JurisHour

Outlet metrics

Domain Authority

Ranking

Global

#1429462

India

#106148

Articles

Taxability of Mutual Funds in India

1 month ago | jurishour.in | Mariya Paliwala

Mutual funds have become one of the most popular investment avenues in India due to their potential for wealth creation, diversification benefits, and professional management. However, understanding their tax implications is crucial for effective financial planning. The taxation of mutual funds in India is governed by the Income Tax Act, 1961, and varies based on factors such as the type of fund, the holding period, and the nature of returns.
Patna HC Upholds COFEPOSA Detention Order

1 month ago | jurishour.in | Mariya Paliwala

The Patna High Court has upheld the detention order under Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (COFEPOSA) in foreign origin gold smuggling case. The bench of Justice Vipul M.
Understanding Taxability Of Eidi in India

1 month ago | jurishour.in | Mariya Paliwala

Eidi, also known as Eidiyah or Eidhi, is a traditional gift given during the Islamic festivals of Eid al-Fitr and Eid al-Adha. Typically, it is money given by elders to younger family members as a token of love and blessings. While Eidi is most commonly given in cash, it can also include gifts such as clothes, toys, or other valuables. The tax treatment of Eidi in India is governed by the Income Tax Act, 1961, particularly under the provisions related to gifts.
GST Amnesty Scheme: Deadline Approaches for Waiver on Penalty & Interest

1 month ago | jurishour.in | Mariya Paliwala

The Goods and Services Tax Network (GSTN) has issued a crucial reminder for taxpayers to clear their outstanding tax dues under the GST Amnesty Scheme (Section 128A) before the March 31, 2025 deadline. This initiative provides a significant relief by waiving penalties and interest on pending tax liabilities from the financial years 2017-18 to 2019-20.
Customs Rescue Endangered Monkeys

1 month ago | jurishour.in | Mariya Paliwala

Customs officials at Kempegowda International Airport (KIA) intercepted a shocking case of wildlife smuggling on Sunday night, rescuing six endangered monkeys hidden inside a suitcase aboard a flight from Malaysia. According to customs sources, the smuggled primates included four Siamang Gibbon monkeys and two North Pigtailed Macaques. The illicit transportation was orchestrated by a single passenger who arrived in Bengaluru via Malaysian Airlines flight MH 192 from Kuala Lumpur at 11:30 PM.
Delhi HC Slams CESTAT For Contradictory Orders

1 month ago | jurishour.in | Mariya Paliwala

The Delhi High Court has slammed the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) for contradictory orders citing lack of pecuniary jurisdiction. The bench of Justice Prathiba M. Singh and Justice Rajneesh Kumar Gupta has observed that Instruction dated 2nd November, 2023, issued by the CBIC wherein monetary limits have been fixed for filing of appeals by the Department. In terms thereof, for CESTAT appeals, the monetary limit would be to the tune of Rs.50 lakhs.
Investigation Reveals Fixer Gang Links

1 month ago | jurishour.in | Mariya Paliwala

The probe into the Justice Yashwant Varma cash controversy has uncovered a web of corruption linked to a fixer gang operating in the National Capital Region (NCR). A central agency investigation has brought a well-known real estate developer and a lawyer under scrutiny as authorities work to trace the origins of the charred cash discovered at Justice Varma’s official residence.
CBIC To Re-Examine Timelines Fixed For Correcting Bonafide Errors: Supreme Court

1 month ago | jurishour.in | Mariya Paliwala

The Supreme Court has directed the Central Board of Indirect Taxes and Customs (CBIC) must re-examine the provisions/timelines fixed for correcting the bonafide errors. The bench of the Chief Justice Sanjiv Khanna and Justice Sanjay Kumar has observed that time lines should be realist as lapse/defect invariably is realized when input tax credit is denied to the purchaser when benefit of tax paid is denied. Purchaser is not at fault, having paid the tax amount.
Mandatory GST E-Invoice Integration for Deemed Export Benefits Under FTP 2023: DGFT Seeks Comment

1 month ago | jurishour.in | Mariya Paliwala

The Directorate General of Foreign Trade (DGFT) has issued Trade Notice seeking comments from exporters, importers, and industry stakeholders on a proposal to make GST E-Invoices received from GSTN mandatory for claiming deemed export benefits under the Foreign Trade Policy (FTP) 2023. Seamless Data Integration – DGFT is working with the Goods and Services Tax Network (GSTN) to enable seamless data exchange for improved regulatory compliance and transparency.
SC Upholds Businesses’ Right to Rectify Tax Errors

1 month ago | jurishour.in | Mariya Paliwala

The Supreme Court has upheld the businesses’ right to rectify tax errors, safeguards buyers’ input tax credit from seller’s mistakes. The bench of the Chief Justice Sanjiv Khanna, Justice Sanjay Kumar and Justice K.V. Viswanathan has observed that has reinforced the fundamental right of businesses to rectify clerical or arithmetical errors in tax filings.