ITAT Delhi Removes Tax Penalty Due to Lack of Opportunity to Clarify Undisclosed Income U/S 271AAA

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Introduction-ITAT Delhi Removes Penalty under section 271AAA  In a recent development, the Income Tax Appellate Tribunal (ITAT) Delhi bench delivered a significant ruling by waiving the penalty under section 271AAA of the Income Tax Act, 1961. The decision was motivated …

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CBDT Circular No17/2023: Clarity on Detailing Substantial Contributors in Form 10B & 10BB by Charitable & Religious Entities

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CBDT Circular No. 17/2023 In a recent development, the Central Board of Direct Taxes (CBDT) released Circular No.17/2023 on 9th October 2023, bringing important clarifications on compliance obligations for charitable and religious entities in respect of filing their audit report …

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Highlights of 52nd GST Council Meet: A Comprehensive List of Recommendations of the Council

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Introduction-Highlights of 52nd GST Council Meeting The 52nd GST Council Meeting, held in New Delhi, concluded with several significant decisions aimed at boosting specific sectors and streamlining tax provisions. Finance Minister Ms. Nirmala Sitharaman announced the outcomes, showcasing a focus …

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