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Archive: 18 May 2023

Posts in 18 May 2023

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6705 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Proviso to section 36(1)(vii) cannot be applied for disallowing deduction claimed on bad debts relating to non-rural advances

May 18, 2023 1659 Views 0 comment Print

ITAT Bangalore held that when the proviso to section 36(1)(vii) applies to bad debts written off relating to rural advances, the same cannot be applied for disallowing deduction claimed on account of write off of bad and doubtful debts relating to nonrural/urban advances.

Legal Compliance Applicable to Private Limited Company

May 18, 2023 13560 Views 0 comment Print

After the formation of a Private Limited Company, there are several legal compliances that need to be followed to ensure the company’s compliance with applicable laws and regulations.

Doctrine of legitimate expectation invocable where amendment is not made in consonance with public interest

May 18, 2023 1764 Views 0 comment Print

Supreme Court held that amendment to section 2(17) of West Bengal Sales Tax Act, 1994 by omitting the word ‘blending of tea’ from definition of ‘manufacture’ stopped the benefit of exemption from payment of sales tax. Enactment of such amendment without appropriate justification by the Government brings in play doctrine of legitimate expectation.

Addition for Violation of section 40A(3) sustained because of non-satisfying reply

May 18, 2023 921 Views 0 comment Print

ITAT Delhi held that violation of section 40A(3) sustained as the reply provided by the assessee is hypothetical and non-satisfying.

Profit & Loss (P&L) Account and cashflow analysis

May 18, 2023 3774 Views 0 comment Print

Understand the crucial role of Profit & Loss (P&L) account and Cash Flow statement in analyzing a business’s financial health. Explore insights, identify gaps, and make informed decisions for improved performance.

Bad debts relating to non-rural branches are allowable u/s 36(1)(vii)

May 18, 2023 918 Views 0 comment Print

ITAT Bangalore held that bad debts relating to non-rural branches are allowable under section 36(1)(vii) of the Income Tax Act.

Section 44AD and 44ADA – Presumptive taxation scheme

May 18, 2023 17136 Views 3 comments Print

Explore Section 44AD and Section 44ADA of the Income Tax Act, offering presumptive taxation schemes for businesses and professionals. Learn eligibility, calculation methods, deductions, filing requirements, and examples. Make informed decisions with insights into these tax provisions. Case study included. Consult a tax professional for personalized guidance.

Provisions of section 56(2)(viia) applicable on shares received on account of amalgamation

May 18, 2023 3594 Views 0 comment Print

ITAT Hyderabad held that provisions of section 56(2)(viia) of the Income Tax Act are attracted on shares received by the assessee company on account of amalgamation.

12 Points to be kept in entering legal contract

May 18, 2023 2016 Views 0 comment Print

Entering a legal contract Ensure clarity, specify parties details, describe subject matter, include terms, address payment, confidentiality, IP rights, dispute resolution, governing law. Review with legal advice, execute with proper signatures, consider amendments, termination, force majeure, severability, entire agreement, waivers, notice, and record-keeping.

AIS, TIS and form 26AS in income tax

May 18, 2023 53499 Views 5 comments Print

Understand the significance of Annual Information System (AIS), Taxpayer Information Summary (TIS), and Form 26AS in income tax. Learn how these tools help taxpayers ensure accurate reporting, avoid discrepancies, and stay compliant with tax laws. Accessing AIS and TIS statements online through the Income Tax Department’s portal is essential for maintaining transparency, resolving discrepancies, and avoiding potential issues with tax authorities. Regular monitoring of AIS and TIS statements is crucial for taxpayers in India.

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