Exemption u/s. 10(38) disallowed as sale of share was an affair to convert unaccounted money: ITAT Ahmedabad   Facts: 1. The Assessing Officer observed during reassessment proceedings that the assessee was involved in transactions with Chandni Textiles Engineering Industries Ltd., which was a dummy company resulting in a declared loss of Rs.1,99,01,199/-. The trading in…

Understanding Deferred Tax Assets and Liabilities: An overview Deferred Tax Asset (DTA) When a company has paid more taxes according to its financial statements than what is due under tax laws. This excess can be used to reduce future tax obligations. It often arises due to differences in accounting practices between tax laws and financial…

Can Input Tax Credit Under GST Be Availed Beyond the Time Limit? A. Overview of the Case: Hon’ble Jharkhand High Court quashed an order disallowing Input Tax Credit (ITC) for FY 2018-19 and 2019-20 under Section 16(4) of the CGST Act, 2017. The court held that the matter must be reconsidered in light of the…

Major Recommendations of 54TH GST Council Meeting held on 09th September 2024 RCM has been recommended on inward supply of Metal scrap from unregistered Person to the registered person. The recipient is liable to pay GST under RCM even if the supplier takes GST Registration at a later date.  Issue of Rule 89 and Rule…

Finance Act 2024: A Strategic Push towards the New Tax Regime In an effort to simplify the process of filing income tax returns, the Government introduced the New Tax Regime (NTR) by incorporating Section 115BAC in the Income Tax Act, 1961. Launched through the Finance Act 2020, the NTR offers a Lower tax rate structure…