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The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench whilst deleting the addition passing the ruling that the encashment of the bank guarantee has been incurred in the normal course of business. Here, in this case, the assessee is Ogene Systems India Limited that has debited in books of account an amount of Rs.1,10,61,051/ as a […]
In a recent judgment, The Income Tax Appellate Tribunal (ITAT), Hyderabad Bench passed a ruling that no Addition of information could be made merely on the support of Dumb documents. In the aforesaid case, The assessee has challenged the correctness and accuracy of the lower authorities’ action with respect to the addition made on-money payment. […]
Surprisingly, The Central Board of Direct Taxes (CBDT) has tabled a new form i.e. Form 10A for the registration/ intimation/approval/provisional approval. of charitable trusts that are compulsory. And a new clause (ac) has been added in subsection (1) of section 12 A that has been effective from April 1, 2021. This clause states that although […]
The Companies (CSR Policy) Amendment Rules 2021 has overhauled India’s Corporate Social responsibility (CSR) mechanism. The new rules have initiated new prerequisites like impact assessment of CSR contribution, the involvement of International Organisations for the purpose of CSR Projects in a limited manner, and so on. Concepts included within the domain of 2014 Rules, such […]
Section 273B of the IT act gives that there will be no penalty imposed on the individual or the taxpayers if it is towards section 271D of the IT Act if he proves that there is a genuine reason for the failure. To the council, the taxpayer said that the two of the neighbors of […]
Anurag Singh Thakur, The Minister of State for Finance added that till date no proposal has been made for “faceless scrutiny assessment of GST returns” by the Government. The reason being, the clause of the Goods and Services tax rule already contains a provision for electronic filing and assessment. He further added that except for […]
If TDS is deducted on time and paid to the Govt. exchequer then no interest is leviable, this ruling came from the Income Tax Appellate Tribunal (ITAT), Cuttack Bench in a matter where Srabani Constructions Pvt Ltd. is the assessee. The Assessee was involved in the real estate business and paid INR 41,84,879 to contractors, […]
The paucity of employees in the Central Goods and Service Tax Department is affecting the government exchequer along with the effectiveness and efficiency of the aforesaid department. Consequently, The All India Federation of Customs, Central Excise, and GST Employees Welfare Association has addressed a letter to Union finance minister Nirmala Sitaraman to fill up over […]
Payroll is the most important structure for every company so to manage the data of the employees. Information such as name, contact number address, bank details, leaves, attendance, and miscellaneous comes beneath the payroll software. This is needed because every company has employees and all of them have dissimilar details thus it is not possible […]
