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It is seen that the assessee is maintaining regular books of accounts. The first item is of Rs. 20,50,000/- claimed to have been received from farmers out of advances made in the preceding year.
Understand the impact of Income-Tax proposals related to Charitable Trusts & Institutes in Budget 2023. Form No. 9A and 10 must be furnished 2 months prior to ITR filing date from AY 2023-24.
Analysis of CBDT Instruction dated 11.05.2022 on the validity of notices issued under section 148 for AY 2013-14, 2014-15, 2016-17, and 2017-18 after 31/03/2021. Uncover legal perspectives and implications.
Assessing Officer can make `other addition’ in the reassessment proceedings, provided, the `foundational addition’ is made. When this proposition is taken to a next level, no different consequences will emerge, if the `foundational addition’ is itself finally deleted in an appeal.
Registration Procedure For Trusts/Institutions Seeking Registration U/S 12Ab For The First Time Newly inserted provisions namely section 12AB and clause (ac) in subsection 1 of section 12A in The Income-tax Act, 1961 (Act) have changed the procedure for trusts/ institutions to get themselves registered under the Act. For trusts/institutions which intend to get themselves registered […]
(Can Ignorance of Law be an Excuse ‽) ‘Ignorantia Juris Non Excusat’, just by reading this maxim we immediately understand that one cannot defend himself by pleading his ignorance of the law. But the question, which we intend to discuss here is, is this a valid understanding? If Yes, then in what Context, & If No, then again in what context?
Validity of Section 194N (TDS on Cash Withdrawal) as Proposed by Finance Bill 2019(2) 1. A new section 194N (‘said Section’) is proposed to be inserted in the Income-tax Act, 1961 (‘the Act’) Vide Finance bill 2019. Said section provides for withholding of tax by the payer Banks, Co-opt societies and Post offices engaged in […]
SOME INTERESTING ASPECTS OF PENALTY U/S 271D r.w.s 269SS OF THE INCOME-TAX ACT, 1961 Penalty under section 271D the Income-tax Act, 1961 is imposed upon contraventions of provisions of section 269SS of the Act. In this article, an attempt has been made to touch upon certain aspects not usually discussed but at the same time […]
