Understand the intricacies of maintaining books of accounts as per Section 44AA and Rule 6F of the Income Tax Act, 1961. Delve into the obligations for specified professions, businesses, and non-specified professions based on income and gross receipts thresholds. Explore the provisions related to compulsory audit under Section 44AB and learn about the due date for tax audit of accounts. Stay compliant and informed with the latest regulations.
PCIT Vs Kumar Builders Consortium (Bombay High Court) Revenue argued that Section 80IB(10), does not at all envisage a pro rata deduction, in respect of eligible fats. In other words, it is suggested that even if a single flat in a housing project is found to exceed the permissible maximum built-up area of 1500 sq.ft., […]
Accepting the statement of the assessee that the addition be restricted to only profit element on the purchases efected by it, the CIT(A), restricted the addition by estimating profit of 12.5% on the total purchases in question.
Revenue can set off/adjust amount to be refunded against the sum which remains payable under Income Tax Act by the person to whom the refund is due, after giving an intimation in writing
Respondent furnished inaccurate particulars of his income in the garb of fictitious cash sales with a view to claim Section 81-IC exemption
In Re: National Association of Container Freight Stations Vs Trailer Owners Association (CCI) Commission finds that, in the present matter, the thin line has been transgressed by Opposite Party-1 (OP-1) to OP-10. Fixing prices and restricting provision of services under the aegis of trade associations cannot be held as a legitimate activity under the Act. […]
Rajasthan HC turned down Levy of VAT at higher rate by department on Food served in Restaurants (which obtained liquor licence as per 3 Star or above category hotels)
Government is implementing various schemes under Universal Service Obligation Fund (USOF) to enhance telecom connectivity in the rural and predominately tribal areas of the country including North Eastern Region (NER) and areas affected by Left Wing Extremism (LWE), Border areas, Aspirational Districts and Islands. Also, BharatNet project is implemented in a phased manner to provide broadband […]
After acceptance of declaration by Designated Authority by issue certificate under Vivad Se Vishwas Scheme, revised declaration cannot be filed
Explore the GST exemption for Good Transport Agency (GTA) services as per Notification No.12/2017-Central Tax (Rate). Learn about the exempted services, including transportation of agricultural produce, goods with specified considerations, milk, relief materials, and more. Discover the recent amendment through Notification No. 04/2022-Central Tax (Rate) and its impact on the exemption criteria. Stay informed about the changes effective from 18.07.2022.
