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Archive: March, 2023

Posts in March, 2023

PAN AADHAAR Linking

March 29, 2023 154410 Views 13 comments Print

As you are all aware, our government is urging us to link our PAN cards and Aadhaar cards. In order to enforce some strictness in this matter, they set a deadline of March 31, 2023 (which has been extended to June 30, 2023) for doing so.

Importance of Audit Trail in Accounting Software

March 29, 2023 6954 Views 0 comment Print

Understand the significance of audit trails in accounting software. Explore the benefits, challenges, and importance of maintaining audit trails for compliance, user accountability, security, and process improvement. Get insights into the amendments made by the MCA, the extension of the implementation, and the impact on businesses. Stay informed about the what, who, when, where, and how of maintaining an audit trail and address challenges to enhance efficiency.

Section 115BAC – Rebate to individual opting for new tax scheme

March 29, 2023 10659 Views 0 comment Print

Explore the amendments to Section 115BAC by the Finance Act, 2023. Get insights into the rebate for individuals opting for the new tax scheme and changes in maximum exemption limits, deductions, surcharge rates, and tax slabs. Stay informed for A.Y. 2024-25 and beyond.

Compliance Calendar April 2023

March 29, 2023 11937 Views 0 comment Print

Stay compliant in April 2023 Explore the statutory compliance calendar, covering Income Tax, GST, ESIC & EPFO Acts. Don’t miss important due dates.

Issue of mandatory pre-consultation before Issue of SCN: Bombay HC stays SCN

March 29, 2023 5499 Views 0 comment Print

HC observed that against judgment of High Court of Delhi in case of Amadeus India Pvt. Ltd., appeal is pending before Supreme Court solely on the point of limitation. Thus, prima facie, Revenue has impliedly conceded that pre-consultation is mandatory.

Original assessment completed after considering all facts hence re-assessment unsustainable

March 29, 2023 1446 Views 0 comment Print

Bombay High Court held that reassessment proceedings u/s. 148 of the Income Tax Act is liable to be quashed and set aside as original assessment was completed after considering all the facts and material.

Liability of principal borrower and guarantors is joint and several in guarantee contract

March 29, 2023 5061 Views 0 comment Print

NCLT Chandigarh held in contract of guarantee, the liability of the principal borrower and guarantor(s) is joint and several. Even if, either the principal borrower or guarantor has been discharged then the other party would not stand discharged automatically till the liability is met out or discharged.

Alternative Data Scoring

March 29, 2023 1527 Views 0 comment Print

Traditionally lender’s uses Credit Scoring as a major tool in its Credit Underwriting process. Traditionally lender verifies the Customer’s Credit Worthiness through the Credit Score of an individual.

The Pros and Cons of Investing in Fixed Deposits

March 29, 2023 4557 Views 0 comment Print

Are you looking for an investment option to increase your savings fast? A Fixed Deposit can be an ideal choice. Before you invest in a Fixed Deposit, learn everything about its advantages and disadvantages. 

Put Option Clause Legally Valid in Share Purchase Agreements: Bombay HC

March 29, 2023 7983 Views 0 comment Print

A Share Purchase Agreement is a contract that lays out the terms and conditions related to the sale and purchase of shares in a company, ensuring that both parties are in an agreement.

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