ITAT Mumbai held that as entire reasons for reopening were recorded by incorrect assumption of facts, accordingly, reopening was invalid and bad-in-law. Hence, subsequent invocation of revisional jurisdictional under section 263 of the Income Tax Act is untenable in law.
ITAT Delhi condoned delay of 306 days in filing of an appeal based on the reasonable cause that firstly assessee was in prison and when released it was lock-down.
UIDAI makes online document update in Aadhaar free of cost; to benefit millions of residents The Unique Identification Authority of India (UIDAI) has decided to allow residents to update documents in their Aadhaar online free of cost, a people-centric move that will benefit millions of residents. As part of Digital India initiative, the UIDAI took […]
Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y. 2023-24 and A.Y. 2024-25 Salary arrears are understood as unpaid wages of the previous period accrued in the current year. There may be a subsequent revision of the employee’s wages or a disputed wage which is then issued by the employer. What […]
Appellant builder treated Property as stock-in-trade & profits on its sale would be offered as business income and no rental income was received by Appellant from Property.
CBIC notifies Customs Exchange rate for Import & Export with effect from 17th March, 2023 vide Exchange rate Notification No. 15/2023 – Customs (N.T.) | Dated: 16th March, 2023. GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS ***** Notification No. 15/2023 – Customs (N.T.) Dated: 16th March, 2023 In […]
The information is not to be used in any other manner except for the purpose of providing it to the customer or Financial Information User (FIU) with respect to customer’s explicit consent. Thus, the role of AA confined to consolidation, organization, presentation of the financial information to the customer or FIU.
SEBI has received representations from investors regarding difficulties being faced by them with regard to certain procedural aspects of the provisions and varied interpretations with regard to the documentation required for processing investor service requests.
Government of India has decided that the date of closure of residual transactions for the month of March 2023 be fixed as April 10, 2023. In view of the ensuing closing of Government accounts for the financial year 2022-23, receiving branches including those not situated locally, should adopt special arrangements such as courier service etc., for passing on challans/scrolls etc., to the Nodal/Focal Point branches so that all payments and collections made on behalf of Government towards the end of March are accounted for in the same financial year. These instructions regarding special messenger arrangements may please be informed to all branches concerned.
RBI provisions require banks to set aside a minimum percentage of funds to cover expected credit losses .NBFCs are required to hold a 0.25% reserve. for outstanding loans on personal home loans and loans to small and micro businesses.
