Put Assessee On Notice In Respect Of Section 69A Addition, Assessment Order Not Sustainable: Calcutta High Court

The Calcutta High Court has quashed the assessment order on the grounds that the department has failed to put the assessee on notice in respect of addition under Section 69A of the Income Tax.The bench of Justice Raja Basu Chowdhury has observed that the determination made by the respondent-department as reflected in the assessment order stands vitiated by reasons of failure on the part of...

GST Payable On Advance Received Against Supply Portion Of Work Contract: Gujarat AAR

The Gujarat Authority of Advance Ruling (AAR) has held that the GST is payable in advance received against the supply portion in respect of the work contract.The bench of Amit Kumar Mishra and Milind Kavatkar has observed that the turnkey contract entered into by the applicant has been held to be a work contract.The applicant is in the engineering, procurement, and construction (EPC)...

Deduction Of Nominal Amount From Employee's Salary For Availing Food Facility Is Not 'Supply': Gujarat AAR

The Gujarat Authority of Advance Ruling (AAR) has ruled that deduction of nominal amount from employee's salary for availing food facility is not 'supply' under the provisions of Section 7 of the CGST Act, 2017.The bench of Amit Kumar Mishra and Milind Kavatkar has observed that the exceptions are Schedule-I, which includes activities made or agreed to be made without consideration,...

ITC Available On Capital Goods Used For Transmission Of Electricity From Power Station Of DISCOM To Factory Premises: Gujarat AAR

The Gujarat Authority of Advance Ruling (AAR) has ruled that the Input Tax Credit (ITC) available on capital goods used for transmission of electricity from power stations of Distribution Companies (DISCOM) to factory premises.The bench of Amit Kumar Mishra and Milind Kavatkar has observed that there is no provision under the CGST Act, 2017 which bars availment of ITC by the applicant...

Not Permissible For TPO To Engage In Restructuring Of Transaction: Delhi High Court

The Delhi High Court has held that it is not permissible for the Transfer Pricing Officer (TPO) to engage in the restructuring of a transaction.The bench of Justice Yashwant Varma and Justice Ravinder Dudeja has observed that it would also not be permissible for the TPO to engage in the restructuring of a transaction unless the economic substance of the transaction differed from its form, and...

Non-Communication Of Reassessment And Demand Notice Within Time: Manipur High Court Quashes Assessment

The Manipur High Court has held that the reassessment made by the Income Tax Officer without communicating the order of reassessment and the demand notice of the reassessment within time cannot be treated as a valid assessment.The bench of Justice Ahanthembimol Singh has observed that the two reassessment notices under Section 148 were served in the months of December 2005 and March 2006....