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Towards the willful failure to file the ITR, during maintaining the conviction for an offence under Section 276CC of the Income Tax Act, 1961, a Mumbai court would state that a presumption of the culpable mental state from the taxpayer’s admission could have emerged who files the ITR of the company of which he would […]
Analysis of New Clause (H) of Section 43B The Finance bill 2023 would include a new insertion of clause (h) to section 43B of the income tax act 1961. To assure on-time payments, the stated clause would have been inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies. […]
Regarding the CSR (Corporate Social Responsibility) expenses, there is zero anticipation among the companies to see any relaxation in the budget provision concerned with the no ITC (input tax credit). The 2023 finance bill aims to revise section 17 of the CGST Act by stating that input tax credit will not be accessible for goods […]
For the purpose of reporting deductions under Section 80GG of the Income Tax Act, Form 10BA is a tax form used in India. If the person does not own a home or if the home is not accessible for his use, this clause permits deductions on rent paid for residential accommodations. The document must be […]
The finance minister went above and above to entice taxpayers to join the concessional tax scheme, collectively known as the new tax regime. Since the new concessional tax regime’s implementation in budget 2020, only some taxpayers have switched to it. The majority of people are still using the previous tax system. Changes Announced in Union […]
Tax Deduction at Source is not applicable to payments made to non-residents, according to the Chennai bench of the Income Tax Appellate Tribunal (ITAT). The manufacturer of turbochargers and engine parts for use in industrial engines, off-road vehicles, commercial vehicles, and passenger automobiles is Assessee Turbo Energy Private Limited. Following the filing of the income […]
Deduction for the interest on loan taken for specific house property- Here the discussion is for the Outlines of Section 80EEA, Eligibility conditions to be qualified for deduction under 80EEA, Calculation of Deduction under Section 80EEA with Instances and Taxability of the deduction under Section 80EEA. Introduction to Section 80EEA Section 80EEA of the Income […]
Finance Bill 2019-20 revises the Central Goods and Services Tax (CGST) Act with retrospective effect by inserting a new proviso in section 50(1) to compute the interest on late GST payments. Due to this amendment, there is now an arbitrary and illegal distinction between the balance in the electronic credit register (ECrR) due on cash […]
When the assessee failed to show a discrepancy between the 26AS form and income tax returns, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) recently affirmed the addition made by the assessing officer. Assessee Individual Vijay Kashinath Jagtap earns a salary from M/s. Pfizer Ltd. to support himself. The assessee filed his income […]
