ITAT rules that a co-op bank’s dealings with nominal members do not violate mutuality, allowing a deduction under Section 80P. It also clarifies rules for interest income from deposits.
The ITAT Ahmedabad has remanded a case involving Akshar Elecinfra Pvt. Ltd., ruling that the denial of an 80JJAA deduction was due to a technical portal glitch and not a substantive error.
Summary of the 56th GST Council meeting, detailing new tax rates, procedural reforms, and changes to ITC rules for businesses and consumers.
Understand the implications of GST rate changes on outward supplies, input tax credit, and tax liability. Learn how to handle billing, credit notes, and compliance.
The ITAT Ahmedabad reduced the estimated net profit rate for a milk retailer from 7% to 4.5%, finding the higher rate unrealistic for the business, and condoned a 101-day appeal delay.
ITAT Bangalore rules that interest on mandatory SLR/CRR deposits made by co-operative banks is eligible for Section 80P deduction, distinguishing it from surplus funds.
A summary of Section 186 of the Companies Act, 2013, covering limits on loans and investments, approval requirements, and recent IFSC exemptions.
The Supreme Court directs all states and UTs to create rules for Anand Karaj marriage registration within four months, ensuring equal legal standing for Sikh marriages.
ITAT Pune cancels a ₹40,000 penalty on a co-operative society, citing a reasonable cause for non-compliance, including PAN issues and the COVID-19 pandemic.
A summary of India’s GST 2.0 reforms, including new tax slabs, changes to rates for various sectors, and crucial compliance guidelines for businesses.
