Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. Non-compliance can attract a ₹25,000 penalty.
The Gauhati High Court held that a taxpayer whose GST registration was cancelled for non-filing of returns could seek restoration by complying with Rule 22(4) of the CGST Rules. The Court directed the authorities to consider the application upon payment of dues.
This guide explains the fundamentals of GST, including CGST, SGST, IGST, and UTGST. It also highlights how these classifications impact GST filing and input tax credit claims.
The case involved disallowances of business and labour expenses despite accepted books of account. The Supreme Court declined to interfere with the findings deleting the additions.
The Delhi High Court upheld the ITAT’s deletion of expense disallowances, noting that the books of account had not been rejected. The ruling highlights that ad hoc disallowances require stronger justification.
Employer-provided interest-free or concessional loans are taxable as salary perquisites due to the financial benefit enjoyed by employees. Exemptions apply for loans up to ₹20,000 and specified medical treatment loans.
ESOPs are taxed as salary perquisites on allotment based on FMV at exercise. Eligible start-up employees can defer TDS and tax payment until specified future events.
ITAT Delhi held that the assessees could not substantiate the genuineness of the share transactions underlying the LTCG claims. The additions under Section 68 were sustained after the Tribunal found that the evidence supported the Revenue’s conclusion of accommodation entries.
ITAT Bangalore allowed withdrawal of the appeal after the assessee opted to settle the dispute under the Vivad Se Vishwas Act, 2020. The issue regarding LTCG being treated as business income was not decided on merits.
The Supreme Court issued notice in a challenge to West Bengals entry tax regime concerning goods meant for export. Interim protection was granted while the Court considers the constitutional issues involved.
