80IAC benefits for start-ups: An Overview
80IAC benefits for start-ups: An Overview 1. What is Sec 80IAC? Section 80IAC allows for a 100% deduction of the…
Income Tax
Section 43B(h) Of Income Tax Act Vs. MSME
Section 43B(h) Of Income Tax Act Vs. MSME The Finance Act 2023 inserted Section 43B(h), which stipulates that any sum owed to Micro and…
CBDT Notifies HUDCO Bonds as Long-Term Specified Asset u/s 54EC for FY 2025-26…
CBDT Notifies HUDCO Bonds as Long-Term Specified Asset u/s 54EC for FY 2025-26… The copy of the Notification is…
Income tax dept notifies form ITR-B for taxpayers on whom search, or requisition operation has been initiated
Income tax dept notifies form ITR-B for taxpayers on whom search, or requisition operation has been initiated The Ministry…
Deduction towards contingent liability allowed by AO: No revision U/s 263 permissible if AO had conducted proper inquiry and verification – ITAT Mumbai
Deduction towards contingent liability allowed by AO: No revision U/s 263 permissible if AO had conducted proper inquiry and verification…
Assessing Officer refuses to even issue the summons under section 131(1) – ITAT deleted addition
Assessing Officer refuses to even issue the summons under section 131(1) – ITAT deleted addition Here is one interesting…
Redeveloped Flat received from builder is not a “Gift” under section 56(2)(x): Mumbai ITAT
Redeveloped Flat received from builder is not a “Gift” under section 56(2)(x): Mumbai ITAT During the redevelopment process, normally…
ITC cannot be denied even if the supplier’s registration is cancelled from retrospective date.
ITC cannot be denied even if the supplier’s registration is cancelled from retrospective date. The Hon’ble High court in…
Section 153D: Approval must be self-contained piece of evidence demonstrating that due process of law is followed in approving
Section 153D: Approval must be self-contained piece of evidence demonstrating that due process of law is followed in approving …
Know about the changes in the New Tax Audit Report in Form No. 3CD
Know about the changes in the New Tax Audit Report in Form No. 3CD 1. Introduction of Clause 36B…
Updated Returns: A Second Chance That Costs Extra (But Saves You More)
Updated Returns: A Second Chance That Costs Extra (But Saves You More) Missed declaring some income? Skipped filing a…
Retraction of statement recorded during Income Tax Search Proceedings: An Overview of Legal Provision
Retraction of statement recorded during Income Tax Search Proceedings: An Overview of Legal Provision 1. Admissibility of statements during…
Permanent Registration of the Trust – Quoting a wrong provision cannot be held to be fatal & well-deserved beneficial provision need to be extended: ITAT Nagpur
Permanent Registration of the Trust – Quoting a wrong provision cannot be held to be fatal & well-deserved beneficial provision…
Compliance Calendar for April’2025
Compliance Calendar for April’2025 INCOME TAX – 07th April 2025- Due date for deposit of Tax collected for the…
ITAT allowed capital gain exemption u/s 54F – Where father died intestate, inherited property devolved equally on mother and son
ITAT allowed capital gain exemption u/s 54F – Where father died intestate, inherited property devolved equally on mother and son…
Deductors / collectors may get interest waiver if TDS/TCS amount debited from the bank account but not credited to the Government Treasury due to technical glitches
Deductors / collectors may get interest waiver if TDS/TCS amount debited from the bank account but not credited to the…
Section 254(1) & Rule 11 of the ITAT Rules: ITAT has power to admit any ground or issue not taken by either of the parties earlier in Appeal
Section 254(1) & Rule 11 of the ITAT Rules: ITAT has power to admit any ground or issue not taken…
Separate reporting of settlement related expenses in Form 3CD:
Separate reporting of settlement related expenses in Form 3CD: Introduction: 1. Clause 21 of the amended Tax Audit Report…
