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A Mera bill app has been incorporated by Punjab Chief Minister Bhagwant Mann beneath the ‘Bill Liao Inaam Pao’ (bring a bill, get reward) scheme. As per the officials, the scheme would have the objective to increase compliance under GST and hence the revenue. Latest Update The goal of the scheme is to persuade customers […]
The Income Tax Department, in its next drive, handing over a target of 50 cases per Assessing Officer for a survey or online TDS verification. It has 16 parameters that could be followed to pick up these cases. These criteria include cases of sick units or units with negative operating margins, cases indicating a negative […]
The Income Tax Appellate Tribunal (ITAT), the Pune Bench ordered the Assessing Officer to re-adjudicate against the disallowance made for the reason of the non-submission of business vouchers. The appellant, Garve Motors Private Limited is an authorised dealer of Hyundai Cars and is a private limited company. The Assessing Officer reproduced the specifics of the […]
When the foundation was missing then there do not have any erection of the basis to ask for the reopening of the assessment, the Gujarat High Court ruled. Neither foundational points do exist nor can any tangible material be available with the assessing officer to prove the practice of power for reopening the assessment, the […]
The disallowances would have been performed on the grounds of ad hoc excluding specifying the precise mistake. The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) held. The orders of the authorities below have been set aside by the two-member bench of Astha Chandra (Judicial Member) and Shamim Yahya (Accountant Member) and would have […]
All about E- Form AOC-5 (Section 128 under the Companies Act, 2013) and a revision to the E- Form that has come into force from 23-01-2023 What is the Need for the AOC 5 E-Form? One of the major needs to start a company is to have a registered office as the address proof of […]
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 […]
The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench, in a petition furnished to it stated that there would be no addition incurred on the basis of a typographical error in the ITR via the taxpayer. ITAT, before-mentioned observation when a plea was chosen before it via the taxpayer, as against the order on […]
The Income Tax Appellate Tribunal (ITAT), Ahmedabad, the business loss cannot be refused as Assessing Officer has not declined books of accounts. The taxpayer, Nilamben Sandipbhai Parikh is involved in the business of trading in dyes, chemicals & intermediates. The taxpayer has furnished an e-return of income dated 30.09.2019 showing a total income of Rs. […]
