Search Results for Tag : Tax liability

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Interest on delayed GST payment will now be calculated on net tax liability(15.02.2020)

The Central Board of Indirect Taxes and Customs (CBIC) released a statement clarifying that, interest payable on delayed payment of GST will be calcul.....

Tags : Tax liability, Interest, Delayed payment

Notifications & Circulars

CBDT identifies non-filers through Non-filers Monitoring System (NMS) by using Data Analytics and request the Non-filers to assess their tax liability for AY 2018-2019(22.01.2019)

The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high value transactions and have potential tax liabilities .....

Tags : Non-filers, Identification, Tax liability

News

# GST Changes Applicable From 01.01.2021: Compulsory Payment by Cash of At Least 1% of Tax Liability(29.12.2020)

New Rule 86B has introduced restrictions on the use of amount of Input Tax Credit (ITC) available in electronic credit ledger. As per the said Rule, a.....

Tags : Tax Liability, Use of ITC

ITAT, Mumbai: Taxpayer Can Opt a Method Resulting in Lowest Tax Liability(19.03.2020)

Income Tax Appellate Tribunal (ITAT), Mumbai has held that if there exist two methods for tax payment, the Assessee can opt the method which would res.....

Tags : Income Tax Appellate Tribunal, Lowest Tax Liability

SC: No Income Tax Liability for UAE Exchange in India(27.04.2020)

Supreme Court has ruled that no income tax can be levied on its liaison offices in India in respect of the principal business carried by it in United .....

Tags : Supreme Court, Income Tax Liability for UAE Exchange

CESTAT: No Service Tax to be Levied on Flats Construc. Prior To 01.07.2010 Having Less Than 12 Flats(11.04.2024)

Chennai Branch of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that no tax liability shall be imposed if the flats are co.....

Tags : CESTAT, Service Tax, Tax Liability

Madras HC: Signing of Statement Admitting Tax Liability Not Lead to Self-Assessment(20.04.2022)

Madras High Court has ruled that the signing of a statement by the taxpayer admitting tax liability under the stress of investigation and making payme.....

Tags : Madras High Court, section 74 of the Central Goods and Services Tax Act, 1961, taxpayer, tax liability

Madras HC: Mere Signing of Statement Admitting Tax Liability, Doesn't Amount to Self-Ascertainment(21.04.2022)

Madras High Court has ruled that merely because an assessee has, signed a statement admitting tax liability under the stress of investigation, and hav.....

Tags : Madras High Court, assessee, tax liability, self-assessment, self-ascertainment

ITAT: Income Tax Liability Won’t Arise for Unsecured Loan Transactions Done by Group Entities(16.06.2022)

Income Tax Appellate Tribunal (ITAT), Mumbai Bench has held that income tax liability won’t arise for unsecured loan transactions done by group entiti.....

Tags : ITAT, Income-Tax Liability, Unsecured Loan

HP HC: Cannot Treat Amount Deposited Under Protest as Admission of Tax Liability(24.06.2025)

Himachal Pradesh High Court has held that once a taxpayer has deposited an amount 'under protest', the same could not have been considered to be an ad.....

Tags : HP High Court, Tax Liability, Taxpayer