The treatment of “Buy One, Get One Free” offers can initially appear as if one item is being supplied free of cost without any consideration. However, it is not an individual supply of free goods but a case of multiple individual supplies where a single price is being charged for the entire supply. Essentially, it …
Continue reading “Input Tax Credit (ITC) Availability for “Buy One, Get One Free” Offer under GST”
The case of PCIT (Central) v. Narayan Kumar Khaitan involved a search and seizure operation under section 132 on SM and group, where incriminating documents were found. After completing the assessment in the case of the assessee under section 153C read with section 143(3), the Principal Commissioner invoked revisionary jurisdiction under section 263 against the …
A CA firm, or a Chartered Accountancy firm, is a professional service firm that provides a range of financial and accounting services to businesses, organizations, and individuals. The services provided by CA firms include tax planning and compliance, auditing and assurance, financial accounting and reporting, management accounting, business advisory, and more. A CA firm typically …
Income Tax Returns (ITRs) must be filed by July 31 each year for the previous financial year. For FY 2022-23, the due date for filing ITR is July 31 2023, and the new assessment year 2023-24 will start from April 1. Failure to file ITR within the due date attracts a penalty of Rs 5,000, …
The Income Tax Department has released Excel utilities for ITR 1 and 4 for the assessment year 2023-24. Taxpayers can access these utilities by referring to the live ticker on the e-filing portal at http://incometax.gov.in. We would like to inform taxpayers that the software and utilities for other ITRs and forms for the assessment year …
Continue reading “Income Tax Return Financial Year 2022-23, Assessment Year 2023-24”
In India, GST registration is an essential step for those starting a business. It can either be a voluntary decision or a mandatory provision under the GST law. Some people are obligated to register their business under the GST law, while others are exempt from registration. In this article, we will discuss the provisions for …
In 2012, an assessee purchased shares of a company in cash at Rs. 20 per share and sold them during the year for Rs. 675 per share as long-term capital gains, claiming exemption under section 10(38). However, the Assessing Officer noticed that the scrip was under investigation related to penny stock companies and made additions …
The Chennai ITAT has dismissed an appeal made by an Assessee, upholding an addition made on account of unexplained cash deposit under Section 69A during the demonetization period. The ITAT found that there was no corroborative evidence to prove the source of the cash deposit, and the Assessee failed to establish a reasonable nexus between …
When it comes to finding a reliable and trustworthy CA firm in Sector 48, Gurgaon, there’s no better choice than our firm located on Sohan road. With years of experience and a team of skilled professionals, we are committed to providing exceptional accounting services to businesses and individuals in the area. As a CA firm, …
As a resident of Malibu Towne, one of the most prestigious and affluent areas in Gurgaon, you may find yourself in need of a chartered accountant (CA) or tax consultant to help manage your finances. These professionals offer invaluable services, from helping you file your taxes and stay compliant with the law to providing strategic …
