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Pradeep Tayal

Latest Posts by Pradeep Tayal

How Penalty Under Section 270A Can Be Avoided

April 9, 2024 2385 Views 0 comment Print

Learn how to avoid penalties under Section 270A of the Income Tax Act through understanding its provisions and utilizing Section 270AA for immunity.

Step By Step Guide to Prepare List of Creditors Under Section 43B(h)

April 1, 2024 2346 Views 0 comment Print

Learn how CFOs, auditors, and filers can comply with Section 43B(h) effortlessly. Identify creditors, prepare lists, categorize, and manage agreements effectively.

Section 115TD(3) of Income Tax Act Nightmare for Charitable Trusts

December 17, 2023 5532 Views 0 comment Print

Explore the implications of Income Tax Act’s Section 115TD(3) introduced by the Finance Act 2022 on charitable trusts. Learn about cancellation risks, tax liabilities, and potential challenges.

Different depreciation rates under companies & Income Tax Act- A hassle need to be removed – A suggestion

December 7, 2023 1935 Views 0 comment Print

Explore the disparities in depreciation rates under Companies Act and Income Tax Act. Proposing solutions for tax simplification, ease of business, and increased revenue

Possibility suggestion to convert charitable Trusts  into Section 8 Company

March 14, 2023 14757 Views 1 comment Print

As per requirements of AICTE and CBEC all institutions affiliated with them for providing education should not be for profit making. In order to meet the requirement as stated by above authorities, the educational institutions had to start their activities and operations under Charitable Trust / Registered Society.

Representation against tax due to Non submission of application for renewal of registration by charitable trusts

March 8, 2023 7533 Views 0 comment Print

Non submission of application for renewal of registration by charitable organizations liable for tax at maximum marginal rate (MMR) under section 115TD of Income Tax Act, 1961 – A cause of concern for unintentional lapse.

Finance Bill 2023: A Right Direction For Life Insurance

February 18, 2023 5085 Views 0 comment Print

It may be pertinent to note that the legislative intent of providing exemption under clause (10D) of section 10 of the Act has been to further the welfare objective by subsidising the risk premium for an individual’s life and providing benefit to small and genuine cases of life insurance coverage.

Section 270AA- An option to avoid penalty implications in case of under-reporting and mis-reporting of income

November 17, 2022 14205 Views 0 comment Print

Explore the provisions of Section 270AA, offering a strategic avenue for assessees to avoid penalties for under-reporting or mis-reporting of income. Learn about the conditions, application process, and the responsibility of the revenue to guide assesses through this insightful article.

GST Rule 96(10) A Nightmare For Exporters

July 23, 2022 42123 Views 3 comments Print

Unraveling the complexities of GST Rule 96(10): A challenge for exporters. Understand the restrictions, amendments, and the impact on categories like Advance License Holders, EOU, and Merchant Exporters. Stay informed on recent changes and potential solutions.

Changes in taxability of Partnership firms – Section 45(4) & 9B (Part-1)

February 15, 2022 16224 Views 0 comment Print

Recent change in Finance Act 2021 in Section 45(4) and Section 9B will have far reaching impact on taxability of firm and other specified entities. We through, a series of articles, wish to discuss various issues. Reconstitution of Specified Entity – Firm, AOP, BOI- Liable for tax u/s 45(4) and 9B of ITA -Will impact […]

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