Filing income tax returns (ITR) is crucial for obtaining tax refunds when excess tax is deducted at source. In cases where an individual does not have a Permanent Account Number (PAN), certain challenges arise. This article explores whether your mother can claim a tax refund if her tax has been deducted without a PAN, particularly when it involves interest income
The Employee State Insurance Corporation (ESIC) mandates that all employers under its jurisdiction file returns, including “ESIC Nil Return” if there are no contributions to report for a given period. Missing the filing deadline for an ESIC Nil Return can lead to significant legal and financial penalties for businesses, emphasizing the importance of timely compliance. This article covers the legal
India is carefully evaluating the OECD-led Pillar 2 tax framework, which proposes a minimum 15% corporate tax for multinational enterprises (MNEs) with global revenues over €750 million. Despite support for global tax reform, the Indian government is likely to delay the Pillar 2 implementation due to its limited revenue benefit and potential impact on sovereign tax policy. The Pillar 2
In today’s corporate landscape, directors play varied and influential roles across all types of organizations. Each director brings unique skills and perspectives that shape a company’s strategic direction, governance, and performance. Besides the well-known roles of Chief Executive Officer (CEO), Chief Financial Officer (CFO), or Chief Operating Officer (COO), there are many distinct types of directors with specific duties. Let’s
The Central Board of Indirect Taxes and Customs (CBIC) recently released a corrigendum to Circular No. 237/31/2024-GST, further clarifying provisions under Section 16 of the Central Goods and Services Tax (CGST) Act, 2017. Dated October 25, 2024, this corrigendum addresses specific challenges related to Input Tax Credit (ITC), ensuring clarity for both taxpayers and GST officers on its eligibility criteria
In a move that could reshape India’s Goods and Services Tax (GST) landscape, a Group of Ministers (GoM) has proposed significant tax rate changes for more than 100 products. These adjustments are aimed at providing targeted relief in some areas, while also generating additional revenue to support important exemptions, particularly for senior citizens and essential insurance policies. The recommendations are
The Goods and Services Tax (GST) landscape in India has always been a subject of discussion and debate, especially when it comes to product classifications. In a recent ruling by the Rajasthan bench of the GST Authority for Advance Rulings (AAR), an important decision was made concerning the taxability of softy ice-cream mix. The ruling determined that this particular product,
The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalization met recently to discuss significant adjustments in the tax structure. With a focus on easing the financial burden on consumers, the GoM, chaired by Bihar Deputy Chief Minister Samrat Chaudhary, proposed a set of tax revisions that aim to strike a balance between affordability for essential goods
The Income Tax Department recently unveiled its updated Handbook on Judicial Matters, a crucial resource meticulously crafted by the Office of the Principal Commissioner of Income Tax (Judicial). This handbook is designed specifically for internal use, providing a structured and comprehensive guide for tax professionals and officers. It covers essential procedures for filing appeals and managing cases across various judicial
In a significant move aimed at providing financial relief to senior citizens, the Group of Ministers (GoM) has put forward a proposal to exempt Goods and Services Tax (GST) on life and health insurance premiums. This decision could represent a major shift in how essential financial services are taxed, and it signals an important step toward reducing the economic burden
