No percentage Business: 100% of the Bogus purchase disallowed by Bombay HC
No percentage Business: 100% of the Bogus purchase disallowed by Bombay HC Here is Another judgement of the Bombay High Court upholding 100% disallowance of bogus purchases. The HC has held that if the purchases were bogus then the whole of the purchases should have been added. In this case, the CIT(A) had granted… […]
Interest on Delayed Payment under Section 16 of the MSMED Act and its Allowability under the IT Act
Interest on Delayed Payment under Section 16 of the MSMED Act and its Allowability under the IT Act The MSMED Act, 2006, provides for interest on delayed payments to Micro and Small Enterprises (MSEs). The interest rate is three times the bank rate, compounded monthly. Section 16 of the MSMED Act 1. Interest on… […]
30th April 2025- Last date for opting the Direct Tax Vivad se Vishwas, 2024 is 30 April 2025
30th April 2025- Last date for opting the Direct Tax Vivad se Vishwas, 2024 is 30 April 2025 For the purpose of section 90 of the Finance Act (No.2) of 2024, the Central Board of Direct Taxes has notified 30 April 2025 as the last date, i.e. the last date to apply for Direct Tax… […]
Pune ITAT Declares Assessment Invalid as notice not served at Correct Address
Pune ITAT Declares Assessment Invalid as notice not served at Correct Address In Dhanottam Lonkar vs. ITO (ITA No.214/PUN/2022), the Tribunal quashed an assessment where the notice under Section 143(2) was not served at the correct address, despite the correct details being available in the PAN and return records. The Pune ITAT has once… […]
Mutual Funds earned by a Singapore resident is not taxable in India unlike shares: ITAT Mumbai
Mutual Funds earned by a Singapore resident is not taxable in India unlike shares: ITAT Mumbai Anushaka Sanjay Shah (Ms) v. ITO (IT) (ITAT Mumbai) (IT(IT)A No.174/MUM/2025) Facts: 1. The core dispute pertains to the taxability in India of short-term capital gains arising from mutual fund redemptions (both equity and debt), totaling Rs. 1,35,66,368. 2. … […]
Length of delay is immaterial when there exists “sufficient cause”- ITAT condoned the delay of 1607 days
Length of delay is immaterial when there exists “sufficient cause”- ITAT condoned the delay of 1607 days ITAT Ahmedabad in the case of Biren Dhirajlal Shah vs. Income Tax Officer, Ward-1, Gandhinagar [ITA Nos.: 194/Ahd/2021 and 190/Ahd/2024, Date of Order: 3 April 2025] has condoned the delay of 1607 days in filing the appeal…. […]
HC directed CBDT to apply VsV Scheme, 2024 to taxpayers where due date of filing of appeal has not expired
HC directed CBDT to apply VsV Scheme, 2024 to taxpayers where due date of filing of appeal has not expired Delhi HC directs CBDT to consider Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV) to be made applicable to taxpayers in whose case the statutory filing of appeal has not expired in the specified… […]
Oops, Missed a TDS Claim? Here’s How You Can Still Claim It!
Oops, Missed a TDS Claim? Here’s How You Can Still Claim It! Query 1] I have filed my income tax return for the FY 2021-22 on 12.08.2022 with commission income of Rs. 12 Lakh & Interest & other income of Rs. 2.69 Lakh. At the time of filing the income tax return, total… […]
An overview of the ROC Compliance & Due Dates for the FY 2024-25
An overview of the ROC Compliance & Due Dates for the FY 2024-25 1. April 30, 2025 Form MSME-1 (Half-Yearly Return) Filing of outstanding dues to Micro and Small Enterprises for the period October 1, 2024, to March 31, 2025. 2. May 30, 2025 Form 11 (Annual Return of LLP) Applicable to all LLPs for… […]
Hello Companies! Don’t Miss to file Form MSME-1 – The New Compliance!
Hello Companies! Don’t Miss to file Form MSME-1 – The New Compliance! For all companies in India dealing with Micro and Small Enterprise (registered under the MSME Act, 2006) suppliers, it’s crucial to remember the Form MSME-1 requirement introduced by the Ministry of Corporate Affairs (MCA). Purpose of introducing MSME-1: This form helps the… […]
