Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The Central Board of Direct Taxes issues a corrigendum to its letter dated 21.10.2025 concerning the C&AG Performance Audit Report No. 1 of 2019 on assessment of assessees in the entertainment sector, specifically regarding verification of expenses. The corrigendum clarifies that paragraph 2.1 of the earlier letter incorrectly referred to section 32D of the Income-tax Act, 1961, and should instead refer to section 35D. It instructs that pre-operative expenses incurred before commencement of business by entertainment sector assessees be examined with reference to actual commencement and allowed for amortisation under section 35D. The correction is issued with competent authority approval.
The Central Board of Direct Taxes issues a corrigendum to its letter dated 21.10.2025 concerning the C&AG Performance Audit Report No. 1 of 2019 on assessment of assessees in the entertainment sector, specifically regarding verification of expenses. The corrigendum clarifies that paragraph 2.1 of the earlier letter incorrectly referred to section 32D of the Income-tax Act, 1961, and should instead refer to section 35D. It instructs that pre-operative expenses incurred before commencement of business by entertainment sector assessees be examined with reference to actual commencement and allowed for amortisation under section 35D. The correction is issued with competent authority approval.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
