Explore how the removal of indexation benefits in the Finance Bill 2024 impacts taxpayers, despite lower tax rates on long-term gains. Understand the implications for residents and non-residents.
Explore the impact of removing Section 36(1)(va) for employer contributions under Section 43B. Learn how it affects Provident Fund, ESI, and the call for equitable tax treatment.
In my previous article ‘The First Substantive Ground of Appeal against an adjustment u/s 143(1)(a)(iv)‘, the following propositions were advanced: ♦ Under the present Section 143(1) only processing of a return takes place and it is no longer an assessment. ♦ Processing of a return under Section 143(1) need not be done by the AO […]
The First Substantive Ground of Appeal against an adjustment made under Section 143(1)(a)(iv) It has been 15 years since the Income Tax Department hastily introduced e-filing, without proper testing and we CAs who filed the returns for our clients had to bear the brunt of the beta testing. Though e-filing was introduced in 2006, it […]
GST is presently being paid by Apartment Owners’ Associations on the monthly contributions collected and not on the value of services actually provided which is an anomaly and according to the author not as per the GST Act. . Registered AOAs unless they ar e NPOs cannot obtain the benefit of Sl No 70 of exemption notification No 12/2017. AOAs are not taking full benefit of the exemption in view of lack of clarity. There are challenges in billing and collection when AOAs have units which are both taxable and exempt. Associations registered under the Karnataka Apartment Ownership Act,1972 can follow a different system for billing and collection of monthly contributions to help in minimising the issues in GST compliance.
Now that the time for filing DIR-3 KYC has just go over on September 15th for those directors who were already on record as on March 31st 2018, its time to critically review the requirement for annual KYC This article examines the rationale for the exercise and suggests better ways to achieve the desired objective
There is a lot of misinformation in the media about the role of the statutory auditors of a Bank whether at the HO or the branches. It is not just a test check as stated by a CA to Economic Times. It is not as per an article in Business Standard of 20th February 2018
As children our experience with rules is from the guidance both by word and action from elders. At school, teachers lay down the rules and oversee their implementation. Most of these rules were social, safety oriented or simply for the convenience of the elders.
Reporting on Internal Financial Controls under Clause (i) of Subsection 143(3) of the Companies Act, 2013- Application of principles of SA 265- SA 265 guides the auditor on how to determine if there are deficiencies in internal control and how these deficiencies observed by him could be considered as significant and the manner of communicating such deficiencies to the management and those charged with governance.
Article discusses about Scope of Reporting under Section 143(3) and 143(11) of the Companies Act, 2013 and in particular on the Existence, Adequacy and Effectiveness of Internal Financial Controls.
