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 Kolkata held that that law declared by a court will have retrospective effect, if not otherwise stated to be so specifically. It is also well settled proposition that whenever, a previous decision is overruled by a larger bench of the Supreme Court, the previous decision is completely wiped out.
The ITAT Guwahati upholds the disallowance concerning the delay in depositing the Employees’ Contribution Fund in the case of Poddar Car World Pvt Ltd vs ACIT.
Delve into the case of Santi Kumar Oswal Vs ACIT where ITAT Kolkata ruled that no disallowance can be made for GST paid before the due date of filing ROI, emphasizing fair application of the Income Tax Act.
An in-depth analysis of the ITAT Kolkata case where an auditor’s error resulted in incorrect disallowance sum under Section 43B of the Income Tax Act. The ITAT has directed a re-adjudication of the case.
ITAT Delhi dismissed appeal of S K G Traders P Ltd against disallowance of employees’ contribution to Provident Fund/ESIC under section 36(i)(va) read with section 43B of Income Tax Act. The ITAT upheld disallowance, citing judgment in Checkmate Services case.
Held that internal CUP [internal Comparable Uncontrolled Price Method] is the most appropriate method for undertaking the determination of Arm’s Length Price.
ITAT Mumbai held that disallowance towards payment of PF & ESIC u/s 36(1)(va) unjustified as the amount is deposited before the due date of return of income u/s 139(1) of the Income Tax Act.
In present facts of the case, the Hon’ble Tribunal held that expenses made pertaining to Club Membership fees shall be allowed as business expenditure.
ITAT Delhi held that delayed deposit of the contribution EPF & ESIC beyond the stipulated period prescribed in the respective Acts are not allowable as deduction.
ITAT Ahmedabad held that making of incorrect claim in law cannot tantamount to furnishing of inaccurate particulars or concealment of income. Therefore, the penalty under section 271(1)(c) of the Income Tax Act not sustainable.
