Analysis of Clause 74 and Clause 85 in the New Income Tax Bill 2025. Impact on exemptions for depreciable assets and key judicial precedents explained.
The Supreme Court’s Rajeev Bansal case clarified the validity of reassessment notices for AY 2013-14 to 2018-19 and introduced the “Surviving Period” concept.
Learn about the revised procedure for reopening cases under Section 148 RWS 135A and the implications of Finance Act 2021, including key judicial decisions.
Gain insights into the recent Kavin Gas Vitarak case at the Madras High Court, offering potential relief for taxpayers facing ITC denial. Delve into the context, examining changes in Rule 60 and the impact of filing GSTR-3B manually. Understand the limitations of this decision, primarily applicable to FYs 2017-18 to 2018-19, shedding light on the dynamics between GSTR-2 and GSTR-3B for claiming and availing ITC
Everything you need to know about facing an audit under Section 65 of the GST Law. Learn about the points to remember and ensure compliance.
Explore Section 119A of the Income Tax Act and its implications. Understand the Taxpayer’s Charter and the guidelines set by the Board for its administration.
The section 292BB talks about ‘Notice deemed to be valid in certain circumstances’ was introduced by Finance Act 2008 & is reproduced below – [Notice deemed to be valid in certain circumstances. 292BB. Where an assessee has appeared in any proceeding or co-operated in any inquiry relating to an assessment or reassessment, it shall be deemed […]
Checklist with respect to Decision on applicability of GST on Directors Remuneration Applicability of GST on Remuneration to Directors Why it is a Wake-up call for many Preamble – After the decision on Applicability of GST on Remuneration to Directors rendered by Advance Ruling Authority in case of Clay Crafts India Pvt Ltd (AR no […]
Many times in Reassessment proceedings very little importance & attention is paid to the timing of issue of notice under section 143(2). Section 143 of Income Tax Act is about Assessment, subsection 2 of section 143 talks about issue of notice in cases where return of income has been filed within the time limits specified […]
In scrutiny assessments, adherence to CBDT instructions is crucial. A recent ITAT decision (Ganadhiraj Mazoor Sahakari Sanstha Ltd vs ITO) emphasizes the importance of following proper procedures, especially when making additions on grounds not communicated to the assessee initially. Taxpayers should be vigilant about their assessments, ensuring compliance with procedural norms.
