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...
ITAT Hyderabad held that interest payment on late payment of TDS is not compensatory in nature and is not allowable as deduction u/s 37(1) of the Income Tax Act.
Aditya Birla Nuvo Limited receives relief as ITAT Mumbai rules that investments yielding exempt income must be considered for disallowance under Rule 8D(2).
ITAT Kolkata held that when original return filed was defective and such defect is removed u/s. 139(9) of the Income Tax Act, the return filed u/s. 139(1) becomes a valid return from the date when it was originally filed. Accordingly, set off business income with carry forwarded business loss allowed.
ITAT Ahmedabad held that initiation of reassessment proceedings under Section 148 of the Income Tax Act on the same issue/ claim which was already decided and accepted during the course of regular assessment, without bringing any new material facts on records, is not valid as per law.
Central Board of Direct Taxes (CBDT) has recently issued a crucial notification concerning the payment of interest on loans to Non-Banking Financial Companies (NBFCs) under Section 43B(da) of the Income Tax Act. This notification, dated September 22, 2023, brings forth significant implications for both NBFCs and borrowers. Ministry of Finance (Department of Revenue) (Central Board […]
ITAT Ahmedabad held that as assessee was not legally obliged to pay customs duty amount, additional claim towards payment of such customs duty cannot be allowed under provisions of section 43B(a) of the Income Tax Act.
ITAT Mumbai held that since the assessee has not earned any dividend income from its equity investment during the year disallowance of expenditure under section 14A of the Income Tax Act read with Rule 8D of the Income Tax Rules is not sustainable.
Read the full text of ITAT Mumbai’s order in the case of Krystal Integrated Services Pvt Ltd vs. DCIT regarding delayed ESI remittance.
Delve into the intricacies of Section 43B of the Income Tax Act, a crucial provision impacting deductions in MSME payments. Explore the proposed amendment in the Union Budget 2023 and its implications. Understand the critical points, definitions, and payment timelines outlined in the MSMED Act, 2006. Stay informed to optimize deductions, ensure compliance, and navigate the evolving landscape of income tax calculations. Learn how businesses can align financial planning and tax strategies with the latest legislative changes for maximum benefit.
ITAT Delhi deleted TP adjustment on payment of model fee for export to AEs stating that scope of TPO is limited to determination of arm’s length price and TPO cannot adjudge commercial expediency of a transaction.
