Income Tax : The Central Government, in the Union Budget 2026, has proposed an important amendment concerning employee welfare funds. The objec...
Income Tax : 2023 Income Tax change (Sec 43B(h)) mandates that deductions for payments to Micro and Small Enterprises are allowed only when pai...
Income Tax : Delhi High Court upholds disallowance of delayed PF/ESI contributions under Section 143(1), but permits deductions when the due da...
Income Tax : Practical guide to tax audit under Section 44AB for trader assessees, covering groundwork, data analysis, compliance checks, and f...
Income Tax : Understand Section 43B(h) of the Income Tax Act, MSME classification, payment timelines, tax disallowance, interest on delays, and...
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 : The tribunal considered whether CPC could rely solely on the original tax audit report to make an adjustment. It held that correct...
Income Tax : The case involved CPC adjustment denying deduction for employees’ PF contribution deposited after statutory due dates. The tribu...
Income Tax : The tribunal ruled that reallocating management expenses to the profit and loss account under IRDA regulations does not violate la...
Income Tax : ITAT Ahmedabad allowed three appeals for statistical purposes by setting aside CIT(A) orders and directing fresh adjudication, sub...
Income Tax : The ITAT Kolkata held that revision under Section 263 was invalid where the Assessing Officer had already examined service tax lia...
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...
The tribunal considered whether CPC could rely solely on the original tax audit report to make an adjustment. It held that corrections through revised reports and financial records must be examined before sustaining an addition.
The case involved CPC adjustment denying deduction for employees’ PF contribution deposited after statutory due dates. The tribunal ruled that before the Supreme Court’s later decision, the issue was debatable and could not be adjusted under Section 143(1).
The Central Government, in the Union Budget 2026, has proposed an important amendment concerning employee welfare funds. The objective of this change is to rationalize the provisions relating to the allowability of deduction under the Income-tax Act for employee contributions deducted from salaries towards welfare funds such as the Employees’ Provident Fund (EPF), Employees’ State Insurance (ESI), and similar statutory funds.
The tribunal ruled that reallocating management expenses to the profit and loss account under IRDA regulations does not violate law and therefore cannot justify disallowance under the Income-tax Act.
ITAT Ahmedabad allowed three appeals for statistical purposes by setting aside CIT(A) orders and directing fresh adjudication, subject to deposit of ₹5,000 per case in the PM National Relief Fund.
The ITAT Kolkata held that revision under Section 263 was invalid where the Assessing Officer had already examined service tax liability and depreciation claims during assessment. The order was not erroneous or prejudicial to Revenue.
The ITAT held that Section 43B applies even if interest is capitalised to work-in-progress instead of claimed as revenue expenditure. The Assessing Officer was justified in reducing WIP for unpaid interest to a Scheduled Bank.
ITAT Panaji held that disallowance of audit fees is not justifiable since commencement of business operation is recognised under the Companies Act and expenditure was incurred wholly and exclusively for business. Accordingly, appeal allowed to that extent.
The Tribunal remanded the disallowance of PF and ESI contributions to the CIT(A) to reconsider the issue in light of the Supreme Court’s decision in Checkmate Services. The appeal was allowed for statistical purposes to ensure consistent adjudication.
ITAT Mumbai held that the provision for leave encashment made on actuarial basis constitutes an ascertained liability and is allowable as deduction. Accordingly, the said ground is allowed.
