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The CBDT’s order has been quashed by the Bombay High Court rejecting the application filed by CG Power and Industrial Solutions Ltd asking for the condonation of delay in filing income returns based on the recast of accounts under NCLT’s order. Any assessment order passed u/s 143(3) or 144C as well as the resulting notices […]
A 48-year-old IRS officer with the Income Tax Department fell victim to an online reward points fraud, resulting in a loss of Rs 48,902. The victim, Nishi Padma, reported the incident to the Central Division Cyber Crime Police, leading to the registration of a case under various sections of the Information Technology Act, 2000. Must […]
Services furnished via Indian information technology (IT), marketing, and consulting companies to foreign clients might not always draw integrated goods and services tax (IGST) if a ruling by the Authority for Advance Rulings’ (AAR’s) Telangana Bench becomes a precedent. In the case of referral services furnished under the Hyderabad-based Center for International Admission and Visas […]
In organizational management, audits act as an indispensable tool to increase efficiency, ensure compliance, and drive overall effectiveness. The audit type comprises mainly systems audit and process audit. Each furnishes distinct objectives, and understanding their comparative nuances is important for companies who are asking to optimize their performance and reduce their risks. Quick to Understand […]
For filing income tax return-3 (ITR-3) for the financial year 2023-24 (assessment year 2024-25) the income tax department has released offline, online, and Excel utilities. It directed that the taxpayers who come beneath the ambit of ITR-3 for FY 2023-24 (AY 2024-25) have the flexibility to choose between offline (Java), online, or Excel-based utilities to […]
For the Assessment Year 2024-25 nearly 800,000 income tax returns have been filed earlier as the Central Board of Direct Taxes enabled functionalities for commonly used income tax returns from April 1 in the current year. Since the eligible taxpayer has begun using the chance to smash the last-minute rush, over 829,000 ITR had been […]
The Mumbai ITAT on observing that the AO had audited and still not denied the books of account, ruled that the ad hoc disallowance that the AO had made was not justified and ought to be deleted. The Bench of the ITAT (Income Tax Appellate Tribunal) Kuldip Singh (Judicial Member) and S. Rifaur Rahman (Accountant […]
The Mumbai Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled that the taxpayer is qualified for CENVAT credit on inputs and input services utilised for the production of electricity, which are transferred to its sister unit at Urse free of charge. The bench of Ajay Sharma (Judicial Member) witnessed that no allegation […]
The addition made by the AO u/s 41(1) of the Income-tax Act on account of the sale of copper wire is been removed by the Punjab & Haryana High Court, learning that the AO incurred the additions beneath the stated provisions on the grounds of the presumption for the stated sale, post discovering no stock […]
