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The Finance Act of 2023 inserted a new clause (h) in income tax section 43B that allows deductions made to MSMEs on an actual payment ground rather than the accrual basis if the payment is created within the threshold limit. Since from 1st April 2023, this section has been applicable. It is critical to scrutinize […]
The decision of the Commissioner of Income Tax (Appeals) (CIT (A)) is upheld by the Mumbai ITAT to annul an addition made, quoting a discrepancy between Form 26AS and the Profit & Loss Account, attributable to the declaration of service tax amounts. On 27/11/2012 when the assessee filed its income tax return the case appeared, […]
On 7th March 2024, Income Tax issued Circular No. 4/2024 for an Ex-post facto extension of the last date for filing TDS Return Form No. 26QE which was needed to be filed at the time of 01.07.2022 to 28.02.2023 (about F.Y. 2022-23). The said individuals who deducted tax under section 1945 of the Act in […]
The Bombay High Court, actual carrying on of agricultural operations is not a critical condition for determining that the parcels of land were agricultural lands. The order has been quashed by the bench of Justice K. R. Shriram and Justice Dr. Neela Gokhale and remanded the case for passing the fresh assessment order. The AO […]
Processed pulses received post-dehusking and splitting the grains are not similar to the whole pulse grains and not agricultural produce, making them taxable for goods and services tax (GST) at the rate of 18 per cent, ordered the Andhra Pradesh authority for advance rulings (AAR). For easing the transactions between wholesalers and millers or farmers […]
Planning the business is vital for the inception, growth, and success of the company. Such planning provides the company with an effective vision for the future and an expanding method. Choosing a good method can make your business growth efficient leading to success. There are seven essential elements that your business plan must follow. What […]
As a fee for technical services (FTS) business support services are not liable for tax, and no TDS is accountable to be deducted, The Bombay High Court ruled. The bench of Justice K. R. Shriram and Justice Neela Gokhale noted that even if it is fees for technical or consultancy services, it can be just […]
The Allahabad High Court ruled that when the Goods and Services Tax Regime was established in 2017, issues in downloading GST e-way bills were there. The difficulties were fixed and from April 2018 there were no problems in generating the same. Justice Shekhar B. Saraf ruled that keeping the penalty order under Section 129 of […]
The income tax department permitted the trusts and institutions, which filed audit reports for the AY 2023-24 in wrong forms, to file documents in valid forms by March 31. Income of any fund or institution or trust or any university or other educational institution or any hospital is waived from income tax as per the […]
