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Disallowances under the Income Tax Act related to MSME [Section 43B(h)]

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The Income Tax Act, 1961, includes specific provisions to protect the interests of Micro, Small, and Medium Enterprises (MSMEs). One such provision is Section 43B(h), which was introduced to ensure timely payments to MSMEs. Micro, small and medium enterprises (MSMEs) are vital for the economic growth and development of India. They contribute significantly to the gross domestic product […]

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Analysis of Orders U/s 147 of Income Tax Act, 2017 towards Reassessment of Income

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Section 147 of the Income Tax Act, 1961, deals with the reassessment of income if the Assessing Officer (AO) has reason to believe that any income chargeable to tax has escaped assessment for a particular assessment year. This provision allows the tax authorities to reopen past assessments within a specified time frame. Here’s an analysis

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Section 115BAB for New Manufacturers to promote the “Make in India” initiative

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Section 115BAB of the Income Tax Act, 1961, was introduced by the Finance Act, 2019, to provide a lower tax rate for new domestic manufacturing companies. This section aims to promote the “Make in India” initiative and encourage the establishment of new manufacturing units in India. For new players in the manufacturing sector, the Income

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TDS on Salary and Provident Fund [Section 192 and 192A]

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TDS on Salary (Section 192) and TDS on Provident Fund (Section 192A) are provisions under the Income Tax Act, 1961, that govern the deduction of tax at source (TDS) on salary payments and withdrawals from the Provident Fund (PF). Here’s a detailed explanation of both sections: TDS on Salary (Section 192): Section 192 deals with

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Interpreting Actual Cost in Asset Valuation for Computation of Income Tax

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The term “actual cost” in the context of asset acquisition plays a pivotal role in income tax computation, presenting nuances and exceptions that taxpayers and professionals must comprehend. Section 43(1) of the Income Tax Act,1961 delineates the intricacies of determining the actual cost. “Actual cost” means the actual cost of the assets to the assessee, reduced by

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Amnesty Scheme under Section 128A of the CGST Act, 2017: A Comprehensive Overview

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The introduction of Section 128A in the Central Goods and Services Tax (CGST) Act, 2017, by the Finance (No. 2) Act, 2024, aims to provide relief to taxpayers by waiving interest, penalty, or both for certain tax demands. This provision, effective from November 1, 2024, covers tax periods from July 1, 2017, to March 31, 2020, and is

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GST on Vouchers – Analytical Study

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The treatment of vouchers under GST has been a subject of debate due to their unique nature. This article provides an analytical study of GST applicability on vouchers, covering definitions, classifications, taxability, and judicial perspectives. Definition- As per section 2(118) of CGST Act, “voucher” means an instrument where there is an obligation to accept it as consideration or part

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Input Tax Credit on Construction under GST: Analysis of Supreme Court’s Landmark Judgment

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The Supreme Court of India’s decision in the case of Chief Commissioner of Central Goods and Services Tax & Ors. vs. Safari Retreats Private Ltd. & Ors. ([2024] (SC)) has addressed significant questions regarding the availability of Input Tax Credit (ITC) for constructions under the Central Goods and Services Tax (CGST) Act, 2017. The judgment analyzed the

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GST Audit U/s 65 of the CGST Act, 2017- Procedure and Precautions

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GST Audit under Section 65 of the CGST Act, 2017 is conducted by the tax authorities to verify the correctness of the turnover, taxes paid, refunds claimed, input tax credit (ITC) availed, and other compliance-related aspects of a registered taxpayer. This audit is initiated by the Commissioner or an authorized officer and is distinct from

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GST Registration- Latest Changes and Issues involved with Case Laws

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The Goods and Services Tax framework has undergone significant transformations since its implementation in 2017. Recent amendments and judicial pronouncements have further shaped the dynamics of GST registration. Latest Changes in GST registration process 1) Aadhaar Authentication for registered persons: Rule 10B of CGST Rules had been inserted by Noti. No. 38/2021-Central Tax dated 21.12.2021. Aadhaar authentication

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