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...
Chodavaram Vs Asst. Director of Income Tax (ITAT Visakhapatnam) We are of the considered view that as in the instant case, the employees contribution qua ESI & PF for the Asst. Year: 2019-20 has been deposited before the due date of furnishing the return of income u/sec. 139(1) of the Act and therefore cannot be […]
Ridhi Sidhi Mills (India) Pvt. Ltd. Vs DCIT (ITAT Jodhpur) In the present cases, it is not in dispute that the assessees deposited the contribution of PF & ESI belated in terms of section 36(1)(va) of the Act, however, the said deposits were made prior to filing of return of income u/s 139(1) of the […]
Vinko Auto Industries Limited Vs DCIT (ITAT Amritsar) Now, coming to the second aspect/determination made by the CIT(A) to the effect that the amendment made in Section 36(1)(va) and 43B of the Act by Finance Act 2021 has to be considered as clarificatory in nature and having retrospective effects, therefore would be applicable to the […]
Express Roadway P. Ltd. Vs ACIT (ITAT Delhi) The issue in the present ground is with respect to addition made on account of delayed payment of ESI/EPF. We find that CIT(A) while deciding the issue in favour of the assessee has given a finding that though there was delay in deposit of ESI & EPF […]
Vansh Jain Vs DCIT (ITAT Delhi) Since in the instant case the assessee admittedly has deposited the employees’ contribution to PF & ESI before the due date of filing of the income tax return, therefore, respectfully following the decisions cited (supra), I hold that the Ld. CIT(A) is not justified in sustaining the adjustment made […]
Rukmini Polytubes Pvt. Ltd. Vs DCIT (ITAT Delhi) ITAT find the adjustment of Rs. 1,82,543/- under section 43B(b) was made by the CPC on account of belated payment of PF and ESI payment of Bonus and GST. It is the submission of the Learned Counsel for the Assessee that the above payments were made before […]
Worldwide Facility Management Services Pvt. Ltd. Vs DCIT (ITAT Delhi) Since in the instant case the assessee admittedly has deposited the employees’ contribution to PF & ESI before the due date of filing of the income tax return, therefore, respectfully following the decisions cited (supra), I hold that the Ld. CIT(A) is not justified in […]
Aroon Facilitation Management Services Pvt. Vs DCIT (ITAT Delhi) I find the A.O. CPC in the instant case has computed the income of the assessee at Rs.16,58,230/- as against the returned income of Rs.6,98,610/- by making an adjustment for a sum of Rs.9,59,624/- on account of belated payment to employees’ contribution towards PF & ESI […]
ITAT Delhi rules in Amandeep Singh Khurana vs ITO, disallowance u/s 36(1)(va) not valid for delayed PF/ESI deposit if made before return filing.
Pee Tee Turners Vs Assistant Director of CPC (ITAT Jaipur) In the instant case, admittedly and undisputedly, the employees’ contribution to ESI and PF collected by the assessee from its employees have been deposited well before the due date of filing of return of income u/s 139(1) – D/R has referred to the explanation to […]
