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Ca Hitesh Kothari

Latest Posts by Ca Hitesh Kothari

Provision of Section 43B(h) not applicable to Wholesale and Retail Trade

January 30, 2024 55242 Views 10 comments Print

Explore the amendment in Section 43B(h) of the Income Tax Act, 1961, excluding Wholesale and Retail Traders. Learn how it affects delayed payments and MSME benefits.

Section 43B(h) Disallowance on account of payment to Micro or Small Enterprise

January 12, 2024 43167 Views 4 comments Print

Explore the impact of Finance Act 2023’s Section 43B(h) on payments to Micro and Small Enterprises. Detailed analysis, key provisions, and effective dates explained.

Taxability of ESOP, ESPP and RSU received from Indian or Foreign Company under Income tax Act, 1961

August 11, 2023 11298 Views 0 comment Print

Explore the tax implications of Employee Stock Option Plans (ESOP), Employee Stock Purchase Plans (ESPP), and Restricted Stock Units (RSU) received from Indian or foreign companies under the Income Tax Act, 1961. Understand the treatment, valuation, and disclosure requirements for unlisted shares in the context of taxation. Stay informed to ensure accurate filing of income tax returns and compliance with regulatory obligations.

GST Return forms and consequences of delay in filing GST returns

April 28, 2023 7992 Views 0 comment Print

Explore the crucial GST return forms in India, from GSTR 1 to GSTR 9C. Learn about the due dates, consequences of delay, and relevant sections. Stay compliant to avoid interest and late fees.

Analysis of Clause 44 of Tax Audit Report

August 19, 2022 127650 Views 11 comments Print

Understand the implications of Clause 44 of the Tax Audit Report. Learn about the requirements and consequences for entities registered or not under GST.

Income tax emBridge Utility “Stopped” Status Resolution

April 26, 2022 27210 Views 1 comment Print

Resolve the Stopped status of Income tax emBridge Utility effortlessly. Learn how to change the status and sign forms online on the Income tax Portal.

Depreciation and Short-term Capital Gain on Goodwill WEF AY 2021-22

July 8, 2021 18522 Views 2 comments Print

It was well settled position, before the amendments made by Finance Act 2021, that the depreciation can be claimed on ‘Purchased Goodwill’ under the Income tax Law and it was also supported by the decision of Hon’ble Supreme Court in the case of Jogta Coal Co. Ltd. v. CIT 36 ITR 521 where the treatment […]

Income tax Notice under section 143(2) for AY 2020-21

June 30, 2021 85092 Views 1 comment Print

Off let Income tax Department has started issuing notices under section 143(2) of the Income tax Act, 1961 (Act) for the AY 2020-21 through online mode or through National e-Assessment Facilitation Center highlighting certain issues for which case has been selected for scrutiny assessment proceedings. Let us understand the aspects of the same in view […]

All about e-Invoicing under the GST Law

March 11, 2021 8106 Views 3 comments Print

Roadmap for e-Invoicing was laid down with approval of GST Council in its 37th meeting and issue of notification by the Government bearing number 68/2019 CT to 72/2019 CT in December 2019. Due to Global pandemic, implementation of e-Invoicing deferred from April 2020 to October 2020. One of the myths among traders is that e-invoice […]

Section 206C(1H) of Income tax Act, 1961 – TCS for Traders

August 22, 2020 15795 Views 0 comment Print

All about provision of section 206C(1H) of Income tax Act, 1961 – Tax Collection at Source for Traders Government introduced new provision vide section 206C(1H) applicable from FY 2020-21, however due to pandemic the applicability of the provision deferred to 01.10.2020 i.e. the provision of said section will be effective from 01.10.2020. Summary of Provision […]

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