Government should not charge late fees unless and until the online system is streamlined. There were many technical issues with the site, because of which assessee had to pay late fees. So you are requested to waive the late fees
Voluntary Income declared by assessee on its own i.e. without any detection cannot be considered as equivalent to providing inaccurate particulars of income or concealing particulars of Income
Jagdish Chandra Suwalka Vs JCIT (ITAT Jaipur) ITAT observed that the provisions contained u/s 275(1)(a)are not applicable on the facts of present case for the reason that undisputedly no appeal has been filed against the assessment order passed on 28.12.2017. Therefore, it cannot be said that the relevant assessment or other order was subjected to […]
Explore the impact of Ind AS 115 on revenue recognition across diverse industries. Learn the five-step model, examples for construction, software, telecom, retail, and healthcare sectors, and understand the shift towards a more accurate and transparent revenue recognition framework. Ensure compliance with the new standards for a comprehensive understanding of your company’s revenue activities.
Discover the ins and outs of Inventory Financing: types, advantages, and disadvantages. Learn how businesses can secure short-term loans backed by inventory, optimizing working capital, and gaining financial flexibility. Understand Inventory Loan vs Inventory Line of Credit and find out if this financing option is suitable for your business needs.
Impugned order rejecting claim of refund and depriving the petitioner of the refund to which it may be entitled, without any authority of law, cannot be allowed to be sustained. Administrative instructions cannot bar claim of refund if the legal requirements as contained in the law are fulfilled.
ITAT ruled that capital gains on sale of unlisted shares by a non-resident must be computed strictly as per Section 112(1)(c)(iii) of Income Tax Act without considering computation provisions under Section 48.
Amnesty available to non-filers of Form GSTR-4 [composition scheme dealer] –If any composition dealer who has not filed or furnished the return in form GSTR-4, for the period from July 2017 to March 2022, and files or furnishes such return between 1st April 2023 to 30th June 2023, then the late fee is restricted to Rs 500/- per year.
mere non-disclosure of agricultural income in the return of income does not change the characteristics of land. Subsequent use of land by the purchaser has no connection to decide the nature of land, whether it is an agricultural land.
Explore Capital Gain Tax Exemption rules on property transactions with illustrative examples, legal decisions, and statutory provisions. Understand the nuances of claiming exemptions under sections 54 and 54F of the Income Tax Act based on the date of purchase, possession, or construction. Get insights into specific legal decisions and learn about the factors affecting eligibility for exemptions.
