Entire gross receipts of the Trust not registered u/s 12AA can not be taxed without giving allowance of expenditure incurred.  In a recent judgment, ITAT Visakhapatnam in a case where the assessee trust was not registered u/s 12AA and not entitled for the benefit u/s 11 remitted the …

Onus is on assessee to prove and substantiate that he is in retail business, and eligible to claim presumptive of taxation u/s 44AD – ITAT In a recent judgment, ITAT Agra has held that onus is on the assessee to prove and substantiate that the assessee is in …

UCO Bank invites application for empanelment of Auditors for Stock & Receivables  UCO Bank invites application for empanelment of Auditors for Stock & Receivables subject to fulfillment of the Eligibility Criteria related to educational qualifications, experience & other requirements. The Applicants who fulfill the eligibility criterion are required …

Minimum turnover clauses in Tenders can not defeat the Public Procurement Policy for Micro and Small Enterprises (MSEs) Order 2012 – SC In a recent judgment, Hon’ble Supreme Court has held that minimum turnover clauses in Tenders can not defeat the Public Procurement Policy for Micro and Small …

Agriculture income cannot be worked out on the basis of sale bills, purchases of pesticides etc., but on the basis of landholding, crops grown and expected yield – ITAT In a recent judgment, ITAT Chandigarh has held that the agriculture income cannot be worked out on the basis …

CBDT amends Rule 12CA/12CC regarding due dates of statement to be filed u/s 115UA / 115TCA for payments of income distributed by Business Trust/ Securitisation Trust. CBDT has issued Notification 17/2025 dated 24.02.2025 notifying the Income-tax (Fifth Amendment) Rules, 2025. The following amendments have been made in the …