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The Delhi bench of the ITAT recently made a significant ruling. It said that individuals can claim deductions for capital gains, even if they haven’t deposited into a capital gain account scheme. The case involved assessee, Sarita Gupta, a resident individual, of whom information was received by the Assessing Officer that the assessee’s dad sold […]
In between the rising pressure from the trade and industry organizations, the Indian government is acknowledging the execution of Section 43B(h) of the Income Tax Act. The same section was revised to ensure timely payments for micro and small enterprises has invoked the concerts in the businesses in the country. This action post a delegation […]
The Delhi High Court kept that TDS on External Development Charges (EDC) in a real estate project. It directed that home buyers shall need to bear the load of TDS. A division Bench of the Delhi High Court Justices Yashwant Varma and Purushaindra Kumar Kaurav kept that Section 194C applies to EDC paid by real […]
There has been an alert given by the government of India regarding a counterfeit income tax notice that has been circulating from the online process. The tax notice, allegedly from the Income Tax Department, asks for payments for audited balance sheets through February 15, 2024. This notice, however, has been deemed fraudulent by the govt, […]
The Chennai ITAT referring to CBDT Circular no. 10/2014, stressed that if an undertaking is transferred to another undertaking excluding the way of amalgamation and demerger and in other cases, the transferee undertaking will be qualified for deduction for the remaining unexpired period under section 80IA(4)(iii) of the Income Tax Act. The Bench, Manmohan Das […]
Kolkata ITAT eliminates additions made without scrutinizing the expenditure nature of fetching that the expenses were made for the business purposes at the time of operation of a business, towards which the taxpayer has provided all the basic information which was not reviewed via AO, the addition made by AO is been deleted by the […]
Section 44AD Streamlines Presumptive Taxation: Enhanced Requirements for Enterprises The income tax department in an action objecting to easing the process of tax for businesses has waived the criteria for the presumptive taxation under section 44AD. A new ‘receipts in cash’ column has been presented, showing the cash turnover or gross receipts. To Rs. 3 […]
A new regulation for the assessment year 2024-25 has been enforced by the central government, mandating that purchasers settle payments for goods procured from MSMEs within 45 days of delivery. Furthermore, all outstanding dues to MSMEs must be cleared before March 31, 2024. Failure to adhere to these timelines will result in the pending payment […]
Recently, the Central Board of Direct Taxes (CBDT) released a significant notification, identified as Notification No. 16/2024 on January 24, 2024. This notification introduces the revised Income Tax Return (ITR) Form ITR-6 tailored for companies (excluding those eligible for exemption under section 11) for the Assessment Year (A.Y.) 2024-25. The modifications in the form are […]
