April 2024 – Outspire Innovations

29 Apr 24

Interpretation of Relevant Date for Tax Refund: Delhi High Court Ruling Analysis

Direct Tax Compliance, GST Return and Compliance

In a recent landmark ruling, the Delhi High Court addressed the crucial issue of determining the "relevant date" for claiming tax refunds in cases of incorrect tax payments. The case of DMI ALTERNATIVES PRIVATE LIMITED VERSUS ADDITIONAL COMMISSIONER CGST APPEALS 1 DELHI & ORS. sheds light on the interpretation of…

29 Apr 24

Extended Deadline for Form 10A/10AB for Charitable Trusts by CBDT until June 30

Direct Tax Compliance

The recent announcement by the Central Board of Direct Taxes (CBDT) regarding the extension of the deadline for filing Form 10A/10AB brings significant relief to charitable trusts across India. This extension, until June 30, 2024, offers trusts additional time to ensure compliance with regulatory requirements and maintain their tax-exempt status.

26 Apr 24

Bombay High Court Quashes GST Demand on Ocean Freight for Goods Imported from Abroad

GST Return and Compliance

The recent ruling by the Bombay High Court sets a precedent in the realm of GST taxation on ocean freight for goods imported from abroad. By quashing a show cause notice (SCN) demanding GST on ocean freight for transportation of goods from outside India, the court provides clarity on the…

26 Apr 24

Good News for SEZ Units: No GST Under Reverse Charge for Specified Services from DTA

GST Return and Compliance

The recent ruling by the Authority for Advance Rulings (AAR) in Gujarat brings relief to SEZ units regarding GST under the Reverse Charge Mechanism (RCM). SEZ units may now be exempt from paying IGST on specified services sourced from the domestic tariff area (DTA), subject to certain conditions.

20 Apr 24

Summary of Latest GST Changes Effective from 1st October 2023

GST Return and Compliance

Explore the significant amendments to the Goods and Services Tax (GST) regime effective from October 1st, 2023, including clarifications on payment to suppliers, extensions of composition scheme benefits, and provisions for data sharing. Understand the implications of these changes for businesses and taxpayers in India.

16 Apr 24

Account Payable: Step by Step Accounts Payable Implementation

Accounting and Bookkeeping

Embark on a journey towards seamless accounts payable management with our comprehensive guide. From digital transformation to transparent vendor communication, discover the key steps to streamline your AP processes and drive financial efficiency.

14 Apr 24

Important Updates in Tax Audit Reporting: Understanding Changes to Form 3CD

Direct Tax Compliance

In the realm of tax auditing, staying abreast of regulatory amendments is paramount for businesses and professionals alike. Recently, the Central Board of Direct Taxes (CBDT) introduced significant modifications to Form No. 3CD, a cornerstone in tax audit reporting.

11 Apr 24

Income Tax Slabs for FY 2024-25, FY 2023-24 Under the New Tax Regime

Direct Tax Compliance

Income tax serves as a cornerstone of any nation's financial strategy, and comprehending the income tax brackets for each fiscal year is pivotal for individuals to strategize their finances effectively.

11 Apr 24

Income Tax FY2025: Here’s How to Make a Switch Between New and Old Tax Regimes

Direct Tax Compliance

In the ever-changing world of income taxation, understanding how to switch between tax systems is crucial for individuals. As we approach Fiscal Year 2025, taxpayers have the chance to move between the traditional and newer tax regimes.

10 Apr 24

ITR-1, ITR-2, ITR-4 Forms for FY 2023-24 Available for E-Filing

Direct Tax Compliance

Filing income tax returns (ITR) is a crucial task for taxpayers, ensuring adherence to tax laws and promoting financial transparency. The Income Tax Department of India has embraced digitalization, offering online ITR forms for the fiscal year 2023-24.

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Interpretation of Relevant Date for Tax Refund: Delhi High Court Ruling Analysis

Extended Deadline for Form 10A/10AB for Charitable Trusts by CBDT until June 30

Bombay High Court Quashes GST Demand on Ocean Freight for Goods Imported from Abroad

Good News for SEZ Units: No GST Under Reverse Charge for Specified Services from DTA

Summary of Latest GST Changes Effective from 1st October 2023

Account Payable: Step by Step Accounts Payable Implementation

Important Updates in Tax Audit Reporting: Understanding Changes to Form 3CD

Income Tax Slabs for FY 2024-25, FY 2023-24 Under the New Tax Regime

Income Tax FY2025: Here’s How to Make a Switch Between New and Old Tax Regimes

ITR-1, ITR-2, ITR-4 Forms for FY 2023-24 Available for E-Filing

Refund Claim Cannot Be Denied Due to Technical Issues: Delhi High Court Ruling

Understanding Recovery Proceedings Under the CGST Act: A Recent High Court Ruling

Disposable Paper Cups Now Subject to 18% GST: West Bengal AAR’s Crucial Ruling

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