News

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Schedule FA & FSI: Reporting Foreign Income and Assets on Income Tax Portal
In this blog post, I’ll break down what these schedules are, provide real-world examples, and explain how to report them on ...
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Section 80P Deduction to Coop Society Allowed on Coop Bank Interest, Not on Nationalized Bank: ITAT Mumbai
ITAT Mumbai rules cooperative housing societies can claim Section 80P(2)(d) deduction on interest from co-operative banks. Interest from nationalized banks is not ...
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No Bar on Transferring GST ITC Between Amalgamating Companies in Different States
Bombay High Court rules no GST law prohibition on transferring Input Tax Credit between amalgamating companies located in different states, enabling seamless credit ...
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SC Dismissed SLP dealing with interim ruling limiting ITC blocking to 10%
The Supreme Court dismissed an SLP, affirming an interim High Court order that limits Input Tax Credit blocking to 10% of the demand under Rule 86A of CGST ...
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SC Cancels Bail of Patna Care Home Superintendent Who Was Accused of Exploiting Inmates
Supreme Court cancels bail for a former Patna care home superintendent accused of exploiting inmates. The decision overturns a High Court ...
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Salaried Employees – Be Aware of Income Tax Refund Magicians
Beware of tax refund scams. The Income Tax Department is cracking down on fraudulent ITR claims. File accurate returns to avoid penalties and legal ...