Section 80P (4) of Income Tax Act 1961 A lot of misunderstanding among the ITATs,Income tax authorities,legal practitioners and Chartered accountants on the applicability of the provisions of Section 80P of Income Tax Act 1961. The Section deals with deduction in respect of income of Co-operative Societies which is as follows:-
Critical issue of removal of auditor Many professionals have been raising question on interpretation/ procedure for removal of auditor:- Situation: The Companies Act, 2013 permits removal of auditor before completion of his term. The procedure for removal of auditors is given in sub-section (1) of Section 140 of the Act. If a Company is not […]
Restrictions imposed u/s 269ST on Cash Receipts The Finance Bill 2017 introduced a new Section 269ST in the Income Tax Act. The new section will impose restriction on receipt of any amount exceeding Rs.3 lakhs through modes other than the modes prescribed in that section.
Cenvat credit on inoivces issued by Third Stage Dealer Cenvat credit admissibility is based purely on the invoices issued in this regard. The invoice can be issued by the manufacturer or by the dealers registered as dealers under Central excise. The chain of dealers permitted to pass on duty credit is upto second stage dealer […]
Furnishing details of inward supplies under GST Section 33: Furnishing details of inward supplies The proviso in the revised draft reads as follows: (1) Every registered taxable person, other than an input service distributor or a nonresident taxable person or a person paying tax under section 9, section 46 or section 56, shall verify, validate, […]