Discover the process of condonation of delay for non-filing of income tax returns due to genuine hardship under Section 139(1) or (4) of the Income Tax Act. Learn about the mandatory filing deadlines, consequences of delayed filing, and the relief provided by Section 139(8A) of the Finance Act, 2022. Explore the conditions and procedures for condonation, including the application process and authorities involved.
CESTAT Delhi held that the extended period of limitation could have been invoked only if there was suppression of facts with intent to evade payment of service tax.
ITAT Hyderabad held that for re-assessment beyond a period of 4 years, recording of satisfaction by the CIT is a must under the Income Tax Act, 1961. In absence of the same, re-assessment proceedings are invalid.
Explore the key aspects of IND AS 110 and IFRS 10 Consolidated Financial Statements with a summary incorporating changes as per the Companies (Indian Accounting Standards) Amendment Rules 2023. Understand the differences between Ind AS 110 and IFRS 10, the objective of the standards, scope, and definitions such as control, consolidated financial statements, parent, subsidiary, and non-controlling interest.
EPFO issued a circular emphasizing the adherence to timelines for scrutinizing applications for validation of joint options.
Maharashtra Real Estate Regulatory Authority (MahaRERA) has issued Order No: 47/2023 on 2nd June 2023, regarding the training and certification of real estate agents. The order emphasizes the requirement for real estate agents to be registered with MahaRERA and introduces a training and certification course to enhance their knowledge and professionalism. Corporate real estate agents […]
Chairman, CBIC shared updates and achievements vide his Weekly newsletter dated 02.06.2022. CBIC Chairman reports on discussions held during a conference on marine assets and preventive functions in Vishakhapatnam. he further updates on ADVAIT Hackathon on Data Analytics, encouraging a data-driven culture within the organization. Additionally, the Directorate of Revenue Intelligence (DRI) recently seized a […]
Ministry of Corporate Affairs has issued notification no. G.S.R. 411(E) and amended Limited Liability Partnership (LLP) Rules, 2009 vide Limited Liability Partnership (Amendment) Rules, 2023. The amended rules will come into effect from 02nd June 2023. One significant change introduced by the amendment is the substitution of LLP Form No. 3. This form is used […]
Understand the GST implications on goods sent for exhibition. Learn about the criteria for considering an activity as a supply, exceptions under Schedule 1, and the importance of consideration. Goods sent for exhibition, not covered by Schedule 1, are not initially considered a supply due to the lack of consideration. Explore scenarios where goods sent for exhibition may be treated as supply, issuance of tax invoices, and registration requirements.
Understand the intricacies of the Five Heads of Income Tax in India as per the Income Tax Act, 1961. From Income from Salaries and Income from House Property to Profits and Gains of Business or Profession, Income from Capital Gains, and Income from Other Sources, each head has distinct rules and tax treatment.
