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Payments to SME for compliance u/s 43B(h) of Income Tax Act

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

GSTN introduces new feature to help businesses verify additional places of business

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

income Tax Dept launches ‘Know Your Refund Status’ on e-filing Portal

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

Expenditure for any purpose which is an offence or which is prohibited by law shall not be deductible -Section 37 of I.T Act

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

ED Attaches Properties and Bank Balance of Chartered Accountant and Others

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