Month: April 2024
Unless and until the order of ITAT is reversed by High Court, the same has to be given due effect – ITAT In a recent judgment, ITAT has held that judicial discipline demand that unless and until order of the Tribunal is reversed by the High Court, the …
Self Enablement For e-Invoicing If your turnover exceeds INR 5 crores in the financial year 2023-2024 – GSTN Advisory 1. If your turnover exceeds INR 5 crores in the financial year 2023-2024, you will be required to start e-Invoicing from the next financial year, i.e., from 1st April …
Addition for unexplained agricultural expenditure u/s 69C deleted. Agricultural expenses depend on so many factors which were ignored by Assessing Officer (AO) – ITAT In a recent judgment, ITAT has deleted the addition made u/s 69C towards unexplained agricultural expenditure holding that expenses on agriculture depend on many …
AO to determine annual letting value based on material evidences, if not satisfied with workings or municipal value – ITAT In a recent judgment, ITAT has held that if property is vacant for the year under consideration, the duty is cast upon the AO to determine the annual …
NFAC order should be a speaking one, with adjudication on assessee’s submissions  and applicability of laws therein – ITAT In a recent judgment, ITAT has laid down that order of NFAC should be a speaking one, with adjudication on assessee’s submissions  and applicability of laws therein. The thought …
ITD (West Bengal & Sikkim), invites empanelment of Cost Accountants u/s 142(2A) for FY 2024-2026. The Income Tax Department (West Bengal & Sikkim), Patna has issued a notice inviting applications from Cost Accountants for empanelment u/s 142(2A) of the Income Tax Act, 1961 for the period beginning from …
Director’s remuneration allocation in ratio of turnover upheld for deduction u/s 80IA as director’s involvement was minimal In a recent judgment, ITAT has upheld the allocation of Directors remuneration in the ratio of turnover for deduction u/s 80IA as directors involvement was minimal. ABCAUS Case Law Citation:ABCAUS 3927 …
Excel Utilities of ITR-1, ITR-2, ITR-4 ITR-6 and ITR-7 & Offline Utilities for ITR-1, ITR-2, ITR-4 and ITR 6 for AY 2024-25 available for filing. CBDT in March 2024 has notified all income tax returns (ITRS) forms ITRs 1 Sahaj ITR-2, 3, ITR 4 Sugam, ITR-5, ITR-6 and …
Will you be arrested if fake bank note is recovered from you? Often, the question is asked by a common person that “will I be arrested if fake bank notes are recovered from me? The answer is simple, No, as mere possession of a forged note does not …
New Personal Tax Regime made default one. Consequence and precautions to be taken by assessee before filing ITR for AY 2024-25 who wish to follow old tax regime. The Finance Act 2020 had introduced Personal Tax Regime under section 115BAC of the Income Tax Act, 1961 (the Act) …
