On 13th August 2020, Honourable Prime Minister Narendra Modi has enunciated a platform to tribute the honest taxpayers of the country and ensuring awareness about honest tax payment in India. The inauguration of the “Transparent Taxation” program happened at 11 am through video conferencing. The “Transparent Taxation” platform will work to create major reforms meant to establish more transparency in income […]
In a significant judgment on Tuesday, the Supreme Court of India ruled that a daughter will have a share in her ancestral property after the Hindu Succession (Amendment) Act, 2005 irrespective of the fact whether her father was alive or not at the time of the amendment.
The Micro, Small and Medium Enterprises Development Act, 2006 (MSMED) succeeded the repealed ‘The Interest on Delayed Payments To Small Scale And Ancillary Industrial Undertakings Act, 1993’. One of the objects of the legislation is also to provide a single legal framework concerning the entire small and medium enterprises sector and to address their concerns. […]
Next Gen Films Private Ltd. Vs ITO (Int. Tax-TDS) (ITAT Mumbai) Regarding commissioning agreement entered into by the assessee (Next Gen Films Private Ltd.) with M/s DBPL, at para 2.12, we reached a conclusion that the contract between the assessee and M/s DBPL (M/s Desi Boyz Production Ltd. ) was primarily on principal-to- principal basis. […]
CIT Vs Shardlow India Ltd. (Madras High Court) In this case The assessment was reopened on 06.8.2013 by issuing a notice under Section 148 of the Act on the ground that the assessee transferred some portion of its land at Sembium to its holding company namely M/s.Simpson & Co. Ltd., for a consideration of Rs.375 […]
Forget to verify your previous year tax returns? Don’t worry because CBDT has come up with a Golden Opportunity for those taxpayers who have filed their income tax return well within the time frame but afterwards forget to verify ITR V acknowledgement within 120 days. Some Important Points Related to this One Time Opportunity: 1. […]
CBI has arrested an Accounts Officer and an Enforcement officer, both working in EPFO, Noida (Uttar Pradesh) for demanding & accepting bribe of Rs.Eight Lakh from the complainant.
Chowdry Associates Vs ACIT (ITAT Delhi) From the entirety of the events, we find that in the assessment year 2014-15, the assessee had made purchases in the middle or last week of June 2013 through M/s Anand Rathi Commodities Ltd. and M/s Philips Commodities Pvt. Ltd. The NSEL failed to fulfill its commitments and ultimately […]
Quarterly / Half Yearly / Annual Compliances under SEBI Listing Regulations 2015 (LODR) Securities and Exchange Board of India (SEBI) on 2nd September 2015 issued the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 for listed entities. The Listed entities whose securities are listed on the Stock Exchanges has to comply and follow the compliances according […]
Get a simplified overview of IND AS 115: Revenue from Contract with Customer. Learn about the new rules of revenue recognition and how it impacts financial performance.
