Tax Compliance
Latest news, explainers and analysis on Tax Compliance. Tracking 14 stories on Arth Vani.
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Latest on Tax Compliance
Centre & States to Draft New Rules for Existing GST Arrest Cases
The Central government and various state governments are set to collaborate on drafting new rules specifically for existing arrest cases under the Goods and Services Tax (GST) regime. This initiative aims to formalize and clarify procedures for individuals already facing arrest-related situations under GST laws, as reported by The Economic Times.
Centre and States to Collaborate on Widening India's GST Tax Base
The Central government and state administrations are set to work together on initiatives aimed at broadening India's Goods and Services Tax (GST) base. This collaboration seeks to improve tax compliance and potentially increase revenue collection across the nation.
BreakingGST E-invoicing May Cover Imported Services, Affecting Firms with ₹5 Crore Turnover
The Indian government plans to expand GST e-invoicing to include services imported from unregistered companies. This move will impact businesses with an annual turnover exceeding ₹5 crore and aims to reduce discrepancies in tax reporting and input tax credits. Implementation is anticipated by April 2027, following a consultation period.
BreakingWoman's ₹67.4 Lakh Ancestral Jewellery Declaration Leads to Tax Department Additions; ITAT Involved
A taxpayer's declaration of ancestral jewellery valued at ₹67.4 lakh in her Income Tax Return (ITR) prompted the tax department to make 'additions' to her taxable income. The dispute subsequently reached the Income Tax Appellate Tribunal (ITAT) for resolution. This case highlights the critical importance of proper documentation for ancestral assets to avoid tax scrutiny.
BreakingITAT Rulings: Unreported Foreign Accounts Can Lead to Black Money Act Action
Recent Income Tax Appellate Tribunal (ITAT) rulings highlight that failing to disclose foreign bank accounts in Income Tax Returns (ITRs) can trigger proceedings under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. This underscores the importance of accurate and complete disclosure of all overseas financial interests.
Guwahati Tax Bar Seeks Extension for Audit Due Date
The Tax Bar Association Guwahati has formally requested an extension for the upcoming tax audit due date. This move aims to provide taxpayers and professionals with additional time to comply with the mandatory tax audit requirements under Indian tax laws.
BreakingLandlords Can Claim TDS Tax Credit Even If Tenant Defaults on Deposit: ITAT Ruling
A recent Income Tax Appellate Tribunal (ITAT) ruling clarifies that landlords can claim tax credit for TDS deducted by tenants on rent, even if the tenant fails to deposit the TDS amount with the government. This decision offers significant relief to property owners, ensuring they are not unfairly penalized for a tenant's non-compliance. Landlords must, however, maintain proof of TDS deduction to avail this credit.
BreakingGST Council to Meet Sept 12: Focus on Input Tax Credit and Corporate Guarantees
The GST Council is set to convene on September 12 for its 57th meeting, with key discussions focused on simplifying tax compliance for businesses. Proposals include easier access to input tax credit for buyers and streamlined treatment of corporate guarantees. This meeting aims to address unresolved issues impacting business working capital and costs, nearly a year after the last session.
BreakingDefective ITR Notice for AY 2026-27: What to Do and Deadlines
Taxpayers may receive a defective Income Tax Return (ITR) notice under Section 139(9) if their filing for Assessment Year (AY) 2026-27 contains errors. Understanding the response deadline and consequences of ignoring such a notice is crucial to avoid further complications.
Tax Preparers Using AI: Is Disclosure to Indian Clients Mandatory?
A global debate is emerging among tax professionals about whether they should disclose the use of Artificial Intelligence (AI) in preparing tax returns to their clients. This discussion highlights a potential gap in current regulations, including those in India, regarding the ethical implications of AI in financial services.
BreakingIncome Tax Notice Under Section 139(9)? How to Fix a Defective Return and Avoid Penalties
The Income Tax Department issues Section 139(9) notices when a filed return contains errors or missing information. Taxpayers must respond within 15 days to prevent their return from being declared invalid, which could lead to the loss of tax benefits and carry-forward losses.
BreakingCrypto Exchanges Must Now Collect User Tax Residency and ID Details in India
Indian crypto exchanges are now mandated to collect tax residency and identification details from all users, aligning with new regulations from the Central Board of Direct Taxes (CBDT). This move is part of India's commitment to the OECD's global Crypto Asset Reporting Framework (CARF) and will see transaction data shared annually with tax authorities starting next financial year.
BreakingTaxpayers Alerted on Undeclared Foreign Assets; July 31 Deadline Nears
The Indian Income Tax (I-T) Department is sending alerts to taxpayers regarding undeclared foreign assets, prompting a review of overseas holdings before the July 31 income tax filing deadline. Taxpayers are encouraged to reconcile discrepancies identified through I-T portal data and SMS alerts to ensure compliance.
BreakingIncome Tax Dept Launches Foreign Assets Report: How to Check Your Overseas Holdings
The Income Tax Department has introduced a new 'Foreign Assets Information' report on the e-filing portal to help taxpayers track overseas financial data. This tool allows individuals to verify information received from foreign jurisdictions under automatic exchange agreements before filing their returns.
Tax figures shown are indicative estimates for education only and depend on your specific situation. Consult a qualified tax professional or the Income-Tax Department before acting.