Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
The claim for deduction under section 80JJAA of the Income Tax Act,1961 permitted by the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT) even after a 29-day delay in Form 10DA, deeming the delay as procedural. The taxpayer, Analytix Business Solution (I) Pvt. Ltd, had claimed a tax deduction of ₹92.60 lakh u/s […]
Like every year, SAG Infotech brings exclusive discounts on its wide range of software solutions designed for CA professionals and experts. On the occasion of CA (Chartered Accountant) Day on July 1, 2025, the company offers a flat 50% discount on ROC/MCA, payroll software, except GST and Genius. The company’s product portfolio includes Genius, Gen […]
An addition cannot be made solely based on a mismatch between sales reported in the books and the figures in Form 26AS, particularly when the discrepancy arose due to double deduction of Tax Deducted at Source (TDS) by the client, Wockhardt Hospitals Ltd (WHL), the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has […]
The Supreme Court, while responding to a reference, ruled that deductions under Sections 80-IA and 80-IB of the Income Tax Act are not required to be reduced from the gross total income before computing deductions under other provisions, such as Section 80-HH for export profits. The verdict was handed by a bench of Justices Abhay […]
The revised Form ITR-U under Notification No. 49/2025, published in the Official Gazette, has been notified under the Central Board of Direct Taxes (CBDT). The new form replaces the earlier version of ITR-U found in Appendix II of the Income-tax Rules, 1962. The updated Income tax return form, applicable u/s 139(8A) of the Income-tax Act, […]
The central government, on May 15, 2025, approved 187 startups for income tax exemption. A 100% income tax deduction on profits is allowed for eligible startups for any three consecutive years within a ten-year period from the date of incorporation. The income tax benefit scheme is made to assist emerging businesses in their initial years, […]
CBDT has asked income tax officials to track advance taxpayers and identify fake claims of exemptions and deductions in order to improve direct tax collections in the current fiscal year. The central action plan (CAP) for 2025-26 has been issued via the Central Board of Direct Taxes, the policy-making body for the department, which guides […]
The Income Tax Appellate Tribunal (ITAT) 30h has set aside an ex parte order against The Mercantile Co-op Credit Society Ltd., asking the Commissioner of Income Tax (Appeals) [CIT(A)] to re-examine the refusal of Rs.1.1 crore deduction u/s 80P of the Income Tax Act, 1961. The Panaji bench ruled that the cooperative society will be […]
As per Notification No. 38/2025 issued by the CBDT, companies cannot claim tax deductions for money spent on settling cases involving violations of key financial and competition laws. According to the CBDT, expenses incurred to resolve proceedings under four specific laws will not be considered business expenses. Such statutes are: the Securities and Exchange Board […]
