by Audit Analyst | Dec 23, 2025 | Company Tax
Understanding the nature of the notice The first step in handling a tax notice is identifying the section and reason under which it is issued. Notices may relate to scrutiny, reassessment, non-filing, or mismatch in returns. Carefully read the section mentioned, such...
by Audit Analyst | Dec 23, 2025 | Company Tax
Revenue expenditure on scientific research Revenue expenses related to in-house R&D are allowed as deductions under section thirty five. These include day-to-day expenses incurred wholly for scientific research. Salaries of scientists and technical staff are...
by Audit Analyst | Dec 23, 2025 | Company Tax
Income from unexplained cash credits Any sum found credited in the company’s books without explanation is treated as income. If the company cannot establish the nature and source of the credit, it is deemed taxable under section sixty eight. Includes loans, advances,...
by Audit Analyst | Dec 23, 2025 | Company Tax
Eligibility under business expenditure provisions Professional fees are generally deductible as business expenses under the Income Tax Act if incurred wholly and exclusively for business purposes. The expense must be genuine and related to the business operations....
by Audit Analyst | Dec 23, 2025 | Company Tax
Nature of gst input tax credit GST input tax credit allows businesses to claim credit for the GST paid on purchases or services used for business. It helps reduce the overall GST liability payable to the government. Credit is available only for eligible inputs and...