Income Tax Audit Report Under Section 115JB Form 29B computing book profits for companies under Minimum Alternate Tax – MAT.

Summary: Section 115JB of the Income Tax Act, 1961 introduces the concept of Minimum Alternate Tax (MAT) to ensure that companies reporting high book profits but low taxable income due to deductions still contribute a minimum tax. MAT is levied at 15% (plus surcharge and cess) on a company’s book

Income Tax Audit Form 10B, 10BB for Charitable and Religious Trusts: Purpose, Applicability, Recent Changes in Form & Filing Deadline.

Income Tax Audit Form 10B, 10BB for Charitable and Religious Trusts: Purpose, Applicability, Recent Changes in Form & Filing Deadline.Introduction

Form 10B is an important audit report prescribed under the Income Tax Act, 1961, primarily applicable to charitable and religious trusts or institutions that seek exemption under Section 11 and Section

All You Need to Know About GST Amnesty Scheme 2024 under Section 128A & ITC Reinstatement under Section 16(5) - Relief for ITC Denied under Section 16(4).

Overview: 

This guide consolidates all relevant provisions, deadlines, notifications, and circulars to help taxpayers comply and avail of the both scheme benefits.

If an

Transfer of Leasehold Rights in Land Not Attracting GST – A Landmark Judgment by Gujarat High Court

Transfer of Leasehold Rights in Land Not Attracting GST - A Landmark Judgment by Gujarat High Court

In a significant and much-awaited decision, the Gujarat High Court in the case of Gujarat Chamber of Commerce and Industry & Ors. v. Union of India & Ors. [(2025) 1 TMI 516; (2025) 170

Major GST Changes for the Hotel Industry: New Rules Effective from April 1, 2025

Major GST Changes for the Hotel Industry: New Rules Effective from April 1, 2025

The government has issued two important GST notifications on January 16, 2025, which bring significant changes for the hotel industry. These changes will be effective from April 1, 2025, and hotel owners must take necessary action before

Supreme Court and Bombay High Court Reinforce Right to Rectify GST Errors: Major Relief for Businesses and Taxpayers

Introduction: In a series of landmark rulings, the Hon\'ble Supreme Court of India and the Bombay High Court have delivered much-needed clarity and relief to taxpayers under the Goods and Services Tax (GST) regime. These decisions reinforce the principle that human errors in GST filings, particularly in GSTR-1 and GSTR-3B,

Section 40A(3) Applies Only to Revenue Expenditure, Not Capital Investments: Delhi High Court

Section 40A(3) Applies Only to Revenue Expenditure, Not Capital Investments: Delhi High Court

Case Title: PCIT vs. Sanskar Homes Pvt. Ltd.Court: Delhi High CourtAppeal No.: ITA 50/2023Date of Judgment: 17/03/2025

In a significant ruling, the Delhi High Court clarified that Section 40A(3) of the Income Tax Act, 1961, which disallows certain cash

GST Appeal Can’t Be Dismissed for Minor Delay if Pre-Deposit Paid: Madras High Court

GST Appeal Can’t Be Dismissed for Minor Delay if Pre-Deposit Paid: Madras High Court

Case Name: Tvl. Chennais Pet Vs State Tax OfficerAppeal No.: W.P.(MD) No. 3995 of 2025Judgment Date: 14/02/2025Court: Madras High Court

The Madras High Court, in a progressive and taxpayer-friendly judgment, held that a minor procedural delay in filing

Proper Service of Notice Crucial for GST Assessment Validity: Madras High Court

Proper Service of Notice Crucial for GST Assessment Validity: Madras High Court

In a recent and impactful judgment, the Madras High Court in M. Vimalraj Vs Union of India W.P.(MD) No. 2649 of 2025, dated 30.01.2025] underscored the importance of due process in the issuance and service of notices under GST

Time-Barred GST Orders Under Section 73 Cannot Be Enforced: Relief by Allahabad High Court

Time-Barred GST Orders Under Section 73 Cannot Be Enforced: Relief by Allahabad High Court

Introduction A landmark judgment from the Allahabad High Court has provided significant relief to taxpayers facing time-barred assessment and recovery orders under Section 73 of the U.P. GST Act, 2017. The ruling, delivered in the case of

CBIC Clarifies Key Aspects of Section 128A Waiver Scheme under GST via Circular No. 248/05/2025-GST

CBIC Clarifies Key Aspects of Section 128A Waiver Scheme under GST via Circular No. 248/05/2025-GST.

The CBIC, through this circular, has provided critical clarifications on the implementation of Section 128A of the CGST Act, 2017-introduced to provide waiver of interest and/or penalty for specific demands raised under Section 73 for the

Gst Voucher Clarification

Gst Voucher Clarification

GST Treatment of Vouchers Clarified: Circular No. 243/37/2024-GST

On December 31, 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued Circular No. 243/37/2024-GST to address ambiguities surrounding the Goods and Services Tax (GST) treatment of vouchers. The circular aims to ensure uniformity in the implementation of GST

Kerala SGST: Designation of Common Adjudicating Authority for SCNs to Ensure Uniformity

The Kerala State Goods and Services Tax (SGST) Department issued Circular No. 21/2024 on November 18, 2024, introducing significant changes to the adjudication of Show Cause Notices (SCNs). The circular designates a common adjudicating authority for cases involving multiple taxpayers with interconnected issues. These scenarios include instances where multiple SCNs

Detailed Clarification on Notification No. 23/2024-Central Tax - Waiver of late fees payable by registered persons required to GSTR-7 returns.

Detailed Clarification on Notification No. 23/2024-Central Tax - Waiver of late fees payable by registered persons required to GSTR-7 returns.

The Ministry of Finance, Department of Revenue, issued Notification No. 23/2024-Central Tax on 8th October 2024 (S.O. 4374(E)) under the Central Goods and Services Tax (CGST) Act, 2017. This notification addresses the waiver of

Detailed Clarification on Notification No. 25/2024-Central Tax- Applicability of Deduction TDS On Registered Persons Involved In The Supply Of Metal Scrap.

Detailed Clarification on Notification No. 25/2024-Central Tax- Applicability of Deduction TDS On Registered Persons Involved In The Supply Of Metal Scrap.

On 9th October 2024, the Ministry of Finance, Department of Revenue, issued Notification No. 25/2024-Central Tax (G.S.R. 629(E)), further amending the previously issued Notification No. 50/2018-Central Tax dated 13th September 2018. This notification