ACIT Vs Parag Fans & Cooling System Pvt. Ltd (ITAT Indore) Disallowance was made for the alleged non deduction of tax at source on the alleged amount of interest of Rs.25,95,609/-. We find that the assessee has not shown expenditure of Rs.25,95,609/- in its Profit &Loss account. Since no such expenditure has been claimed by […]
DCIT Vs Knorr Bremse India Pvt. Ltd. (ITAT Delhi) TNMM is the Most Appropriate Method to benchmark the international transactions entered into by the taxpayer with its AE qua professional consultancy services (information technology) and fee for management support services but TPO, for the reasons best known to him and to our mind to generate […]
Indians are shedding the traditional misconception that share trading is all about speculation and gambling. Many have now realized that intraday trading is similar to any other profession and should be treated as such. With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling their […]
Hon’ble Finance Minister Smt. Nirmala Sitharaman on 1st February, 2021, the Union Budget 2021 proposes several reforms for the India Inc. including the persuasion of digital transformation in the Regulatory arena building a new MCA-21 3.0 using data analytics, artificial intelligence, and machine learning.
CA. Nihar N Jambusaria has been elected as the President and CA. (Dr.) Debashis Mitra has been elected as the Vice-President of The Institute of Chartered Accountants of India w.e.f. February 12, 2021.
. The modus operandi Inter alia involved creating of fake firms and generating of fake/bogus invoices through them, and passing of inadmissible Input Tax Credit on the strength of such fake/bog us invoices, without actual supply of goods.
Proposed amendments to CGST Act, 2017 Budget 2021 1. GST on supply by clubs, associations etc to its members -Section 7(1)(aa) and an explanation clause proposed to be inserted in the CGST Act, retrospectively with effect from the 1st July 2017,To ensure levy of tax on activities or transactions involving supply of goods or services […]
The Union Budget for financial year 2021-22 has been laid in Parliament on 1st February, 2021 by the Finance Minister. The Budget revolves around three themes i.e., inspirational India, economic development and caring society. The Budget made a statement that of all the structural reforms, the Goods and Services Tax (GST) has been the most […]
Goods and Service Tax ‘GST’ is a trust-based taxation regime wherein a taxpayer have to self-assess his tax liability, tax payment, and returns. Thus, to ensure the correctness of assessment by the assessee GST audit is compulsory. GST audit involves an examination of records, returns, and other documents maintained by the assessee. To ascertain that self-assessed GST […]
Analysis of Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 Section 135 of the Companies Act, 2013 (Act) read with Companies (Corporate Social Responsibility Policy) Rules, 2014 (CSR Rules) mandates every company having net worth of Rs. 500 crore or more, or turnover of Rs. 1000 crore or more or a net profit of Rs. […]
