IBC casts duty on IP to carefully plan his actions and not be negligent while performing his functions and duties under Code. It is the professional’s responsibility and duty to actively and consciously perform his functions, and there should be no lapses while discharging his functions.
Section 208(2)(a) of the Code mandates the IP to take reasonable care and diligence while performing his duties, including incurring expenses. He must, therefore, ensure that not only fee payable to him is reasonable, but also other expenses incurred by him are reasonable. The DC notes that during the personal hearing held on 28.04.2023, Mr. […]
CBIC impose countervailing duty on imports of Saturated Fatty Alcohols of Carbon Chain length C10 to C18 and their blends originating in or exported from Indonesia Malaysia and Thailand for a period of 5 Years vide Notification No. 01/2023-Customs (CVD) Dated: 4th May, 2023. MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 01/2023-Customs (CVD) | Dated: 4th May, […]
Reserve Bank of India, hereby permits the said Reporting Entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money Laundering Act
An audit is a systematic and independent examination of financial statements, records, and other relevant documentation to provide assurance that they are free from material misstatement. In order to ensure that audits are conducted effectively and efficiently, auditors often use audit checklists and documentation.
Explore the intricacies of Transfer Pricing on Intra-Group Guarantees in India. This detailed discussion covers the meaning, determination of Arm’s Length Price, popular methods, and ongoing debates. Stay informed to navigate Transfer Pricing regulations effectively.
Section 200 of the Act casts a duty on person deducting tax to pay the same within prescribed time to the credit of the Central Government. Section 200A of the Act draws out the procedure for processing of statements of tax deducted at source.
Paulomi Iyer Vs DCIT (ITAT Ahmedabad) At the outset, we note that this is second round of litigation before us. The background of case is that the assessee is an individual and engaged in the profession of service provider. During the year under consideration, the assessee provided services of SAP implementation to one of her […]
Draft Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) (Amendment) Regulations, 2023
Entire amount of credit entries cannot be added to taxable income of assessee ignoring debit side entries and as when assessee is receiving cash and issuing cheques then said cheque of almost same amount then assessee cannot be held beneficiary of entire amount or entire amount of credit entries treating the same as unexplained.
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