Assessment framed by AO on a non-existent company is a nullity in the eyes of law and void and the provisions of section 292 B cannot rescue the Income Tax Department: Sony India case
Exposure Drafts 1. SA 800 (Revised), Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 2. SA 805 (Revised), Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 3. SA 810 (Revised), Engagements to Report on Summary Financial Statements (Last date […]
CBDT increases appeal filing limit Substantially and new limit for filing appeal with various Appellate Forum is as follows :ITAT Rs. 20,00,000/‑, High Courts Rs. 50,00,000/‑ and Supreme Court Rs. 1,00,00,000/-.
CBIC increases appeal filing limit Substantially and new limit for filing appeal with various Appellate Forum is as follows :- CESTAT Rs. 20,00,000/‑, High Courts Rs. 50,00,000/‑ and Supreme Court Rs. 1,00,00,000/-. F.No.390/Misc./116/2017-JC Ministry of Finance Department of Revenue Central Board of Indirect Taxes & Customs (Judicial Cell) ******** ‘B’ Wing, 4th Floor, HUDCO-VISHALA Building […]
Key Features — Return Preparation Utility (RPU) version 2.3 ♥ A new column for ‘Deduction under Section 16 (ia)’ is added under Annexure II (i.e. Salary details) for Form 24Q-Q4 The above referred deduction is applicable for Regular and Correction statements for Form 24Q-Q4. Deduction under Section 16 (ia) will be applicable for statements pertaining […]
Following is the Exposure Draft of the Accounting Standard (AS) 19, Employee Benefits, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments.
Competition Commission of India (CCI) issues order against South Asia LPG Company Pvt. Ltd. (SALPG) for abuse of dominant position for terminalling services at Visakhapatnam Port; imposes penalty of Rs. 19.07 crore on SALPG.
As is well-known, income-tax is deducted at source in respect of income from ‘Salaries’. As the income of salaried tax-payers is fixed, they are more susceptible to inflationary pressures. Therefore, there have been progressive attempts in the past, to grant relief to salaried tax-payers. In order to subserve the aforesaid objective, a number of exemptions and deductions in respect of various allowances and other receipts,
Our main aim in tax planning is to pay minimum taxes by abiding with the legal statute and maximizing return on our investments by investing on the correct instruments at the correct time of our life. Tax Planning- Save tax through your family
The investment options available in the market help you set aside a huge portion during your working years for your long-term needs. Further, these plans also offer tax benefits which make them an apt choice to invest in the present scenario when you are already looking for investment options to save tax. Here are some investment options that not only reap good returns in the long run but also save tax under Section 80C of the Income Tax Act.
