A proven typographical error in accounts can’t be the basis for denying an exemption. Issue Can a tax exemption under Section 10A of the Income-tax Act, 1961, be denied based on an incorrect description of income in the financial accounts, if the assessee provides substantial documentary evidence to prove it was a typographical error and… Read More »
No TDS is required on a commission paid for services rendered entirely outside India by a non-resident agent who has no Permanent Establishment (PE) in the country. Issue Is an Indian company required to deduct tax at source (TDS) under Section 195 of the Income-tax Act, 1961, on commission payments made to a non-resident agent… Read More »
Professional Development Committee The Institute of Chartered Accountants of India September 20, 2025 ANNOUNCEMENT FOR EXTENSION OF LAST DATE FOR SUBMITTING MEF 2025-26 FROM 26th SEPTEMBER TO 10th OCTOBER, 2025 In order to give adequate time to members to submit MEF, it has been decided to extend the last date for submitting the MEF from… Read More »
Advisory to file pending returns before expiry of three years Sep 25th, 2025 As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three… Read More »
Circular No. 14/2025 :Extension of timelines for filing of various reports of audit for Financial Year 2024-25 (relevant to Assessment Year 2025-26) by auditable assessees Circular No.14/2025 F. No. 225/131/2025/ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes ***** New Delhi, dated 25th September 2025 Subject: – Extension of… Read More »