Key GST related provisions effective April 1, 2025
Key GST related provisions effective April 1, 2025 The new Goods and Services Tax (GST) rules are here, bringing transformative changes to enhance compliance, security, and efficiency. Here’s a snapshot of the key updates: Mandatory Multi-Factor Authentication (MFA): All GST taxpayers must now use MFA to access the GST portal, ensuring enhanced security and… […]
Where the reasons basis which the reassessment proceedings were opened had been deleted; no other addition or disallowance on any other grounds, could be sustained
Where the reasons basis which the reassessment proceedings were opened had been deleted; no other addition or disallowance on any other grounds, could be sustained Delhi High court recently in the case of Valmik Thapar v. PCIT [ITA 182/2021] , dated 25.03.2025 has held that where the reasons basis which the reassessment proceedings were… […]
80IAC benefits for start-ups: An Overview
80IAC benefits for start-ups: An Overview 1. What is Sec 80IAC? Section 80IAC allows for a 100% deduction of the profits or gains attributable to the eligible business activity. In other words, if a start‑up earns a profit solely from its qualifying activity, that full profit is deductible from its taxable income. To claim this… […]
Section 43B(h) Of Income Tax Act Vs. MSME
Section 43B(h) Of Income Tax Act Vs. MSME The Finance Act 2023 inserted Section 43B(h), which stipulates that any sum owed to Micro and Small enterprises for goods supplied or services given may be deducted in the same year if it is paid within the deadline stipulated by the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006. ((irrespective of the… […]
GST Audit: What precaution taxpayers should take?
GST Audit: What precaution taxpayers should take? Let us have a look at What precaution taxpayers should take during GST Audit. During a GST departmental audit, authorities focus on two primary components: Output Tax Liability (as per GSTR-1) and Input Tax Credit (ITC) as per GSTR-3B. Key areas under scrutiny include: ITC Reversal (Rule… […]
CBDT Notifies HUDCO Bonds as Long-Term Specified Asset u/s 54EC for FY 2025-26…
CBDT Notifies HUDCO Bonds as Long-Term Specified Asset u/s 54EC for FY 2025-26… The copy of the Notification is as under: The post CBDT Notifies HUDCO Bonds as Long-Term Specified Asset u/s 54EC for FY 2025-26… appeared first on The Tax Talk.
Income tax dept notifies form ITR-B for taxpayers on whom search, or requisition operation has been initiated
Income tax dept notifies form ITR-B for taxpayers on whom search, or requisition operation has been initiated The Ministry of Finance has notified form ITR-B for FY 2025-26 (AY 2026-27) through a gazetted notification on April 7, 2025. The form ITR-B is needed to be filed by those taxpayers who have to disclose any… […]
Deduction towards contingent liability allowed by AO: No revision U/s 163 permissible if AO had conducted proper inquiry and verification – ITAT Mumbai
Deduction towards contingent liability allowed by AO: No revision U/s 163 permissible if AO had conducted proper inquiry and verification – ITAT Mumbai Mumbai Tribunal in the case of National Stock Exchange of India Ltd (ITA No 642/Mum/2020) hashled that the AO had conducted proper inquiry and verification while allowing the claim of the… […]
Assessing Officer refuses to even issue the summons under section 131(1) – ITAT deleted addition
Assessing Officer refuses to even issue the summons under section 131(1) – ITAT deleted addition Here is one interesting judgement by ITAT, Delhi Bench holding that, in case where the transactions are supported by relevant documents, when the assessee is a regular investor and when the Assessing Officer refuses to even issue the summons… […]
Redeveloped Flat received from builder is not a “Gift” under section 56(2)(x): Mumbai ITAT
Redeveloped Flat received from builder is not a “Gift” under section 56(2)(x): Mumbai ITAT During the redevelopment process, normally the flat owner offers his own existing flat to the builder who rebuilds it and allocate the higher area flat to the existing owner. The question arises as to whether the difference between the stamp… […]
