Online gaming companies may get a breather as the Union government is likely to soften its stance on the retro goods and services tax (GST) demand notices, sources told CNBC-TV18 on February 7.
Sources say the government realises the existential issue that gaming companies face if they have to pay GST demands raised for the period between July 2017 to March 2023.
The government now sees merit in the argument that a company cannot pay unrealistic tax demands. It is likely to have sought legal opinion on the way out of tussle with online gaming firms, sources added.
Goods and services tax (GST) authorities have issued notices to several companies for discrepancy in claim of input tax credit, or ITC, people aware of the matter said. This follows close scrutiny of input tax availed by the companies and mismatch with their annual return.
The notices have been sent under Section 150 of the CGST Act, 2017. The department has asked the taxpayers to file an information return, giving details of the reason for the "short reporting" of input tax credit. ET has seen...
Assuring the market participants stability in the capital gains tax regime, Finance Minister Nirmala Sitharaman said that Prime Minister Narendra Modi is never in favour of quick twists and turns in policy.
“Policy stability is one thing, which Prime Minister lays a lot of emphasis on. He doesn't like periodic tweaking; he would tell you it's only two years or three years, and let it play out, let it settle down and so on. He's never in favour of quick twists and turns. And this is not me saying. People who have observed him since his tenure as chief minister will know that the biggest strength under Prime Minister Modi is stability in policy,” the finance minister said on February 2 in a post-Budget interview with Network 18 with Editor-in-Chief Rahul Joshi.
Taxpayers who earn more than Rs 50 lakh or have more than one house need to share extra information when they file their income tax return (ITR).
The Central Board of Direct Taxes (CBDT) has notified the income tax return (ITR) forms, ITR-2 and ITR-3. Many entities, including individuals, whose income iexceeds Rs 50 lakh are required to file their ITR using these forms for FY 2023-24 (AY 2024-25). The last date to file ITR-2 and ITR-3 is July 31, 2024. Whereas taxpayers who are required to conduct income tax audit and have business income must file ITR-3 by October 31, 2024
The Income Tax Department will soon send notices to individuals who have not filed income tax returns (ITRs). The notices will be sent to even those whose income tax has been deducted at source, The Economic Times reported on Sunday.
Central Board of Direct Taxes (CBDT) chairman Nitin Gupta said that the department will be sending notices to only those taxpayers for which it had definitive information. He said the department's focus was on improving taxpayer services, from bringing down the period of refund to updated returns or solving a large tax dispute
The Central Board of Direct Taxes (CBDT) has said that all income tax returns (ITR) that are validly filed electronically up to AY 2020-21 with refund claims under section 143 (1) would now be processed by April 30, 2024, unless otherwise prescribed.
CBDT in the circular dated January 31, 2024, said, "The matter has been re-considered by the Board in view of pending taxpayer grievances related to the issue of refund. To mitigate the genuine hardship being faced by the taxpayers on this issue, Board hereby further extends the time till 30.04.2024 in respect of returns of income validly filed electronically up to AY 2020-21.
The government has collected
over Rs 600 crore as penalty for delay in linking PAN with Aadhaar, and about
11.48 crore Permanent Account Numbers are still not linked with biometric
identity, Parliament was informed on Monday.
“Number of PANs not linked with Aadhaar, excluding exempted categories, is
11.48 crore as on January 29, 2024,” Minister of State for Finance Pankaj
Chaudhary said in a written reply in the Lok Sabha.
To a question regarding the details of government earning through late penalty
of Rs 1,000 from the persons who have not linked their PAN and Aadhaar after
the last date of June 30, 2023, Chaudhary said “the total collection of fee
from persons who have not linked their PAN with Aadhaar is Rs 601.97 crore from
July 1, 2023 to January 31,2024”.
As per Notification No. 26/2022 – Central Tax dated 26th December 2022 two new tables Table 14 and Table 15 were added in GSTR-1 to capture the details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 of the Act or liable to pay tax u/s 9(5). These tables have now been made live on the GST common portal. These two new tables will be available in GSTR-1/IFF from January-2024 tax periods onwards. Please click here for the complete advisory. Thanking you, Team carahul.com
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