Income Tax : Explore Section 80JJAA of Income Tax Act, encouraging job creation in India. Learn about conditions, deductions, and benefits for ...
Income Tax : Learn about Deduction u/s 80JJAA: Who's eligible, how much is allowed, and what it means for additional employee costs. Expert ins...
Income Tax : Learn about tax deductions for new employee costs under section 80JJAA of the Income-tax Act, its eligibility criteria, and practi...
Finance : A company opting for special rate taxation under section 115BAA and 115BAB of the Act are exempt from paying MAT. Further, a compa...
Income Tax : Explore Section 80JJA of the Income Tax Act, 1961, offering deductions for businesses engaged in collecting and processing biodegr...
Income Tax : During the course of the survey operation, evidences of tax evasion have been gathered regarding wrongful claims of deduction u/s ...
Goods and Services Tax : Currently, a deduction of 30% is allowed in addition to normal deduction of 100% in respect of emoluments paid to eligible new emp...
Income Tax : ITAT Jaipur held that a one-day delay in filing Form 10DA could not defeat a Section 80JJAA deduction when the form was on record ...
Income Tax : The ITAT Bangalore held that the return of income and Form No. 10DA were filed within the prescribed due date of 30.11.2018. It di...
Income Tax : The Tribunal distinguished between lack of enquiry and inadequate enquiry, holding that Section 263 cannot be invoked merely becau...
Income Tax : The Mumbai ITAT found that the assessment order was passed without granting a reasonable opportunity to the assessee to furnish co...
Income Tax : ITAT ruled that deduction under Section 80JJAA could not be claimed where the business was acquired through amalgamation. The Trib...
Company Law : NFRA issues order penalizing CA Pawan Jain and Mis Kumar Jain & Associates for lapses in issuing reports under Income Tax Act for ...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : Rule 19AB. Form of report for claiming deduction under section 80JJAA. Report of an accountant which is required to be furnished b...
The Tribunal held that once CPC allowed the 80JJAA deduction through a subsequent Section 154 order, the earlier rectification appeal no longer survived. The appeal was dismissed as academic, with a clarification that no extra deduction beyond what CPC allowed could be granted.
The PCIT held the AO’s assessment under section 143(3) as erroneous and prejudicial to Revenue, directing fresh verification of various deductions. The assessee argued all claims were correctly examined, questioning the jurisdiction of section 263.
ITAT Delhi ruled that validly filed Form 10-IC ensures eligibility for Section 115BAA concessional tax rate. Key takeaway: timely filing secures lower corporate tax in subsequent years.
The High Court found no mistake apparent on record to warrant rectification under Section 254, holding that the Tribunal’s decision to uphold the Section 80JJA deduction was neither perverse nor erroneous. The ruling clarifies that Section 254 cannot be used to re-argue the quantum or correctness of a deduction, especially one accepted historically.
The ITAT ruled that CSR expenditure, though disallowed as a business expense, qualifies for deduction under Section 80G if paid to approved entities. The Tribunal directed the AO to verify the donations and allow the 80G claim, rejecting the argument that a mandatory statutory expense cannot be a donation.
The ITAT deleted transfer pricing adjustments for Advertisement, Marketing, and Sales Promotion (AMP) expenses, confirming no international transaction existed with the AE. The ruling held that the Bright Line Test (BLT) is invalid and that since the entity-level TNMM was accepted, no separate AMP adjustment was permissible.
The ITAT upheld the disallowance of delayed employee contributions to PF/ESIC, ruling that the Supreme Courts Checkmate Services judgment is retrospective unless explicitly stated otherwise by the SC itself. The Tribunal confirmed that the doctrine of prospective overruling cannot be invoked by the assessee, as the ruling merely interprets the law as it always existed.
The ITAT Delhi allowed Manpower Services India Pvt. Ltd. a ₹24.16 Cr deduction u/s 80JJAA, ruling that fixed-term employees qualify under the amended law if PF/ESI conditions are met.
The ITAT Ahmedabad has remanded a case involving Akshar Elecinfra Pvt. Ltd., ruling that the denial of an 80JJAA deduction was due to a technical portal glitch and not a substantive error.
The issue was regarding the disallowance of depreciation and expenses on retention money. Assessee had purchase contracts with retention money payable after successful performance of machinery and recorded the liability under the mercantile system.
