UPDATED RETURN: The time limit for filing updated return is proposed to be 5 years from the end of FY as compared to the present time limit of 3 years. Accordingly proposed additional tax shall be as under: When the updated return is filed after end of 1st FY Time period Additional tax Less than…
The Finance Bill, 2025 introduces significant changes to Section 17 of the Income Tax Act, redefining the valuation and exemption criteria for perquisites. Below are the key amendments: The value of benefits or amenities provided free of cost or at a concessional rate to a Specified Employee is considered a perquisite. Who is a Specified…
Starting from April 1, 2025, the requirement under section 206C(1H) for sellers to collect tax at source (TCS) on the sale of specified goods exceeding Rs 50 lakhs will be discontinued. This change addresses concerns about the dual compliance burden, where sellers were required to ensure buyers deducted tax under section 194Q (TDS), leading to…
The Finance Bill, 2025 introduces Section 44BBD, a presumptive taxation scheme aimed at non-resident companies assisting with the setup or support of electronics manufacturing facilities in India. The key provisions are as follows: 1. Taxable Profits for Non-Residents 2. Presumptive Taxation Rate 3. Previous Tax Treatment 4. Objective of the New Scheme 5. Scope of…
Explore common challenges in tax return filing and audit with insights from Tax expert Darshak Shah 📋 Coverage of the Webinar: ✔️ Applicability Issues ✔️Case Study 1: Clause 34A & 21(b) ✔️ Case Study 2: GAAR clause 30C Demerger of a loss making company and merging it with the profit making company ✔️ Case Study…
[2022] 141 taxmann.com 242 (Hyderabad – Trib.) – NBFC converted Debt into Pref. Sh. under CDR and increased authorised Cap – AO treated ROC exp. as Capital Exp. As the exp is related to the capital increase – only the existing debts were restructured where CCPS were issued – ITAT allowed on the grounds that…
SC – Pr. CIT v. Wipro Ltd. [2022] 140 taxmann.com 223 – carry forward of loss was denied by the Revenue on the ground that the declaration under s. 10B(8) was not filed within the due date of filing of return of income SC – CIT v. G.M. Knitting Industries (P.) Ltd. [2016] 71 taxmann.com…
1. Companies are set to get alerts and showcause notices from the Registrar of Companies (RoC) whenever they default on a statutory filing obligation. 2. CBDT amends Rule 17 & Form 10 providing accumulation of income by entity approved u/s 10(23C) Notification No. 96/2022, dated 17-08-2022. Under the provisions of the Income-tax Act, trust or…
1. APPEAL TO CIT – 20% prescribed through office memorandum F.No. 404/72/93-ITCC dated 31/07/2017. 2. STAY FOR LESS THAN 20% – assessee can approach CIT and CIT may lower it if rulings of HC/SC are in assessee’s favour 3. Automatic Stay of demand: CIT (A) has power of granting stay order till appeal pending before…
1. Income Tax Window is now open to file Income Tax return for FY 2019-20 and FY 2020-21 if one has missed filing it and for filing updated return if one has under reported income in the tax return filed for these years. With additional tax liability of 50% for FY 2019-20 and 25% for…