Change in Partners/ designated partners is an important event in the life of a Limited Liability Partnership (LLP), since it alters one of the basic foundation of a LLP. Change in Partners can be an Admission of a new partner Retirement of a partner Admission cum retirement of partner (2 events may happen at the […]...

In order to ensure that the inventory is valued in accordance with various provisions of law, it is proposed to amend section 142 of the Act relating to Inquiry before assessment to ensure the following:-(i) To enable the Assessing Officer to direct the assessee to get the inventory valued by a cost accountant,...

Income from insurance policies (other than ULIP) having premium or aggregate of premium above Rs 5,00,000 in a year shall be taxable under the head income from other sources...

Alignment of provisions of section 45(5A) with the TDS provisions of section 194-IC – Budget 2023 The existing provisions of the sub-section (5A) of section 45 of the Act, inter alia, provide that on the capital gain arising to an assessee (individual and HUF), from the transfer of a capital asset, being land or building […]...

Cost of acquisition or the cost of improvement shall not include the amount of interest claimed under section 24 or Chapter VIA....

‘Cost of improvement’ or ‘cost of acquisition’ of a capital asset being any intangible asset or any other right ( other than those mentioned in the said sub-clause or clause, as the case may be) shall be ‘Nil’....

This model GST Audit Manual is intended to be developed as a comprehensive document which would  be helpful for the audit officers of the Gujarat State throughout the entire  process of selection of taxpayers for audit till the completion of audit in an efficient and effective manner....

The article enlists the important compliances due dates and various updates under the GST that have taken place during the past month, impacting the GST taxpayers at large....

HC Held that assessee is entitled for migration of TDS amount in terms of Section 140(1) of CGST Act. Further held that, restriction on ITC only applies if there is an express prohibition under CGST Act....

Finance Minister, Mrs. Nirmala Sitharaman introduced a New Tax Regime (NTR) in 2020, and gave taxpayers the option to choose between the traditional tax system and the new one introduced.  What is NTR? In the NTR, there are lower income tax rates and additional slabs however there is no option of availing tax exemptions and […]...