Learn about the mandatory generation of debit/credit notes through the E-Invoicing portal for taxpayers falling under the CBIC 6th phase. Understand the rules and implications for GST compliance.
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.
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.
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.
ITAT Delhi held that violation of section 40A(3) sustained as the reply provided by the assessee is hypothetical and non-satisfying.
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.
ITAT Bangalore held that bad debts relating to non-rural branches are allowable under section 36(1)(vii) of the Income Tax Act.
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.
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.
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.
