"03 May 2023" Archive

DTAA between India and Chile notified by CBDT

Notification No. 24/2023-Income Tax [S.O. 2059(E)] 03/05/2023

Notification No. 24/2023- Income-Tax Dated: 03rd May, 2023 under section 90(1) of Income tax Act, 1961 regarding Agreement and Protocol between the Government of the Republic of India and the Government of the Republic of Chile for the Elimination of Double Taxation and the Prevention of Fiscal Evasion and Avoidance with respect to taxes ...

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1.16% increased contribution from employer’s share into Pension Fund

Notification No. S.O. 2061(E). 03/05/2023

Increased contribution shall he applicable to basic wages, dearness allowance and retaining allowance to the extent such basic wages, dearness allowance and retaining allowance exceed fifteen thousand rupees per month....

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HC directed Revenue to examine aspect of limitation afresh in light of SC decision

44 EMB Studio Private Limited Vs Union of India (Bombay High Court)

44 EMB Studio Private Limited Vs Union of India (Bombay High Court) Counsel for the Petitioner submitted that though it is correct that for part of the claim which has been rejected refund was sought after a period of two years, however, the period was extended by the orders passed by the Hon’ble Supreme Court […]...

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IND AS 115- Recognition of Revenue from Contracts with Customers

Ind AS 115 is an accounting standard that deals with revenue recognition. The standard was introduced by the Institute of Chartered Accountants of India (ICAI) in 2018 and replaces the previous revenue recognition standards, such as Ind AS 18 and Ind AS 11. The primary objective of Ind AS 115 is to provide a comprehensive […]...

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Posted Under: Income Tax |

Buy-Back: A Strategic Decision

Buy Back of shares or specified securities is a process through which a company may buy its own shares or specified securities, Buy – Back of shares is a good method of giving a return to shareholders of the company. Through buy-back company purchases its own shares from secondary market from the shareholders who want […]...

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Posted Under: Income Tax |

Statement of Donation – Form 10BD

Form 10BD is a statement required to be furnished by the donee, i.e., the trust, NGO or institution that receives donations under Section 80G of the Income Tax Act, 1961. The purpose of this form is to provide details of the donations received during the financial year and to ensure that the donations received are genuine and eligible for...

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Posted Under: Income Tax |

How to calculate HRA Exemption under Income Tax Act

House Rent Allowance (HRA) is a salary component provided by many employers to their employees to help them with the payment of rent for their accommodation. The amount of HRA received by an employee is partially or fully exempted from tax under Section 10(13A) of the Income Tax Act, 1961. In this blog, we will […]...

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Posted Under: Income Tax |

Quick Reference for SA 710 Comparative Information, Corresponding Figures & Comparative Financial Statements

Quick Reference for Standards on Auditing- SA 710 Comparative Information, Corresponding Figures & Comparative Financial Statements Scope of the SA: Deals with auditor’s responsibilities regarding comparative information in an audit of financial statements. Overall Objectives of the Auditor:  To obtain sufficient appropriate au...

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Posted Under: Income Tax |

What is ESOP and Complete Guidelines to Issue ESOP

Employee stock option plan ESOP is a contractual agreement that offers employees the right, but not the responsibility, to purchase or subscribe to a defined number of firm shares at a fixed price, such as the exercise price. There is no change in the exercise price if once decided even if future market prices increase....

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Posted Under: Income Tax |

Amount deposited during search cannot be retained as proceedings u/s 74(1) of CGST Act not initiated

Modern Insecticides Ltd. Vs Commissioner (Punjab and Haryana High Court)

Punjab & Haryana High Court held that amount deposited during the search cannot be retained by the department as this deposit cannot be taken to be voluntary as no proceedings u/s 74(1) of the CGST Act has been initiated....

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