Tax Relief
Latest news, explainers and analysis on Tax Relief. Tracking 7 stories on Arth Vani.
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Latest on Tax Relief
Himachal HC Quashes ₹117.94 Crore GST Demand Against Morepen Labs
The Himachal Pradesh High Court has provided significant relief to Morepen Laboratories Ltd., by quashing a GST recovery notice amounting to ₹117.94 Crore. This decision alleviates a major financial burden for the pharmaceutical company, eliminating a substantial tax liability.
GST Rejig Signals Early Diwali for Industry: Credit Relief, Export Boost Ahead
Recent adjustments to the Goods and Services Tax (GST) framework are being hailed as an "early Diwali" for Indian industry, according to an expert from EY. These changes promise credit relief, a boost for exports, and simpler operational rules, fostering a positive environment for businesses.
Gaming Sector Shows Optimism Over Reported GST Relief
Reports of potential GST relief for Indian gaming companies have sparked optimism across the sector, according to insights from A2Z Taxcorp LLP. While the news has raised hopes for future growth and investment, specific details regarding the nature and scope of this relief are currently unspecified.
India Considers Cheaper Finance, Tax Relief for Green Energy Investments
India is exploring policy measures to provide cheaper financing options and tax benefits for investments in the green energy sector. These potential moves aim to accelerate the country's transition towards sustainable energy sources, as reported by The Business Standard.
ITAT Delhi Relief: Father Avoids ₹12.83 Lakh Penalty on Minor's ₹1.17 Crore Income
The Income Tax Appellate Tribunal (ITAT) Delhi has provided relief to a father, overturning a ₹12.83 lakh penalty imposed due to his minor child earning ₹1.17 crore in interest income. The tribunal ruled that the income should not be clubbed with the father's income for penalty purposes.
BreakingITAT Chennai Rules: Gratuity Tax Deduction Cannot Be Denied Due to ITR Filing Errors
The Income Tax Appellate Tribunal (ITAT) Chennai has ruled that taxpayers cannot be denied genuine gratuity deductions under Section 43B simply for reporting them in the wrong schedule of their tax return. This decision provides significant relief to businesses and taxpayers facing technical disallowances due to clerical mistakes in ITR forms.
GST Panel May Allow Tax Credit Transfer within Corporate Groups; Intra-Group Guarantees Could See Exemption
A key GST panel is reviewing significant industry suggestions, including allowing companies within the same corporate group to transfer unused input tax credit and exempting intra-group corporate guarantees from tax. These proposals, aimed at boosting ease of doing business and improving corporate cash flow, will be put before the GST Council for its next meeting.
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.