FAQs on PFA & Defective for ITR 1to 6 for AY 24-25

Indexation benefit restored: Finance Bill 2024 passed by Loksabha

Order passed by an authority without jurisdiction is void ab initio; can’t be enforced: HC

Penalty for misreporting of income cannot be imposed in case there is no malafide intention: ITAT Delhi

Technical services provided to US residents are taxable in India only if make available condition is fulfilled: ITAT Delhi

Whether the addition on the basis of such dumb document is sustainable or not?

Taxpayers to get a choice – Whether to pay tax @20% with indexation or 12.50% with Indexation

International tax perspective in the budget:

FM proposes amendment to Finance Bill, 2024:

No GST on penalties, late fees/penal interest and fines leived by RBI: AAR Maharashtra

Foreign allowance for services rendered outside India is not taxable in India: ITAT Kolkata

Income Tax dept begins scrutiny in reassessment cases for AY-2018-19:

No pick and choose method permissible, if the part entries of dumb documents accepted then balance cannot be denied: ITAT Hyderabad

Liability to pay GST can’t be levied for unrequested legal documents: Madras HC

TDS on partner’s remuneration introduced in the Budget:

Bye Bye Indexation: LTCG rate reduced to 12.50% from 20%

AQs issued by CBDT on the new capital gains tax regime proposed in the Union Budget 2024-25

GST Rate and HSN Code for Musical Instruments and parts