A partnership firm is a business arrangement where two or more individuals come together with the purpose of conducting a profit-driven enterprise. Within a partnership, the partners jointly assume both the gains and losses of the business, as well as the responsibilities associated with its management. Several notable features define a partnership firm: A partnership …
The Ahmedabad ITAT has upheld the order of the CIT(A), which resulted in the deletion of an addition of Rs. 86.75 crore under Section 69A as unexplained income for the assessee. The ITAT held that the cash deposited in the bank account cannot be considered unexplained since the revenue department itself accepted in the remand …
The case at hand revolves around the applicability of Section 69C of the Income Tax Act, which deals with unexplained expenditure. The assessee-firm in question was involved in the import of rough diamonds, as well as the manufacturing and export of polished diamonds. The Assessing Officer (AO) noticed that there was an excess consumption of …
The Mumbai Income Tax Appellate Tribunal (ITAT) recently issued a judgement in the case of Ajay Parasmal Kothari v. ITO concerning the taxability of receipts received by an individual from a builder for alternate accommodation and hardship during redevelopment. The ITAT allowed the Assessee’s appeal and held that the receipt from the builder is compensation …
Filing an income tax return is a legal obligation for every taxpayer in India. It is a way to report your income and taxes paid during the financial year to the Income Tax Department. Filing ITRs has several benefits, including facilitating tax compliance and helping individuals claim tax refunds, if eligible. Additionally, it helps individuals …
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The ITR filing session for the financial year 2022-23 (Assessment Year 2023-24) has officially begun. Taxpayers across the country are gearing up to file their income tax returns before the deadline. To make the process smoother for you, we are here to discuss the details of the ITR 1 form. ITR-1, also known as Sahaj, …
Books of accounts refer to the systematic and comprehensive record-keeping of financial transactions of a business. They are a critical part of maintaining accurate financial records and complying with tax laws and regulations. Essentially, they serve as a company’s financial diary, documenting every financial transaction that the business engages in. The term “books of accounts” …
Presumptive taxation is a tax system that uses indirect means to determine an individual’s tax liability instead of traditional rules based on their financial records. This method assumes that an individual’s income is at least equal to the amount resulting from applying the indirect method, hence the term “presumptive.” By implementing presumptive taxation, taxpayers can …
The Indian government’s Startup India initiative aims to establish a strong startup ecosystem that fosters innovation and offers opportunities to aspiring entrepreneurs. The initiative was launched on January 16, 2016, and includes an action plan comprising 19 points. The action plan lays out a blueprint for creating a favorable environment for startups in the country. …
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ABOUT SCHEME The MSME Innovative Scheme will merge the Incubation, Design, and IPR Schemes of the Ministry of MSME. These three schemes will operate as separate verticals with connections and be integrated into a singular formulation for higher efficiency and synergy. The MSME Innovative Scheme aims to promote and encourage innovative activities, creating awareness among …
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