Key updates in Income Tax, GST, Customs, and SEBI from 9th to 15th Sep 2024, including audit guidelines, ITC rules, and export policy changes.
The CCI General Regulations, 2024, outline procedures for filing, translations, and expert involvement in competition law cases under the Competition Act, 2002.
ITAT Ahmedabad held that claim of deduction u/s 80P is admissible only when the claim of deduction u/s 80P is made in the return of income filed on or before the due date prescribed u/s 139(1). Thus, deduction u/s. 80P inadmissible when return is filed after due date prescribed u/s. 139(1).
CBDT had issued instructions/notification for examining the specific cases regarding cash deposits during the demonetisation period. However, both the lower authorities had not done so and therefore, the matter was remanded for re-examination.
Taxpayers have until Oct 31, 2024, to report ITC reversal opening balances in the new Electronic Credit Reversal and Re-claimed Statement before it locks. Amendments allowed till Nov 30.
SEBI issues Notification No. 205, amending non-convertible securities regulations, effective from September 17, 2024.
AO noted that the assessee was unable to satisfied the ingredients of section 68 of the Income Tax Act. Thus, AO applied section 68 and added into total income and applied tax rate as per section 115BBE of the Act. Accordingly assessed income was determined at Rs.75,49,764.
Explore GST impact on hotels and restaurants, covering registration, rates, input tax credit, invoicing, and composition schemes in India’s hospitality sector.
Discipline fosters continuous growth, overcoming obstacles, and long-term success. Learn how adopting discipline leads to professional and personal achievements.
New RCM Liability/ITC statement on GST Portal from August 2024 helps track reverse charge liabilities and ITC claims. Learn the process and key deadlines for filing.
