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Archive: 24 July 2024

Posts in 24 July 2024

Amendment to Section 43D: Removing NHB References in Budget 2024

July 24, 2024 441 Views 0 comment Print

Finance Bill 2024 removes NHB references from Section 43D, affecting income tax provisions for housing finance companies. Effective April 1, 2025.

Section 194-O Amendment: Lower TDS Rate for E-commerce Payments

July 24, 2024 711 Views 0 comment Print

Understand Section 194-O amendment reducing TDS rate from 1% to 0.1% for e-commerce payments, effective October 2024. Impact on e-commerce participants and operators explained.

Procedure for Arrest Must Be Strictly Followed: Bombay HC

July 24, 2024 450 Views 0 comment Print

Bombay HC declares arrest illegal if not following due process, emphasizes constitutional rights in Mahesh Pandurang Naik vs. State of Maharashtra.

Live Free Webinar: Analysis of Direct Tax Amendments in Union Budget 2024

July 24, 2024 3921 Views 0 comment Print

Join our live webinar on July 26, 2024, to analyze direct tax amendments in the Union Budget 2024 with CA Bikash Bogi. Register now to secure your spot!

GST Budget 2024 Amendments At A Glance

July 24, 2024 5886 Views 0 comment Print

Discover the significant GST budget amendments for 2024, including changes in levy provisions, demand recovery, ITC availment, and more. Stay updated with our detailed analysis.

Right fees payable to BCCI by BYJU is operational debt: NCLT Bengaluru

July 24, 2024 285 Views 0 comment Print

NCLT Bengaluru held that ‘right fees’ for which operational creditor (BCCI) is liable to be paid by Corporate Debtor (BYJU’s) falls within the definition of ‘operational debt’ within section 5(21) of the Code. Hence, petition filed u/s 9 to initiate CIRP accepted.

Transfer by Corporate Debtor resulting into value enhancement outside ambit of section 43 of IBC: NCLT Mumbai

July 24, 2024 285 Views 0 comment Print

ITAT Delhi held that written off of obsolete inventory allowable as prepared in accordance with accounting standards and duly got prepared audited report of an independent auditor.

Written off of obsolete inventory permissible as in accordance with accounting standards: ITAT Delhi

July 24, 2024 480 Views 0 comment Print

ITAT Delhi held that written off of obsolete inventory allowable as prepared in accordance with accounting standards and duly got prepared audited report of an independent auditor.

Income Tax Notification No. 96/2024: SAMEER Mumbai Specified Income Exemption

July 24, 2024 438 Views 0 comment Print

Explore Notification No. 96/2024 by the Ministry of Finance, detailing income specifics for SAMEER Mumbai under Income Tax Act Clause 46 Section 10. Effective from 2021-2026.

Addition u/s. 68 justified as revenue exhibited transaction as bogus: ITAT Ahmedabad

July 24, 2024 399 Views 0 comment Print

ITAT Ahmedabad held that addition under section 68 of the Income Tax Act justified as revenue duly exhibited the credit entry as sham or bogus and assessee failed to establish genuineness of the same.

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