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Supreme Court held on the taxation of interest-free/concessional loans to bank employees. This blog furnishes an in-depth analysis of the judgment, analyzing the legal framework, challenges, and implications of the decision. Around the interpretation of Section 17(2)(viii) of the Income Tax Act and Rule 3(7)(i) of the Income Tax Rules, the case is focused on. […]
The Supreme Court has asked the centre that during the investigation do not use “threat and coercion” against traders for recovery of Goods and Services Tax (GST) and instead convince them to clear the dues voluntarily. No provision is there under the law which authorises the authorities to exert force for payment of outstanding dues, […]
The Forum for Internet Retailers, Sellers & Traders (FIRST) India, a division of India Small and Medium Enterprises (SME) Forum, stated that various sellers looking to start businesses in the state are facing obstacles in receiving the GST registration. The forum highlighted the problems encountered by online MSMEs desiring peace in TN for GST registration, […]
For notice pay, scrap sales, and miscellaneous income the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) granted deductions under Section 80 IC of the Income Tax Act, 1961. Under section 80-IC of the Act, the taxpayer has claimed a deduction by ministering them as profit originating from the business of eligible […]
The Supreme Court has denied looking into the petition that the Micro and Small Enterprises (MSEs) submitted contesting a 45-day payment rule stated in Section 43B(h) of the Income Tax Act. SC replying to the petition recommended the MSEs ask for recourse via the HC when they want to pursue any relief pertinent to the […]
Delhi High Court in a case asked for re-adjudication when the order passed u/s 73 of the Central Goods and Services Tax Act, 2017 without furnishing a chance to clarify the response concerning the Show Cause Notice (SCN). The applicant Decolene Fibers Pvt. Ltd. filed the writ petition against the show cause notice and order […]
The Delhi High Court asked to re-adjudicate post clubbing two SCN mandating GST on the Identical Tax Duration. It was ruled that post clubbing SCN, it will be re-adjudicated via one proper officer under the law. The applicant Dinesh Kumar Varma, contested the order passed u/s 73 of the Central Goods and Services Tax Act, […]
Duplication Found in Turnover Reconciliation and GSTR 3B and Form 26AS: Madras HC sets aside GST Demand Order on Pre-deposit Condition The Petitioner, Vadim Infrastructure Private Limited, is in engineering and construction services, contested the assessment order on 31.12.2023 and is assailed on the grounds of violation of principles of natural justice. The major observations […]
In this article, we have explained an overview of accounting systems with their different scopes for individuals and companies. Industries, including trade, business, government, financial institutions, private citizens, and all other sectors are been counted under the accounting. All the activities are been regulated under the concepts of accounting. On the opposite side of the […]
