Daily Archives: January 30, 2025

Assessee entitled to additional depreciation for plant and machinery used in the process of accelerated freeze drying.

By | January 30, 2025
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Assessee entitled to additional depreciation for plant and machinery used in the process of accelerated freeze drying. Summary in Key Points: Issue 1 (Additional Depreciation): Whether the assessee, engaged in the business of exporting food products, is entitled to additional depreciation under Section 32(1)(iia) of the Income-tax Act, 1961, for plant and machinery used in… Read More »

Analysis of Income-tax (Second Amendment) Rules 2025.

By | January 30, 2025
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Analysis of Income-tax (Second Amendment) Rules 2025. The Income-tax (Second Amendment) Rules, 2025, bring several key changes to the Income-tax Rules, 1962, primarily focusing on Venture Capital Funds (VCFs), Finance Companies in International Financial Services Centres (IFSCs), and certain aspects of specified funds. Here are the key points: 1. Venture Capital Funds (VCFs): Clarifies the… Read More »

Income-tax (Second Amendment) Rules 2025.

By | January 30, 2025
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Income-tax (Second Amendment) Rules 2025. Also Read Analysis of Income-tax (Second Amendment) Rules 2025. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th January, 2025 No. 10/2025 INCOME-TAX G.S.R. 76(E).—In exercise of the powers conferred by section 295 read with sub-item (b) of item (I) of subclause (i)… Read More »

ICAI Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews

By | January 30, 2025
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Auditing and Assurance Standards Board The Institute of Chartered Accountants of India 24th January, 2025 Announcement The Auditing and Assurance Standards Board (AASB) of ICAI is releasing the publication “Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 3)”. Please click here to download the publication.

 Single Show Cause Notice Can be Issued for Multiple Financial years Under Section 74 of the GST Act

By | January 30, 2025
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 Single Show Cause Notice Can be Issued for Multiple Financial years Under Section 74 of the GST Act Summary in Key Points: Issue: Whether a single show cause notice (SCN) can be issued for multiple financial years under Section 74 of the GST Act. Facts: The assessee challenged a show cause-cum-demand notice issued for multiple… Read More »

Category: GST

Crackdown on Fake Political Donations under Income Tax Act

By | January 30, 2025
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Crackdown on Fake Political Donations under Income Tax Act The Income Tax (I-T) department has initiated a crackdown on fake political donations by sending verification SMSes to individuals claiming deductions under Section 80GGC of the Income Tax Act. This section allows for deductions on donations made to political parties, but the donations must be made… Read More »