Shree Enterprises Vs CTO (Karnataka High Court) Facts- Petitioners have challenged the order of confiscation as illegal, seeking all consequential reliefs. Petitioners are claiming to be the consignee and transporter of the goods in question. It is their contention that the Respondent has detained the goods and vehicle illegally for more than a month in […]
SECTION 168 OF THE COMPANIES ACT, 2013 Section 168- Resignation of Director (1) A director may resign from his office by giving a notice in writing to the company and the Board shall on receipt of such notice take note of the same and the company shall intimate the Registrar in such manner, within such […]
Recent Judgement of Hon’ble Supreme Court in case of NRA Iron and Steel Pvt Ltd.- After this judgement, the authorities would get right to question the integrity of every issue or reissue of share capital, especially those by company in which public are not substantially interested because these companies generally issue shares on private placement basis.
Applicability of 44AD and 44AB in case of Derivative (F&O) transactions: Para 5.14 of Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 provides for method of calculating the turnover or gross receipts to ascertain whether tax audit will be applicable or not. The same is reproduced as under: Derivatives, futures […]
A mutual fund distributes the returns to the investors in the form of periodic dividends and appreciation in the value of the units. The tax liability will depend upon the type of mutual fund scheme, the type of investor and the period of holding. Rules – 1. If a mutual fund scheme invests more than […]
Concurrent audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. It is part of a bank’s early warning system to ensure timely detection of irregularities and lapses. It helps in preventing fraudulent transactions at branches. here the check list and procedure, I hope you will […]
Easily file your revised income tax return online with this step-by-step guide. Learn how to correct any omissions or wrong statements in your original ITR.
Ministry of Corporate Affairs > In the year 2018, the Ministry of Corporate Affairs had taken a major step by coming out with Form DIR-3 KYC, a KYC initiative for directors, in order to ascertain identities as a part of their efforts to uncover the shell companies existing to facilitate the illicit flow of funds. […]
Assessee company failed to prove genuineness of investor – provisions of section 68 of the Income-tax Act attracted – Supreme Court The Apex court in the case of NRA Iron and Steel Pvt Ltd (SLP 29855 of 2018) held that the assessee company is under a legal obligation to prove the source of receipt of […]
High Court of Gujarat in case of Devarsh Pravinbhai Patel v/s Asst Commissioner Of Income Tax vide order dated 24th September 2018 has held that TDS credit needs to be given by Income-tax authorities to the deductee even if TDS is not deposited by the deductor. Where employer deducted tax at source on salary payments […]
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