Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
Income Tax : Finance Act, 2023, has inserted section 43B(h) to facilitate timely payments to MSMEs by withholding deduction on account of delay...
Corporate Law : Learn how MSME Samadhaan helps small businesses file delayed payment claims and check status online. Explore application process, ...
Income Tax : Section 43B(h) mandates timely payment to MSMEs for tax deduction eligibility. Delayed payments will only be deductible after actu...
Income Tax : Understand Section 43B(h) of the Income Tax Act on timely payments to MSEs, its applicability, time limit, consequences, and manda...
CA, CS, CMA : Explore recent updates on corporate tax rates, MSME concerns over tax deductions, and GST rates for shawls as addressed in Lok Sab...
Income Tax : Punjab Accountants Association urges Finance Minister to amend Section 43(B)(h) for MSMEs, proposing better payment timelines and ...
Income Tax : Discover how proposed amendment in Section 43B of Income Tax Act, 1961, affects MSMEs. Learn about potential challenges and sugges...
Income Tax : Live Webinar with Book on Section 43B(h) (Financial Fitness) on 10th May 2024, 6:00 pm to 8:00 pm. CA Manoj Lamba will break down ...
Income Tax : Explore how the new 43 B (h) clause of the IT Act impacts Kerala Textiles and Garments Dealers Welfare Association and their appea...
Income Tax : ITAT Pune held that non-inclusion of disallowance u/s. 43B while filing income tax return is bona fide and inadvertent error. Acco...
Income Tax : Madras High Court held that the provisions of Section 40A(7) of the Income Tax Act would override Section 43B of the Income Tax A...
Income Tax : ITAT Ahmedabad held that disallowance of delayed payment of employees’ contribution to EPF and ESI in terms of section 143(1) of...
Income Tax : ITAT Ahmedabad held that employees’ contribution to PF/ESI after statutory due dates but before due date of filing income tax re...
Income Tax : ITAT Hyderabad held that disallowance under section 14A of the Income Tax Act is rightly deleted by CIT(A) since assessee has not ...
Income Tax : Central Board of Direct Taxes (CBDT) has recently issued a crucial notification concerning the payment of interest on loans to Non...
Corporate Law : Explore how the recent policy update impacts MSMEs and traders regarding delayed payment benefits under the MSMED Act, 2006. Insig...
Income Tax : Disallowances made under sections 32, 40(a)(ia), 40A(3), 43B, etc. of the Act and other specific disallowances, related to the bus...
Income Tax : Income Tax Circular No. 22/2015 W.c.f. 1.4.1988, the settled position is that if the assessee deposits any sum payable by it by wa...
Income Tax : Whether the liability has been deferred or not has to be considered not from the simplistic point of the term 'defer' but in conte...
ITAT Pune held that non-inclusion of disallowance u/s. 43B while filing income tax return is bona fide and inadvertent error. Accordingly, imposition of penalty under section 270A for bona fide mistake without intent to evade payment of tax is not justifiable.
Madras High Court held that the provisions of Section 40A(7) of the Income Tax Act would override Section 43B of the Income Tax Act provided conditions under clauses (a) and (b) of section 40A(7) are satisfied.
ITAT Ahmedabad held that disallowance of delayed payment of employees’ contribution to EPF and ESI in terms of section 143(1) of the Income Tax Act can be made based on auditor’s observation. Accordingly, disallowance upheld.
ITAT Ahmedabad held that employees’ contribution to PF/ESI after statutory due dates but before due date of filing income tax returns not allowable as deduction. Accordingly, appeal of the assessee dismissed.
Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and compliance requirements.
ITAT Hyderabad held that disallowance under section 14A of the Income Tax Act is rightly deleted by CIT(A) since assessee has not earned any dividend income. Thus, when there is no dividend income, the provisions of section 14A are not applicable.
The assessee is a Public Sector Undertaking of Government of India and is in the business of Non-Life Insurance, The assessee offers insurance covers for large projects like power plants, petrochemical, steel and chemical plants.
ITAT Raipur held that assessment framed by AO u/s. 143(3) r.w.s. 147 of the Income Tax Act without issuance of notice under section 143(2) of the Income Tax Act is invalid and cannot be sustained in the eyes of law.
ITAT Jaipur held that invocation of revisionary proceedings u/s. 263 of the Income Tax Act not sustainable since AO duly verified investment and payment of ESI/PF.
ITAT Mumbai held that exercising revisionary jurisdiction under section 263 of the Income Tax Act by PCIT on the basis of factual misconception is liable to be quashed. Accordingly, appeal allowed and order u/s. 263 quashed.
