"04 February 2024" Archive

Analysis of Clause(h) of Section 43B of Income Tax Act

Explore the implications of Income Tax Section 43B(h) introduced by the Finance Act, 2023, affecting timely payments to Micro & Small Enterprises. Understand the legal provisions, classifications, and consequences for MSMEs and businesses....

Posted Under: Income Tax |

Rectification of errors apparent on face of record: Section 161 of CGST Act, 2017

Explore the impact of GST Section 161 on rectifying errors in official documents. Learn who can initiate the process, limitations, and benefits for a fair and efficient tax experience....

Posted Under: Income Tax |

Section 43B(h) of Income Tax Act: Timely Payments to Micro & Small Enterprises

Explore impact of Income Tax Act Section 43B(h) on businesses and Micro and Small Enterprises (MSEs). Learn about timeframe, importance, and implications for tax deductions, promoting timely payments for financial well-being....

Posted Under: Income Tax |

Error in drafting Section 87A of Income Tax Act, 1961

Explore the controversial amendment to Section 87A of Income Tax Act, 1961 effective from AY 2024-25. Detailed analysis of its impact on tax liability and potential issues addressed. Learn how a drafting error may lead to unintended consequences....

Posted Under: Income Tax | ,

Budget 2024: TCS Changes on Foreign Remittances

Explore key points on Tax Collected at Source (TCS) changes in Budget 2024. Uncover implications, limits, and amendments affecting foreign remittances under Liberalised Remittance Scheme (LRS)....

Posted Under: Income Tax |

DGGI Unearths 1,700 Fraudulent ITC Cases Worth Rs. 18,000 Crore

DGGI detect 1,700 ITC fraud cases involving Rs. 18,000 crore & 98 arrests. Information based on Ministry of Finance data analysis & advanced technical tools....

Posted Under: Income Tax |

No Offense of Money Laundering When FIR is Quashed & Unchallenged: Delhi HC

Nayati Healthcare And Research NCR Pvt. Ltd. And Ors. Vs Union of India Ministry of Home Affairs (Delhi High Court)

Explore the Delhi High Court judgment quashing ED complaint in Nayati Healthcare case. Analysis of legal aspects and implications. Read more....

Leave Travel Allowance (LTA) under Section 10(5) of Income Tax Act, 1961

Unravel the intricacies of LTA under Section 10(5) of the Income Tax Act. Explore exemptions, key judgments like State Bank of India vs. ACIT, and practical considerations....

Posted Under: Income Tax |

Show Cause Notices (GST) – Basics & Handling: A Comprehensive Overview

Understand the crucial role of Show Cause Notices (SCN) in GST legal processes. Explore Section 73-74, verification parameters, and key points for a robust response. Learn more!...

Posted Under: Income Tax |

Section 36(1)(va) of Income Tax Act, 1961 – Retrospectivity vs. Perspectivity Tussle

Explore the legal intricacies of Income Tax Act's Section 36(1)(va) and Section 43B, the debates on retrospectivity, and the impact of recent amendments. Unravel the complexities with insights from Checkmate Services Pvt. Ltd vs CIT [2022 SCC OnLine SC 1423], ITAT Hyderabad ruling, and the perspective of the Hon'ble Delhi High Court....

Posted Under: Income Tax |

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February 2024