Updates by

CBIC has issued Circular No. 229/23-24-GST, providing clarification on GST rates applicable to various goods and services.

This circular aims to ensure uniformity in the application of GST rates and address common queries related to rate discrepancies.

It covers specific items, services, and any recent rate changes or updates, enhancing compliance and understanding among taxpayers. Key changes include revised GST rates for raw cotton, imitation zari thread, and extruded snack pellets.

Updates by

You can now complete the whole process of acceptance of 3CB-3CD & the ITR filing with only Aadhaar OTP verification.

You Can Now file tax audits with Aadhaar OTP.

There is no need of digital signature.

Updates by

The Ministry of Corporate Affairs (MCA) has issued General Circular No. 05/2024, dated July 16, 2024, to facilitate the transition from MCA 21 V2 to MCA 21 V3. The circular waives additional fees for filing various IEPF e-forms (IEPF-1, IEPF-1A, IEPF-2, IEPF-4) and e-verification of claims in e-form IEPF-5 until August 16, 2024.
Additionally, a one-time relaxation for e-verification under Rule 7(3) of the IEPFA Rules has been provided until the same date. Stakeholders are advised to plan accordingly.

Reference: General Circular No. 05/2024, MCA, dated July 16, 2024.

Facts: The petitioner, Tvl. SKL Exports received assessment orders on 30.09.2023 and 03.10.2023 and subsequently filed rectification petitions within the prescribed limitation period. These rectification petitions were rejected on 29.01.2024, after which the petitioner filed appeals, which were rejected by the appellate authority as time-barred. A sum of Rs. 1,26,02,699/- was appropriated from the petitioners bank account towards the tax demand.
Decision: The HC quashed the appellate orders that rejected the appeals as time-barred, considering the rectification petitions were timely filed and appeals were filed shortly after their rejection. The appellate authority was directed to receive and dispose of the appeals on their merits without considering the limitation period. The court ordered the lifting of the bank attachment that led to the appropriation of Rs. 1,26,02,699/- and allowed the petitioner to file for a refund of the appropriated amount.

Facts: Telco Co-operative Society Ltd. received reassessment notices for the tax years 2013-14 and 2014-15, questioning deductions previously allowed u/s 80P. The Revenue argued that the petitioner did not fully disclose all facts, resulting in income escaping assessment. The petitioner challenged the reassessment notices and orders after the reassessment was completed and beyond the statutory appeal period.
Decision: The court ruled the writ petition was not maintainable since the petitioner failed to use the alternative statutory appeal on time. The court found the issues raised required a factual examination that could not be addressed in writ proceedings. The court highlighted the necessity of exhausting statutory appeal remedies before seeking writ jurisdiction.