MCA has imposed penalties on Siddhidata Sales Private Limited for failing to prepare minutes in compliance with the Companies Act, Rules 2014, and SS-1.
Read about the notification issued by the Ministry of Finance, Department of Financial Services, permitting the National Bank for Agriculture and Rural Development (NABARD) to perform voluntary Aadhaar authentication for residents applying for agricultural loans.
Central Board of Indirect Taxes & Customs, under the Ministry of Finance, Government of India, shares an update highlighting the significance of data analytics in tax administration. The Chairman discusses the potential of data analytics to detect irregularities and enhance compliance. The update also includes details of successful anti-smuggling operations and a reminder to prioritize […]
Detailed analysis of recent ITAT Mumbai case, Narayan Devarajan Iyengar Vs ITO, where question of taxability of rent for alternative accommodation and hardship allowance was deliberated.
The case of ITO vs Saloni Jewellers Pvt. Ltd. revolves around the failure to file income tax returns in due time, an offence under Section 276CC of the Income Tax Act. The directors of the company were sentenced to six months of rigorous imprisonment due to the late filing of their income returns for AY 2014-2015.
A new development from the National Stock Exchange of India is looking at implementing XBRL for listed entities, replacing PDF format. The shift is aimed to streamline corporate filings and ease the compliance burden.
MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 40/2023- Income Tax | Dated: 14th June, 2023 S.O. 2624(E).— In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Act) and to give effect […]
The Income Tax Appellate Tribunal, Delhi, in the case of Raj Kumar Vs ACIT, held that a S. 69 addition is not sustainable based on a mere delay in deposit during the demonetisation period.
NCLAT approves Kuldeep Singh & Anr’s private sale against Sainsons Pulp and Papers Ltd. liquidator, highlighting full payment with interest after initial delay.
ITAT Ahmedabad has allowed the appeal of Kanta Govind Singh against the levy of a late filing fee under section 234E for a TDS return. The appellant, a senior citizen, had promptly deposited the TDS amount but had inadvertently filed the return late due to old age and human error. The ITAT deemed the procedural error as not warranting the imposition of a heavy late filing fee under Section 234E of the Income Tax Act.
