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Usually, companies take the risk of losing the tax credits (TDS and TCS) because of a lack of regular reconciliation between books of accounts and government records Form 26AS. The year-on-year TDS credit lock-up directed to inefficiencies in the working capital which would be the major subject to think about for CFOs and tax heads […]
A chartered accountant is a most important profession, a CA is needed in all companies and businesses. He just computes and quotes all the financials of the company and helps in filing the Income tax return, GST compliance, auditing, corporate finance, business recovery, etc followed by important dates for their clients as per the statutory […]
Apex court, under the income tax act, if the educational trusts or societies make a profit then the same shall not be entitled to claim for the exemption. The bench of Chief Justice of India UU Lalit, Justices S Ravindra Bhat, and PS Narasimha mentioned that these educational trusts or societies must only be related […]
The Chandigarh Bench of the Income Tax Appellate Tribunal ( ITAT ), Judicial Member Diva Singh ruled in favor of the taxpayer and set aside the order refusing the levied penalty. There were 2 kinds of payments that the taxpayer has incurred for which the current action would be invoked. Related to it the same […]
An Introduction of Section 44B The taxpayer is an NRI and has the business of furnishing the services provides by the plant and machinery on hire for the mineral oils extraction. A Short Summary of Section 44BB (1) Irrespective of the opposite held in sections 28 to 41 and sections 43 and 43A, for the […]
In the current times, Clause 44 of 3CD become the ‘Buzz word’ for every professional. People are giving their views recognizing the aspect of reconciliation with indirect tax records. Form 3CD of Tax Audit Report (TAR) was revised in July 2018 via Notification No. 33/2018 on 20.07.2018 to include Clause 44 on reporting of GST […]
On the occasion of Diwali 2022, SAG Infotech is here with a huge discount of flat 50% off on all its software solutions. We are here with all upgraded versions of our software which gives advantages to your businesses and firms so avail of this offer as this is just for a short period of […]
In the recent appeal by the petitioner to The Income Tax Appellate Tribunal ( ITAT ) Pune Bench, stated that the revenue preference earlier held the income declaration along with the filed return can be understood against the Assessing Officer (AO) without any justification for the penalty imposed under section 271(1)(c) of the Income-tax Act, […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) ruled that the unexplained credit will uphold when there is no proof proving the enhanced amounts that are liable to pay. The taxpayer, M/s. Mahamaya Exports Pvt. Ltd. questioned the Commissioner of Income Tax (Appeals)-31 [CIT (Appeals)] New Delhi, on 20.12.2017 for the assessment year […]
