CAclubindia Articles

Condonation of Delay in Filing ITR

CA.Sangam Aggarwal 18 January 2024 at 08:53

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.

Claiming Exemption Under Section 54F: When Religious Use turns Residential Intent

CA Aman Rajput 18 January 2024 at 08:53

This article delves into a specific case where the assessee's claim for exemption under Section 54F was denied due to the predominant use of the building for religious purposes, namely a mosque, orphanage school, and staff quarters.

Should employees suffer incase the employer defaults in payment of TDS?

Vivek Jalan 18 January 2024 at 08:53

On 15.07.2014, Karnataka High Court in ITA 165/2012 directed the revenue authorities to recover TDS amounting to Rs.302 crores from the Kingfisher airlines. On 18.11.2016, the Kingfisher Airlines Limited was ordered to be wound up by the Karnataka High Court.

Jyoti CNC Automation Ltd: IPO Analysis

CA Divyajeet Singh Sabharwal 18 January 2024 at 08:53

Jyoti CNC Automation Ltd., a name synonymous with precision engineering and industrial automation, roared onto the Indian stock market on January 9, 2024.

Supremacy Sealed: Unveiling the Impact of Innoventive Industries vs. ICICI Bank on India's Bankruptcy Landscape

CS Peer mehboob 17 January 2024 at 14:12

In the intricate world of Indian business, distressed companies often stand at a crossroads, desperately seeking pathways to restructure and rise again. But what happens when conflicting legal paths emerge, throwing both companies and creditors into a labyrinth of uncertainty?

Section 43B(h) of Income Tax Act related to MSME (Small & Micro) - Very Important Amendment

CA.Sangam Aggarwal 17 January 2024 at 08:57

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

Proportionate Leave Encashment for Ex-MPSEB Employees: A Detailed Analysis

CA Aman Rajput 17 January 2024 at 08:57

This article delves into the specific case of leave encashment for former Madhya Pradesh State Electricity Board (MPSEB) employees after its conversion into a company, analyzing the various aspects and legal arguments involved.

MSME Debt Restructuring Framework by RBI

CA Divyajeet Singh Sabharwal 17 January 2024 at 08:57

A recent judgment by the Bombay High Court has shed light on a crucial nuance within this framework, clarifying the roles and responsibilities of both MSMEs and their lenders.

Different Types of Correction in TDS Return in India

Ishita Ramani 17 January 2024 at 08:57

In this article we are going to talk about the types of errors occurring in TDS returns and the corrections that can be made.

Understanding Electronic Credit Reversal and Reclaim Statement (ECRRS)

CA Rakesh Ishi 16 January 2024 at 11:05

In the intricate world of Goods and Services Tax (GST), staying abreast of changes and adopting efficient practices is crucial for businesses. One such recent development is the introduction of the Electronic Credit Reversal and Reclaim Statement (ECRRS).