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 …
Introduction In the digital age, technology has transformed various aspects of our lives, including how we handle financial matters. One area that has undergone a significant revolution is income tax filing. Gone are the days of filling out cumbersome paper forms and standing in long queues at tax offices. Today, taxpayers have the convenience of …
The Pune Income Tax Appellate Tribunal (ITAT) has upheld the Revenue’s suo motu rectification under Section 154 to disallow delayed Employee State Insurance (ESI) and Provident Fund (PF) payments, following the Supreme Court ruling in Checkmate Services (P) Ltd. & Ors. v. CIT & Ors. The case pertains to the assessment year 2013-14, where the …
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The Karnataka High Court recently rendered a significant decision regarding the reassessment proceedings for the Assessment year 2016-17. The case involved the invocation of the extended limitation period under Section 149(1)(b), where the sale consideration exceeded Rs. 50,00,000. However, it was determined that the taxable capital gains income was well below the threshold. After carefully …
