ITAT Delhi held that addition under section 68 of the Income Tax Act towards unexplained cash credit cannot be sustained as cash deposit already included in turnover declared by the assessee in return of income. Accordingly, addition is directed to be deleted.
Karnataka Taxpayers Association urges Finance Minister to revise GST turnover limits (₹40L/₹20L to ₹1Cr) due to inflation & digital transaction notices. Proposes amnesty for small businesses impacted by outdated thresholds.
Understand Section 201(1A) for TDS late payment interest, including rates, calculation periods, principal amount, and implications for deductibility.
Explore statistics on financial literacy in India, its impact on youth debt, credit card misuse, and investment gaps, alongside recommendations for improvement.
Understand GST late fees under Section 47 of the CGST Act, including daily penalties, calculation, and impact on ITC. Learn about different return types and potential waivers.
ITAT Bangalore held that eligibility u/s. 80P should be assessed in the light of the relevant state cooperative law. Under Karnataka Cooperation Societies Act [KCSA], the presence of nominal and associate members is lawful and does not break the mutuality principle.
The Appellant submitted that, despite repeated follow-ups, the Respondent has failed to pay the outstanding balance. The Appellant issued a notice under the Arbitration and Conciliation Act, 1996 seeking recovery of the said dues.
The petitioner filed return of income for the Assessment Year 2013-14 on 28.04.2016. A notice dated 30.6.2021 was issued u/s. 148 of the Act under the provisions of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TOLA).
Allahabad High Court dismisses a criminal revision challenging Deputy CM Keshav Prasad Maurya’s educational degree, citing no cognizable offense or malice in the plea.
IFSCA seeks public comment on new rules for Public Interest Directors on IFSC Market Infrastructure Institution boards, proposing stricter skill-sets, evaluation, and appointment processes for enhanced governance.
