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PKM Circular No.6 /2024F. No. 275/412024-IT(B) is issued by the Government of India, through the Ministry of Finance and the Department of Revenue, to announce a partial modification to Circular No. 3 of 2023 dated 28.03.2023. Circular No. 3 of 2023 dated 28.03.2023 issued by the Board may be read as follows: “Consequent to the … Read more
Payments to SME for compliance u/s 43B(h) of Income Tax Act Section 43B[(h): any sum payable by the assessee to a micro or small enterprise beyond the time-limit specified in section 15 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006.),] shall be allowed (irrespective of the previous year in which the liability to pay … Read more
Goods and Services Tax Network (GSTN) has introduced a new feature in the “Search Taxpayer” option to provide users with access to a list of “Additional Places of Business” (APBs). The new APB list feature can be particularly beneficial for verifying whether the customer’s billing address and place of delivery are registered before initiating the … Read more
Previously, taxpayers had to check their income tax refund status on the TIN-NSDL website. However, the Income Tax Department has now launched a new functionality called “Know Your Refund Status” on the e-filing portal that allows users to check their refund status directly from the portal itself. This functionality allows taxpayers to check the status of their … Read more
Notwithstanding anything contained in any other provision of this Act, a deduction otherwise allowable under this Act in respect of: (a) any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force, or (b) any sum payable by the … Read more
General Deduction : Section 37 of the Income tax act 1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed … Read more
The Directorate of Enforcement (ED) has provisionally attached 59 immovable and movable properties including 53 plots, commercial shops, Industrial plots, agricultural land located at Delhi, Noida, Sonepat (Haryana), Jalandhar, Hyderabad and balances in bank accounts having value of Rs. 28. 67 Crore belonging to Sunil Dhupar, former CA and statutory auditor of M/s Shakti Bhog … Read more
Whether the AO has power to make addition in income of the Respondent by best judgment method without understanding the business strategy of the Respondent?
Any person, whether or not he has furnished a return under section139(1) or 139(4) or 139 (5), for an assessment year , may furnish an updated return of his income or the income of any other person in respect of which he is assessable under this Act, for the previous year relevant to such assessment … Read more
Section Description Rate Period  On  234A Delay in furnishing return of income 1% pm or part of the month 1.    From the Due date of furnishing the return to Date of return furnished ( if not furnished then date of completion of assessment u/s 144 Amount of tax us 143(1) or on regular … Read more