In a recent case, the Mumbai ITAT (Income Tax Appellate Tribunal) has made an important ruling regarding the applicability of Section 69 of the Income Tax Act. The tribunal held that Section 69, which deals with unexplained investments, cannot be applied to on-money paid by a non-resident from foreign sourced income. The case involved a …
Introduction Income tax return (ITR) filing is an essential financial responsibility that individuals and businesses must fulfill. It not only ensures compliance with the law but also allows taxpayers to take advantage of various benefits and exemptions. While the process may seem daunting at first, with the right knowledge and guidance, filing your ITR can …
Introduction Sector 45 in Gurgaon, Haryana, is a vibrant commercial hub that houses numerous businesses and organizations. In such a bustling environment, the role of Chartered Accountants (CAs) becomes indispensable. CAs in Sector 45 play a crucial role in providing financial expertise and guidance to businesses, helping them navigate the complexities of accounting, taxation, and …
Introduction Sector 44 in Gurgaon, Haryana, is a bustling commercial hub that accommodates numerous businesses and organizations. In such a vibrant environment, the role of Chartered Accountants (CAs) becomes crucial. CAs in Sector 44 provide essential financial expertise and guidance to businesses, helping them navigate accounting, taxation, and financial management complexities. This article highlights the …
ITAT Mumbai Bench Rules in Favor of Mattel Toys (India) Pvt. Ltd.: AMP Expenditure Not an International Transaction, No Adjustment for Arm’s Length Price The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has delivered a favorable ruling for M/s Mattel Toys (India) Pvt. Ltd., stating that Advertising Marketing and Promotion (AMP) expenditure does …
Madras High Court Quashes Assessment Order, Grants Personal Hearing in Property Valuation Dispute The Madras High Court has set aside an assessment order and directed the Revenue to provide the Assessee with a personal hearing as required under Section 144B. The case pertains to an Individual Assessee who underwent reassessment proceedings under Section 147 based …
Jhalawar Kendriya Sahakari Bank Ltd., a cooperative society engaged in banking activities in rural areas, failed to submit a statement of financial transaction (SFT) within the prescribed timeframe as mandated by section 285BA read with rule 114E. The bank argued that due to network connectivity issues at some of its 15 branches located in rural …
Introduction Palam Vihar, located in the bustling city of Gurgaon, is a thriving residential and commercial hub known for its rapid urbanization and economic development. As businesses and individuals in Palam Vihar navigate complex financial landscapes, the role of Chartered Accountants (CAs) becomes paramount. CAs possess the expertise and knowledge to provide valuable financial guidance …
Introduction Filing income tax returns (ITR) is a critical responsibility for businesses, ensuring compliance with tax laws and facilitating the assessment of their financial activities. The process of filing ITR for businesses involves several complexities, including different tax regulations, deductions, and reporting requirements. This article aims to provide a comprehensive guide to filing income tax …
Introduction Filing income tax returns (ITR) is an essential obligation for every taxpayer, ensuring compliance with the tax laws of their respective countries. Traditionally, the process of filing ITR involved lengthy paperwork and visits to tax offices. However, with the advent of technology, taxpayers can now file their ITR conveniently and securely online. This article …
