Recently, various Media reports were reported about major financial irregularities and failure of internal control systems leading to downfall of PMC Bank. Considering the enormity of the matter, the Institute of Chartered Accountants of India (ICAI) in consonance with its role as a Regulator has triggered its Disciplinary mechanism by writing to the concerned Bank […]
1) Go to the Income Tax department’s e-filing website and click on “Notice/Order Issued by ITD” button on the left side or visit the following link- https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Services/AUTHNoticeLink.html?lang=eng 2. You can search any income tax notice online by any of two methods below at above link- 1. With Document Number 2. With PAN, Assessment year, Notice […]
The issue under consideration is whether Non-furnishing of reasons recorded for reopening of assessment made the entire assessment u/s 147 invalid in law?
Representations have been received from the stakeholders seeking clarification on following issues relating to exercise of option under section 115BAA: (a) Allowability of brought forward loss on account of additional depreciation; and (b) Allowability of brought forward MAT credit.
Since AO had purported to assume the jurisdiction for reopening of assessment, without having first disposed of assessees objections to the reasons by passing a speaking order, therefore, failure to follow the procedure renders the assumption of jurisdiction by AO ultra vires in law.
CAG is one of the pivotal offices in the Government of India who controls the entire financial system of the country. The appointment of CAG is done by President of India under Article 148. President of India is the Executive head of the Union of India. Audit is conducted by CAG under section 18 of the Comptroller & Auditor General’s (DPC) Act 1971 and the fees are being charged to the service recipient.
CBIC issues 43 notifications on 30th September 2019 to give effect to Recommendations made by GST Council in its 37th Meeting. Most of the changes are effective from 1st October 2019 and includes changes in Custom Law, CGST, IGST and UTGST Law. Changes includes changes in Rates on certain Products and Services, Applicability of Reverse […]
Today, mutual funds have emerged as one of the ideal investment alternatives for creating long-term wealth and achieving financial goals. One of the key reasons for the rise of mutual funds is the ease with which investors today can invest in Mutual Funds. With the advancement of technology, investing in mutual funds has become a […]
Starting a new venture is an exciting event for every budding entrepreneur. But they also encounter a lot of obstacles when it comes to starting a company from scratch. For example, Startup cost is the most common hurdle that every entrepreneurs face and one should know that there are SME loans. A business loan can […]
Registration of UDIN as Trade Mark Unique Document Identification Number (UDIN) is gaining acceptability in business and industry as a tool to bring authenticity to the certificates issued by the Chartered Accountants. More than 30 lakh UDINs have been generated and more than 1 lakh members have already registered on UDIN Portal. Bringing further credibility […]
