Finance : Explore the recent amendment to Section 43B of the Income Tax Act aimed at bolstering the financial well-being of MSMEs through ti...
Income Tax : Learn about Section 43B(h) of the Income-tax Act, 1961, allowing deductions for MSME payments only on actual payment basis. Unders...
Income Tax : In order to protect and promptly make payments to the MSEs, Clause (h) in Section 43B, inserted vide the Finance Act 2023, provide...
Income Tax : Learn about Section 43B(h) of the Income Tax Act, a new rule aiding small businesses by ensuring timely payments and tax deduction...
Income Tax : Learn how to avoid non-compliance under MSME for non-payment to small and micro enterprises. Understand the implications and strat...
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...
Corporate Law : Read the Karnataka State Chartered Accountants Associations representation on the challenges and proposed solutions regarding disa...
Income Tax : All Gujarat Federation of Tax Consultants urges Finance Minister for reconsideration of Income Tax Act amendment affecting MSME pa...
Income Tax : Learn about the ITAT Kolkata ruling where employer's PF contribution disallowance under Sec 36(1)(va) was upheld. Full text of the...
Income Tax : Chennai ITAT ruled that incorrect classification in ITR cannot deny genuine deductions. Learn about the National Contracting Compa...
Income Tax : Detailed analysis of Karnataka State Co-operative Agriculture and Rural Development Bank Ltd. vs. ITO case. Interest/Dividend inco...
Income Tax : ITAT Amritsar decision on Aay Kay Manufacturing Co. Vs ITO-CPC discusses TCS payable and Section 43B compliance, offering key insi...
Income Tax : In the case of Karur Vysya Bank Ltd. vs. DCIT, ITAT Chennai rejects AO's disallowance of stale drafts, citing precedent and bankin...
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...
Delhi High Court’s ruling on deductibility of provident fund and ESI payments made after the due date due to a national holiday. Analysis and implications.
ITAT Mumbai held that amendment to section 36(1)(va) is not applicable to A.Y. 2017-2018. Accordingly, as the employees contribution to provident fund is deposited before the due date u/s. 139(1) of the Act, the same cannot be disallowed.
ITAT Mumbai held that order passed u/s 263 of the Income Tax Act by merely remitting the matter back to AO without giving a finding that profit declared by assessee is erroneous in so far as it is prejudicial to the interest of the revenue is liable to be set-aside.
In the case of Rai Bahadur Narain Singh Sugar Mills Ltd. vs. ACIT, ITAT Delhi rules that no disallowance can be made for delay in EPF payment due to technical issues.
Delhi High Court’s ruling in favor of PepsiCo India: Late deposit of employee’s PF due to a national holiday is permissible. Detailed analysis of the judgment.
Madras High Court held that initiation of proceedings for reassessment under section 147 of the Income Tax Act based on material already on record and without new/ tangible information is bad-in-law and liable to be quashed.
Kerala High Court’s decision in M/s. Henna Medicals case clarifies that differences between GSTR 2A and GSTR 3B shouldn’t lead to ITC denial. Analysis and implications.
ITAT Bangalore held that the payments made to gateway providers are not brokerage and TDS u/s. 194H of the Income Tax Act is not liable to be deducted.
ITAT Delhi held that addition under section 68 of the Income Tax Act treating share application money from undisclosed source unsustainable as burden duly discharged by filing confirmation, affidavit, copy of income tax return and bank statement of respective parties.
ITAT Kolkata held that there is no finding that interest bearing funds have been applied for purpose of making investment. Further, on account of sufficient availability of interest free funds, interest disallowance under rule 8D(2)(ii) unjustified.