Also Read - Delhi Court Sentences 6 (Six) Months Jail for not filing ITR (Income Tax Return)

Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed.  Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence punishable under Section 276CC of the Act," the court said in the judgement.  "The convict is awarded a sentence of simple imprisonment for six months with a fine of Rs 5,000 and in default to unde...

Also Read - Payments to MSME vendors

Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failure to which can impact the deduction claims for such payments. To facilitate timely payments to micro, small, and medium enterprises (MSMEs) and address the challenges faced by these businesses in rec...

Also Read - The Concepts of Turnover, Sales and Gross Receipts

In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitutes turnover. Understanding the concepts of these words is necessary for the purpose of the tax audit.   An audit is mandatory for corporate assessees, irrespective of the amount of turnover. In ...

Also Read - Delay in Making Payment to Micro and Small Enterprises Means Deferred Deduction

Very Important Income Tax Update regarding Micro and Small Enterprises     Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax liability. Keeping such creditors unpaid is risky.   If payment for purchases made from *Micro and Small units* remains outstanding on 31st March, there may be huge tax liability.  Therefore...

Also Read - Section 206C of the Income Tax Act, 1961

Introduction   A new TCS section 206C (1H) was added to Finance Bill 2020. The updated section specifies that if a seller sells goods and the total sales value exceeds INR 50,00,000 (the threshold amount) in the same financial year, the seller must collect TCS from the customer. The content in this article includes eligibility requirements under Section 206 of TCS, the deadline for submitting TCS, and a definition of Section 206 of the Income Tax Act. What is Section 206C of the Income...

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