Duty Drawback is Taxable Only in the Year of Receipt, Not on Accrual Basis Facts The Dispute: For the Assessment Year 2018-19, the primary conflict centered on the timing of taxability for export incentives, specifically duty drawback. Department’s Stand: The Assessing Officer (AO) applied the mercantile system of accounting, arguing that duty drawback should be… Read More »
Comprehensive Analysis of Section 80P Deductions for Federal Co-operative Societies (AY 2022-23) Facts The assessee, a State-level Federal Agriculture and Rural Development Credit Co-operative Society, filed its return for AY 2022-23 claiming extensive deductions under Section 80P(2)(a)(i). The primary dispute involved whether various “non-core” income streams qualified as income “attributable to” the business of providing… Read More »
DTVSV- 2024 _Form 3 User Manual Income DTVSV- 2024 _Form 3 User Manual 1.Overview Direct Tax Vivad Se Vishwas Scheme, 2024(DTVSV Scheme, 2024)is a scheme notified by the Government of India on 20th September, 2024 to resolve pending appeals in case of Income Tax disputes. The DTVSV Scheme, 2024 was enacted vide Finance (No. 2)… Read More »
Stock Discrepancy: Inflated Statements to Banks Constitute Unexplained Investment under Section 69 Facts The Entity: The assessee is a partnership firm engaged in the manufacturing of Soya Nuggets. The Banking Arrangement: The firm availed a cash credit (CC) facility from a bank, secured by the hypothecation of stock and the mortgage of assets. The Inflation:… Read More »
Form 121 Income Tax download Excel format New Income Tax Rules 2026 Key features of Form 121 Income Tax Excel download Form 121 Income Tax download Excel format Key features of Form 121 Income Tax Excel download FORM NO. 121 [See rule 211] Declaration under section 393(6) for receipt of certain incomes without deduction of… Read More »
Condonation of Delay in Filing Form 10B: Oversight of CA is a Genuine Reason for Delay Facts The Entity: The assessee is a charitable trust dedicated to providing medical aid to the underprivileged. The Default: For AY 2016-17, the trust filed its audit report in Form 10B on 18-08-2018, incurring a significant delay of 687… Read More »
Form 104 & 106 User Manual Income Tax Act 2025 1. Overview For certain types of entities, the Income Tax Act requires them to obtain provisional registration or approval before they begin their activities or before they can claim specific tax exemptions or benefits. This registration helps the Income Tax Department to verify the basic… Read More »
Form 127 User Manual Income Tax Act 2025 1. Overview Under Section 394 of the Income Tax Act, 2025, a seller is required to collect tax from the buyer on the purchase value of specified goods. This tax must be collected either when the seller records the amount payable by the buyer in the accounts… Read More »
Form 105 & 107 User Manual Income Tax Act 2025 Form 105 & 107 User Manual 1. Overview For certain categories of non profit organisations (NPOs), the Income tax Act, 2025 requires them to obtain regular registration or regular approval in order to continue claiming tax exemptions on income and to enable donors to claim deduction for donations. This… Read More »
Form 80 User Manual Income Tax Act 2025 1. Overview A Qualifying company may opt for the tonnage tax scheme by making an application under section 231(1) to opt for the tonnage tax scheme or under section 231(10) for renewing the option for the tonnage tax scheme in Form No. 80. 2. Prerequisites for availing… Read More »