Delap LLP’s Post

"🚀 Time to file your ITR! The race has begun, and I'm diving in headfirst. Don't miss out on this opportunity to stay ahead of the curve. Get your filing done now and enjoy the peace of mind that comes with timely compliance. Reach out for seamless assistance and ensure you're on top of your financial game. Let's make this tax season a breeze together! 💼💻 #ITRFiling #TaxSeason #StayAhead"

Now that the tax season is over, you must take the reins and protect your business from audits. Ensure your numbers are in order, and avoid any shortcuts that could jeopardize your future tax credits. Watch my throwback video below to understand what I mean by saying that the IRS is not playing, and more audits will be coming. https://lnkd.in/gPac8jD6 Contact me if you need any help with IRS audits.

Kicking off our training with some fun icebreakers! 🌟🎉 Building connections before diving into the tax talk. #TeamBuilding #TrainingDay #IcebreakerFun #tax #audit #kkco

Saving up for a home? Did you know about the FHSA tax hack? Contribute to this account for tax-free growth and potential deductions in some states. Check eligibility before diving in! 🏡💰 #HomeBuying #TaxHack #IncomeTax #SavingsAccount #FinancialTip

*REALTIME* Updates: 1. *Central Board of Direct Taxes* issued Notification No. 111/2024 to amend the Income-tax Rules, 1962, effective retroactively from October 1, 2024. The amendments primarily affect Form No. 10A and Form No. 10AB. Key changes in Form No. 10A include the removal of the reference to “2C” and a new declaration format requiring the applicant to confirm the accuracy of the provided details and to communicate any alterations in their trust or institution. 2. *Adjustments were made to the serial numbers* and notes for clarity and compliance, including new requirements for supporting documents based on the institution’s formation. The revisions aim to streamline the registration process under sections 12A and 80G of the Income-tax Act, enhancing the clarity of obligations for applicants. In Form No. 10AB, similar omissions and a declaration format have been introduced. The explanatory memorandum certifies that no individual will be adversely affected by the retrospective application of these rules. 3. *Initiate the proceedings u/s 147/148* during the pendency of the proceedings u/s 154. Nothing was on record that, in fact, the notice under Section 154 of the Act was withdrawn on the ground that the same was beyond the period of limitation prescribed under Section 154(7) of the Act. In the absence of any specific order of withdrawal of the proceedings u/s154 of the Act, the proceedings initiated under Section 154 of the Act can be said to have been pending. 4. *In that view of the matter, during the pendency of the proceedings u/s 154* of the Act, it was not permissible on the part of the Revenue to initiate the proceedings u/s 147/148 of the Act - The High Court has erred in presuming and observing that the proceedings u/s 154 were invalid because the same were beyond the period of limitation. M/S S.M. OVERSEAS PVT. LTD. Vs. CIT, 07/12/2022 (Supreme Court) (Favour of Assessee). 5. *Orissa High Court* In the case of Riverside Utilities Pvt Ltd Vs Union of India and others, addressed a legal challenge concerning the applicability of Goods and Services Tax (GST) on electricity transmission and distribution charges not applicable. 6. *ICAI* results of the Chartered Accountants Intermediate & Foundation Examinations held in the month of September 2024 are likely to be declared on Wednesday, the 30th October 2024. The results of Intermediate & Foundation Examination will be available on the website icai.nic.in. With best regards *CA Prabina kumar Moningi* Founder: REALTIME Updates Platform of 20000+ Professionals Hyderabad 📞9866431188 https://lnkd.in/gjw9bQCv

Losing daylight earlier means the year is winding down. Are you ready for that? If you still need tax deductions, talk to me. It takes time to put things in place. https://lnkd.in/eeP38g4J #tax_deductions #daylight_savings. #realestateinvestments

#BudgetWithMint | Mint brings you five curated pieces on the #Budget. Read them before diving into #NirmalaSitharaman's budget presentation for fiscal year 2025. #Budget2024

Webinar Alert - Canadian Taxation on Nonresident Athletes: Tax 101 Join Steven Flynn, CPA/CA, CPA (Wash.) from our Vancouver office, and Brandon Vucen from Trowbridge Professional Corporation for an insightful webinar on the intricacies of Canadian Taxation for Nonresident Athletes. Click here to register: https://lnkd.in/gSxgSTKC #Webinar #Tax101 #Athletes #nonresidentathletes #Andersen #Trowbridge

Want to read about what's been going on with the ERC since the opening ceremony for the Olympics? See this quick update written with Adam Young covering recent IRS actions, Court decisions, and potential changes in the law mirroring some notable Olympic moments. Get out your popcorn and read along. #taxlaw #ERC #Olympics #ERCaudits

UPDATE: The NGCOA Luncheons featuring HK partner, Jay M. Herman, originally scheduled for May 1st & 2nd, 2024, at Sleepy Hollow Country Club and The Heritage at Bethpage, have been postponed to Fall 2024. Jay, with over 45 years of expertise in property valuation litigation, will join Jeffrey R. Dugas from Leisure Appraisal to delve into the latest tax assessment developments and court decisions impacting golf course operations. Stay tuned for the new dates! #NGCOA #PropertyTax #PropertyValuation #GolfIndustry #HermanKatz