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Before understanding the tax treatment of premium received by closely held company on issue of shares under section 56(2)(viib) of Income Tax Act, 1967 lets discuss the problem before introduction of this section with the help of example.
The impact of the Ram Mandir on the Indian economy is a complex and multi-dimensional phenomenon.
The government of India has made collateral- free loan credit available to all enterprises which are registered under MSME. It means MSME can avail the benefit of bank loan without pledging its property or assets.
Finalization of accounts means checking and reconciling books of accounts whether they are as per Companies Act, GST and Income Tax provisions.
LUT application is required to be completed before 31st March of starting of the financial year or before supply for Exports and SEZ for example for FY 2024-25 need to file before 31st March, 2024.
As we know that every assessee or taxpayer has to file their Income Tax Return within time prescribed i.e. 31st July/31st October under section 139(1)/139(4) of Income Tax Act, 1961.
As per the Amendment made by the Finance Act, 2023 clause (h) shall be inserted after clause (g) of section 43B which says that if assessee makes payment to micro or small enterprises beyond the limit specified in section 15 of the MSME Act, 2006
Form 71 u/s 155(20) of IT Act, 1961 TDS refund in case not appearing in Form 26AS in the year of Income booking
Taxpayers who had missed filing their ITR and in some cases taxpayer discover some omissions or mistakes in their ITR already filed and want to alter some information but they are unable to do so after 31 Dec of the next year. Income tax department under sections 139(8A) allows those taxpayers to file an updated return in prescribed form i.e ITR-U.
Every Tax practitioner has to face in case of stay of income tax demands in each case where he is not able to meet the AO's expectations (pun intended)!!On
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