Understand Advance Tax rules for FY 2024-25, including eligibility, deadlines, and payment process. Learn about exemptions, revisions, and Form 26AS updates.
The petitioner, who was running the business of a Bar and Restaurant in Ananthapur Town, had registered himself as a dealer, under the A.P. Value Added Tax Act, 2005.
The FCRA Amendment Rules 2024 introduce new reporting requirements, fund carry-forward provisions, and stricter auditing standards. Learn the key changes and impact.
ICAI’s 73rd President outlines plans for tax reforms, global outreach, and professional growth. Key budget recommendations and future strategies for the accounting sector.
Rajasthan High Court held that profits and gains generated by captive consumption of electricity is eligible for deduction under section 80-IA of the Income Tax Act. Accordingly, appeal of revenue dismissed.
ITAT Raipur held that penalty under section 271(1)(c) of the Income Tax Act justifiable since no plausible explanation provided for amount of understated/ suppressed net profit. Accordingly, appeal dismissed and penalty upheld.
ITAT Delhi held that when the sale consideration as per conveyance deed and circle rates are different, matter must be referred to valuation officer DVO as contemplated in Section 50C(2). Accordingly, AO directed to refer matter to DVO.
ITAT Hyderabad held that determination of sale consideration on the basis of some statements without bringing any concrete material in support of his claim, is not correct. Accordingly, addition is liable to be deleted and appeal filed by revenue dismissed.
The Institute of Cost Accountants of India extends the deadline for completing mandatory CPE credit hours in physical mode for COP renewal until June 30, 2025.
ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under section 68 of the Income Tax Act. Accordingly, addition is deleted and appeal is allowed.
