1. Income Tax net direct tax collection increased 23.51 per cent to over Rs 8.65 lakh crore till mid-September on higher advance tax mop-up from corporates. The net collections have reached 47.45% of the full-year budget estimates (BE) of Rs 18.23 lakh crore.
2. Non-Corpus Donations to Section 12A registered Charitable Trusts with Similar Objectives allowed. Case Name : Srimathi Laxmi Charities Vs ACIT (ITAT Chennai)
3. Income Tax Deeming section 69 doesn’t apply when the source of surrendered income proved to be business income. Case Name : Sharp Chucks and Machines Pvt. Ltd. Vs DCIT (ITAT Amritsar)
4. GSTN informs that the geocoding functionality for the "Additional Place of Business" address is now active across all States and Union Territories. This builds upon the geocoding functionality earlier implemented for the principal place of business, operational since February 2023. As on today over 2.05 crore addresses have been geocoded for both principal and additional places of business by GSTN.
5. The inclusion of GSTN on the Account Aggregator framework, credit access to micro, small and medium enterprises (MSMEs) is also expected to be eased. The MSME sector has long been denied adequate credit due to a variety of reasons.
by CA.(Dr.) Raj Chawla
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