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The addition was removed by the Delhi Bench of Income Tax Appellate Tribunal (ITAT) under Section 69A of the Income Tax Act 1961 which states that the books of account and vouchers are not needed in returns filed under Section 44AD of the Income Tax Act. A search and seizure operation was conducted on the […]
According to the Delhi Bench of the Income Tax Appellate Tribunal (ITAT), the assessing officer was not justified in taking severe measures and rejecting audited books of accounts based only on general observations that photocopies of the bills had been supplied in place of the original bills. Anubhav Sharma, a judge, and Pradip Kumar Khedia, […]
The Input Tax Credit (ITC) under the mechanism of Goods and Service Tax plays a crucial role for a business and if it is mismanaged, it might adversely affect its working capital. And The GST Act 2017 has laid down a set of rules for claiming and utilizing ITC by every taxpayer. Basics of Input […]
Due to the turnover limit specified, the Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has revoked the penalty associated with the audit requirement mandated by Section 44AB of the Income Tax Act, 1961. The appellant, Bangla Readymade Garments Mfg. and Traders Welfare Association, represents a collective of individuals formed with the objective of safeguarding the […]
GST PMT 06 has been a popular way of tax-paying in registered taxpayers for one month after bearing in mind the availability of input tax credit completely that may be a straightforward administration on own of the second and third month in which additional input tax credit amount available compared with the tax liability going […]
The Bangalore Bench of the ITAT ruled that “the income of the assessee should be estimated at 8% of the gross turnover if books of accounts are not maintained by the assessee.” The income of the assessee, Atul Dinesh Seth, was estimated at 10 percent of gross turnover. The assessee contended that the rate imposed […]
AAP government to control the arbitrariness of the private schools in order to upsurge in school fee ranging from 20 to 55 percent, recently approved a proposal at the cabinet meeting regulated by Honorable Chief Minister, Arvind Kejriwal. As per the proposal, government decided to recruit CAs to audit the account of the private schools […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled that the addition could not be deleted for the only cause that the section under which the addition is made is cited incorrectly and that it is essential to look into the merits of the case. The bench of Anikesh Banerjee (Judicial Member) and Padmavathy […]
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 […]
