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 : The case examined whether reassessment proceedings were valid when approval was obtained from an incorrect authority. The Court he...
Income Tax : ITAT Mumbai held that deduction claimed by the assessee under section 80G of the Income Tax Act cannot be denied merely on the gro...
Income Tax : The Tribunal held that reopening beyond three years requires escaped income in the form of an asset. Since bogus purchases are rev...
Income Tax : ITAT Mumbai held that deduction under Section 80JJAA cannot be allowed when not claimed in the original return of income. Section ...
Income Tax : The Tribunal ruled that once the Assessing Officer scrutinized the Section 10AA claim and R&D allocation, revision cannot be invok...
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...
ITAT Delhi held that the assessee is entitled to make additional claim of deduction u/s. 80JJAA of the Income Tax Act on the strength of judgment of Hon’ble High Court of Karnataka even though the same was not included while filing return of income.
ITAT Delhi deleted TP adjustment on payment of model fee for export to AEs stating that scope of TPO is limited to determination of arm’s length price and TPO cannot adjudge commercial expediency of a transaction.
ITAT Mumbai allows the claim of deduction u/s. 80JJAA for the assessment year 2020-21, as the taxpayer had filed the original return of income on time. The claim was initially denied due to an error in categorizing the revised return as an original return.
ITAT Chennai held that assessee failed furnish any evidences to prove that there are negotiations between assessee and AEs with regard to marketing strategy, sales targets, credit period, etc. Accordingly, TPO/AO has rightly bench marked payment of agency commission as ‘nil’.
Learn about tax deductions for new employee costs under section 80JJAA of the Income-tax Act, its eligibility criteria, and practical scenarios for claiming deductions.
A company opting for special rate taxation under section 115BAA and 115BAB of the Act are exempt from paying MAT. Further, a company, being a unit of an International Financial Services Centre (IFSC) and deriving its income solely in convertible foreign exchange, will be required to pay MAT at 9% (plus cess and surcharge as applicable
Explore Section 80JJA of the Income Tax Act, 1961, offering deductions for businesses engaged in collecting and processing biodegradable waste. Learn key provisions, background, and implications for businesses, contributing to environmental sustainability. Maximize benefits and enhance profitability.
ITAT Kolkata held that rejection of deduction claimed under section 80JJAA of the Income Tax Act on the basis of minor technical defect is unsustainable. Moreover, audit report has given complete clarity of the deduction.
Section 80JJAA of the Income Tax Act, 1961 is a deduction which an assessee can claim on the emoluments paid to new and incremental employees during the previous year.
Tangar Exports LLP Vs ACIT (ITAT Chennai) The Assessing Officer has made adjustment of total income computed in the intimation received u/s.143(1) of the Act, towards deduction claimed u/s.80JJAA of the Act, in respect of employment of new employees on the ground that the assessee has not satisfied conditions prescribed therein, including filing of audit […]
