With almost 1.4 billion residents, India is slowly overtaking China as the country with the most population in the world. The private sector is quickly expanding and tightening the ties with the developed economies, becoming a hot destination for multinational companies seeking to expand to new markets.
Salient features of new Section 148 to 151A ‘i.e. assessment/reassessment procedure of Income Escaping Assessment
CBDT amends Rule 21AK which explains Conditions for Section 10(4E) of Income Tax Act, 1961. CBDT vide Notification No. 87/2022-Income Tax | Dated: 1st August, 2022 inserted the word ‘non-deliverable forward contracts’, the words ‘or offshore derivative instruments or over-the-counter derivatives’ in the rules and explained the meaning of Derivative, non-deliverable forward contract, offshore banking unit, offshore […]
Pankaj Mahajan Vs Serious Fraud Investigation Office (Delhi High Court) The role of the petitioner a practicing Chartered Accountant is that of the Stock Auditor wherein the Stock verifications of the documents and statements as submitted by the Company to the Banks was carried out by the accused. The main accusations against him are that […]
Strategic Infosystems Pvt. Ltd. Vs DCIT (ITAT Ahmedabad) In the instant case, the assessee has deducted and deposited DDT within time, but due to an inadvertent mistake in filing the challan, the assessee has been denied credit of DDT. The assessee has filed several applications under section 154 of the Act with the CPC, but […]
Sunita Goyal Vs PCIT (ITAT Chandigarh) In the absence of any evidence or fact rebutting the claim of the assessee, the order passed after due enquiries as per record by the AO cannot be set aside on mere inferences and presumptions. The suspicions of the ld. PCIT cannot be the basis for setting aside a […]
Taxation isn’t such a big deal as it’s made out to be either. Sure, it can get technical with deductions and tax planning, but learning is about small steps in the right direction. Not instant leaps to the end.
Reduction of time limit for verification of Income Tax Return (ITR) from within 120 days to 30 days of transmitting the data of ITR electronically
In today’s age of growing entrepreneurship and the emergence of fresh ever-competitive ideas, do not let a lack of capital prevent you from pursuing your entrepreneurial dreams
The 163rd anniversary of Income Tax Day was observed by Central Board of Direct Taxes (CBDT) and all its field offices across India today. As part of the celebrations, the field formations held a number of events and activities. The events by the field formations included outreach programmes for taxpayers recognising their contribution to the […]
