Articles by CA.Sangam Aggarwal

How to file an appeal before ITAT

CA.Sangam Aggarwal 03 February 2024 at 08:50

Filing an income tax appeal before the Income Tax Appellate Tribunal (ITAT) is a crucial step for taxpayers seeking resolution on disputed tax matters. The relevant section that governs the filing of an appeal before the ITAT is Section 253 of the Income Tax Act. Here's an overview of Section 253:

Key Highlights of Budget 2024 - Income Tax & GST

CA.Sangam Aggarwal 02 February 2024 at 08:58

No major changes in Income Tax slab rates, including for companies.

Treatment of Shares Premium received by closely held company on issue of shares

CA.Sangam Aggarwal 31 January 2024 at 08:51

Before understanding the tax treatment of premium received by closely held company on issue of shares under section 56(2)(viib) of Income Tax Act, 1967 lets discuss the problem before introduction of this section with the help of example.

Impact of Ayodhya Ram Mandir on Indian Economy

CA.Sangam Aggarwal 29 January 2024 at 08:47

The impact of the Ram Mandir on the Indian economy is a complex and multi-dimensional phenomenon.

Benefits available to MSME under various schemes

CA.Sangam Aggarwal 27 January 2024 at 08:53

The government of India has made collateral- free loan credit available to all enterprises which are registered under MSME. It means MSME can avail the benefit of bank loan without pledging its property or assets.

Things to be kept in mind before finalization of Books of Account: Income Tax & GST

CA.Sangam Aggarwal 25 January 2024 at 08:49

Finalization of accounts means checking and reconciling books of accounts whether they are as per Companies Act, GST and Income Tax provisions.

Letter of Undertaking (LUT) and its benefits under GST

CA.Sangam Aggarwal 24 January 2024 at 08:46

LUT application is required to be completed before 31st March of starting of the financial year or before supply for Exports and SEZ for example for FY 2024-25 need to file before 31st March, 2024.

Condonation of Delay in Filing ITR

CA.Sangam Aggarwal 18 January 2024 at 08:53

As we know that every assessee or taxpayer has to file their Income Tax Return within time prescribed i.e. 31st July/31st October under section 139(1)/139(4) of Income Tax Act, 1961.

Section 43B(h) of Income Tax Act related to MSME (Small & Micro) - Very Important Amendment

CA.Sangam Aggarwal 17 January 2024 at 08:57

As per the Amendment made by the Finance Act, 2023 clause (h) shall be inserted after clause (g) of section 43B which says that if assessee makes payment to micro or small enterprises beyond the limit specified in section 15 of the MSME Act, 2006