Introduction Exporting goods and services is a fundamental aspect of international trade that plays a pivotal role in a country’s economy. For businesses engaged in export, maintaining accurate and organized books of accounts is not just a legal requirement but a strategic necessity. In this article, we will explore the significance of books of accounts …
In the complex world of finance and business, maintaining transparency, accuracy, and accountability in financial reporting is of paramount importance. To fulfill this critical role, chartered accountants play an indispensable part in the process of auditing. Auditing serves as a safeguard against financial mismanagement, fraudulent activities, and misrepresentation, and chartered accountants are the professionals entrusted …
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The Hyderabad Income Tax Appellate Tribunal (ITAT) has ruled in favor of employees of IBM India Pvt. Ltd., stating that the foreign assignment allowance topped up to their Travel Currency Card by IBM India is not taxable in India. The ITAT decision was based on the co-ordinate bench ruling in Bodhisattva Chattopadhyay v. CIT (2019) …
The Panaji ITAT upheld the CIT(A) order confirming the disallowance of interest paid on a loan used to compensate the Assessee’s family members as per an arbitral award on a family settlement. The Assessee claimed a deduction of the interest against the long-term capital gains (LTCG) arising from the sale of a capital asset. However, …
The taxpayer’s argument is that the expenditure on foreign travel should not be disallowed because it was incurred to secure donations from donors who were located abroad. The taxpayer has provided evidence of Foreign Contribution Regulation Act (FCRA) receipts for the relevant assessment year, which were submitted along with the records. It is evident that …
In the case of G.D. Foods and Manufacturing (India) (P) Ltd. v. Assistant Director of Income-tax (Central Circle) [2023] 152 taxmann.com 323 (ITAT Delhi), the assessee had made a payment towards the employee’s contribution for EPF and ESI. However, the Assessing Officer disallowed an amount of Rs 19,37,001/- under section 36(1)(va) of the Act due …
Filing income tax returns (ITR) is not only a legal obligation but also offers numerous benefits for individuals in various professions. Whether you’re a doctor, lawyer, CA, CS, software engineer, architect, or any other professional, filing your ITR can have significant advantages. In this article, we will explore the specific benefits of filing ITR for …
Tax season is upon us, and with it comes the responsibility to file our income tax returns (ITR) in a timely manner. It’s essential to meet the deadline and fulfill our civic duty as responsible citizens. Whether you’re a doctor, lawyer, CA, CS, software engineer, architect, or any other professional, it’s crucial to take action …
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Filing income tax returns (ITR) is a legal obligation for every taxpayer, including salaried individuals. It is a process through which individuals report their income and taxes paid to the government. While many salaried individuals may believe that filing ITR is only necessary if they have taxable income, there are several benefits to filing returns …
Continue reading “Carrying Forward Losses: Why Timely ITR Filing Matters for Salaried Individuals”
The deadline for filing income tax returns (ITR) is fast approaching, and it’s important not to procrastinate. Filing your ITR is a crucial responsibility for every taxpayer, whether you are a salaried individual or a freelancer. The due date for filing ITR in India is 31st July, and it’s essential to understand the benefits and …
Continue reading “Carrying Forward Losses: Why Timely ITR Filing Matters for Salaried Individuals”
