Section 80P deduction covers Souharda credit societies, including qualifying surplus-deposit interest, subject to member KYC verification for cash dep...
Transfer-pricing benchmarking and capital-receipt principles sustained taxpayer relief, while unsupported property-advance write-offs remained disallo...
For futures and options transactions, turnover for tax-audit purposes is computed under the ICAI Guidance Note by aggregating favourable and unfavourable differences, option-sale premiums, and differences from reverse trades, while treating each purchase-and-sale transaction independently. Applying that method, the assessee's derivatives turnover remained below the threshold for compulsory audit under section 44AB. Consequently, penalty for failure to furnish a tax audit report under section 271B was deleted.
For futures and options transactions, turnover for tax-audit purposes is computed under the ICAI Guidance Note by aggregating favourable and unfavourable differences, option-sale premiums, and differences from reverse trades, while treating each purchase-and-sale transaction independently. Applying that method, the assessee's derivatives turnover remained below the threshold for compulsory audit under section 44AB. Consequently, penalty for failure to furnish a tax audit report under section 271B was deleted.
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