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...
Arjun Yadav Vs DCIT (ITAT Chandigarh) In the instant case, it is not in dispute that employees’ contribution to ESI and PF had been deposited well before the due date of filing of return of income u/s 139(1) of the Act. We further note that though the ld. CIT(A) has not disputed the various decisions […]
Plivo Communications Private Limited Vs ACIT (ITAT Bangalore) Hon’ble Supreme Court in the recent judgment in the case of M.M.Aqua Technologies Limited v. CIT reported in (2021) 436 ITR 582 (SC) had held that retrospective provision in a taxing Act which is ‘for the removal of doubts’ cannot be presumed to be retrospective, if it […]
Indian Metal and Ferro Alloys Ltd Vs CIT (Orissa High Court) The purpose of Section 43B of the Act was to ensure that a liability could be claimed as deduction only if the Assessee has actually parted with the sum without any recourse to it thereafter. In the present case, the interim stay granted in […]
Amendment brought by Finance Act, 2021 to section 36(1)(via) and 43B is only prospective in nature and not retrospective and the same to be effective from 1-4-2021 and will apply for and from the assessment year 2021-22 onwards.
Methods (India) Private Limited Vs DCIT (ITAT Bangalore) In this case there is no dispute that the assessee made payment of the Employees share of PF/ESI on or before the due date for filing return of income for AY 2017-18 u/s. 139(1) of the Act. The next aspect to be considered is whether the amendment […]
CIT Vs Tamil Nadu Water Investment Co. Ltd. (Madras High Court) The main contention of the learned counsel for the appellant / Revenue is that the Tamil Nadu Government may not be a Public Financial Institution but M/s. Infrastructure Leasing and Financial Services limited is a Public Financial Institution and therefore, the interest payment not […]
Sri. Yeruva Prasad Vs ACIT/DCIT (ITAT Bangalore) The amended provisions of section 43B as well as 36(1)(va) of the I.T.Act are not applicable for the assessment years under consideration i.e. 2018-19 & 2019-20. By following the binding decision of the Hon’ble jurisdictional High Court in the case of Essae Teraoka Pvt. Ltd Vs. DCIT (supra), […]
Rakesh Janghu Vs Circle, 33(1) (ITAT Delhi) On perusal of the records, we observe that the Assessing Officer has made the impugned addition on the ground that the assessee has deposited employee’s contribution towards Provident Fund and ESI amounting to Rs.2,32,41,551/- after due date as prescribed under the relevant Act/ Rules in breach of Explanation […]
Murlidhar Hassani Vs DCIT (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) of the Act. Further, the ld D/R has referred to the explanation […]
Akbar Mohammad Vs ACIT (ITAT Jodhpur) In the present cases, it is not in dispute that the assessee deposited the contribution of PF & ESI belatedly 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 Act. Of course, it […]
