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...
CA Gaurav Pahuja Background While the issue regarding the deduction of employer’s contribution made after due date, in funds set up for welfare of employees is well settled now, the practice of disallowing the claim of the assessee employer on account of delayed deposit of employee’s contribution is continued by the Income Tax Department since […]
Disallowance under section 43B could not be done in respect of provision for gratuity made for the benefit of the employees for the reason that no actual payment was made.
Interest can only be allowed when it is actually paid and conversion of unpaid interest into loan does not amount to deemed payment of interest in terms of section 43B.
When assessee did not receive any amount from its clients, on which services tax was payable, then, the amount claimed by the assessee being unpaid service tax as its liability could not be disallowed under section 43B, as liability to pay service tax in respect of consideration would arise only upon the assessee receiving funds and not otherwise.
Explanation 3C to section 43B provides that interest payable can only be allowed to an assessee when the same is actually paid and any interest which has been converted into a loan shall not be deemed to have been actually paid.
Das & Sons Infracon Pvt. Ltd. Vs DCIT (ITAT Cuttack) amount claimed on payment of PF and ESI having been deposited on or before due date of filing of returns, same could not be disallowed under section 43B or under section 36(1)(va). FULL TEXT OF THE ITAT JUDGMENT This is an appeal filed by the […]
Service tax due not disallowed under section 43 if payment not received from the customer
As we are rushing towards the Tax audit due date, I thought its worthy to attempt a write-up on a concept that holds significant place in accounting of taxes of a business(i.e) Deferred Tax.
All about Clause 26 of Form 3cd. 1. What does Clause 26 says:- In respect of any sum referred to in clause (a), (b), (c), (d), (e) or (f) of section 43B, the liability for which:- (A) Pre-existed on the first day of the previous year but was not allowed in the assessment of any […]
Employer’s contribution and Employees’ contribution in India are governed by EPF Act, 1952. The employees’ contributions are obtained by employer @12% and along with equal contribution are deposited with the PF trust or PF commissioner at the designated bank account by the latter.
