CBDT proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and ITR-4 will continue. This will give an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4) or the proposed common ITR, at their convenience.
Representations have been received by the Board stating that Form No.10A in some of such cases could not be filed by 31.03.2022. It has been requested that the delay in filing of Form No.10A in such cases may be condoned.
ACIT Vs Ahmedabad Urban Development Authority (Supreme Court) In these batch of appeals and special leave petitions, the primary question which falls for consideration is the correct interpretation of the proviso to Section 2(15) of the IT Act introduced by amendment w.e.f. 01.04.2009. It is necessary, at this stage, to notice that the IT Act visualized […]
Where the objective of the institution appears to be profit-oriented, such institutions would not be entitled to approval under Section 10(23C) of the IT Act.
Checkmate Services P. Ltd Vs CIT (Supreme Court) The factual narration reveals two diametrically opposed views in regard to the interpretation of Section 36(1)(va) on the one hand and proviso to Section 43(b) on the other. If one goes by the legislative history of these provisions, what is discernible is that Parliament’s endeavour in introducing […]
Clarification regarding time limit for certain compliances pursuant to issuance of Notification No. 18/2022-Central Tax dated 28.09.2022 Vide Notification No. 18/2022-Central Tax dated 28.09.2022, the Central Government has appointed 01.10.2022 as the date on which the provisions of sections 100 to 114, except clause (c) of section 110 and section 111, of the Finance Act, […]
Discover the FAQs on issues in filing Tax Audit Report Form 3CA-CD/3CB-CD. Learn about prerequisites, process, and more.
NFRA imposes monetary penalty of Rs Five Lakhs upon CA Rajiv Bengal In addition he is debarred for Five years from being appointed as an auditor or internal auditor or from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate.
Compounding of offences is not a matter of right. However, offences may be compounded by the Competent Authority on satisfaction of the eligibility conditions prescribed in these Guidelines keeping in view factors such as conduct of the person, the nature and magnitude of the offence in the context of the facts and circumstances of each case.
MCA notifies Companies (Specification of definition details) Amendment Rules, 2022 amending the definition of small company w.e.f. 15.09.2022 the limit of paid up capital and turnover for the small company has been increased to Rs. Four crore (Earlier 2 Crs.) and Rs. Forty crore (Earlier 20 Crs.) respectively. New small company limit: Paid up Capital […]
