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 held that adjustments made without issuing prior notice to the assessee violate the mandatory proviso to Section 143(...
Income Tax : The Court held that electricity duty collected by a licensee is not its own liability but that of consumers. As a result, Section ...
Income Tax : ITAT Mumbai rules actuarial provisions for employee benefit schemes are allowable under Section 37(1) as ascertained liabilities, ...
Income Tax : The Court dismissed the appeal after finding that all issues were already settled by earlier rulings. It held that no new question...
Income Tax : The court held that revision under section 263 requires independent satisfaction by the PCIT. Acting merely on the Assessing Offic...
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...
Chennai ITAT ruled that incorrect classification in ITR cannot deny genuine deductions. Learn about the National Contracting Company case vs DCIT and its implications.
Detailed analysis of Karnataka State Co-operative Agriculture and Rural Development Bank Ltd. vs. ITO case. Interest/Dividend income from co-operative society investments eligible for deduction u/s 80P(2) of the Income Tax Act.
Explore the recent amendment to Section 43B of the Income Tax Act aimed at bolstering the financial well-being of MSMEs through timely payments and tax deductions.
Discover how proposed amendment in Section 43B of Income Tax Act, 1961, affects MSMEs. Learn about potential challenges and suggested modifications.
ITAT Amritsar decision on Aay Kay Manufacturing Co. Vs ITO-CPC discusses TCS payable and Section 43B compliance, offering key insights for taxpayers.
In the case of Karur Vysya Bank Ltd. vs. DCIT, ITAT Chennai rejects AO’s disallowance of stale drafts, citing precedent and banking business nature.
Learn about Section 43B(h) of the Income-tax Act, 1961, allowing deductions for MSME payments only on actual payment basis. Understand key considerations and examples.
Discover the ITAT Delhi’s ruling on Sakshi Fincap Pvt. Ltd. vs. ITO, addressing valuation discrepancies and retrospective amendments under Section 56(2)(viib) of the Income Tax Act.
In order to protect and promptly make payments to the MSEs, Clause (h) in Section 43B, inserted vide the Finance Act 2023, provides that if payment to the MSEs is not made within the prescribed timeline, then deduction of such sum payable to the MSE will only be allowed on a payment basis from the […]
Discover the ITAT Mumbai’s order directing re-adjudication regarding the liability of property tax paid by Rare Townships Pvt Ltd on behalf of the Collector.
