The Patna High Court has clarified that the direct invocation of Article 226 of the Constitution of India is impermissible when a taxpayer neglects to file a statutory appeal under the Central Goods and Service Tax Act (CGST).
Form DRC-03 for ITC Reversal: High Court Mandates Electronic Credit Ledger (ECL) Re-Credit
Refusing a refund application for unutilized Input Tax Credit (ITC) on the grounds of deficiency without proper communication is impermissible by the department.
In a bid to combat tax evasion and promote transparency in financial transactions, banks in India have been directed to notify the income tax department about significant cash deposits involving ₹2,000 currency notes above a specified threshold. This reporting requirement falls under the statement of financial transactions (SFT) that banks are mandated to submit annually.
The Ministry of Corporate Affairs (MCA) in India has recently implemented an important amendment to the Companies (Removal of Names of Companies from the Register of Companies) Rules, 2016. This amendment reinforces the necessity for companies to file their overdue financials before initiating the process of strike-off and closure. In this blog post, we will explore the details of this amendment and its implications for maintaining accountability and transparency in the corporate sector.
In a surprising move, the Reserve Bank of India (RBI) has recently announced the withdrawal of Rs 2,000 denomination notes from circulation. This decision has raised eyebrows and sparked discussions among the general public and financial experts alike. In this blog post, we will delve into the reasons behind this unexpected step, its potential impact on the economy, and what it means for the common man.