"For any queries, you may write e-mail at utkarshaagg@gmail.com I am a November 2020 batch Chartered Accountant. Currently, I am working as Tax Executive in one of the reputed CA firms wherein I handle Direct Tax and International Taxation matters. I have keen interest in reading & writing on Income Tax related topics. "
Finance Act, 2021 made the existing procedure of reassessment under section 147 of the Income Tax Act (‘Act’) completely redundant by substituting it with a new reassessment procedure. Memorandum Explaining the Finance Bill, 2021 makes it amply clear that such changes are killing two birds with one stone viz. 1. Less Litigations and 2. Ease of Doing business for the taxpayers.
COVID-19 pandemic has disrupted the entire world whether its humans’ health or their financial health. Financial statements have to bear the direct impact of this unprecedented pandemic. But how will this be shown and disclosed? This is being answered by the prestigious Institute of Chartered Accountants of India (ICAI) in its Advisory issued in March […]
Recently the MCA issued notification dated 24/07/2020 wherein a number of amendments are introduced in IndAS 103, 107, 109, 116, 7, 8, 10, 34 and 37. We will be here discussing the amendments brought in IndAS 103. It is worthy to note that the changes are in line with changes introduced by IASB in IFRS […]
We all are no stranger to the fact that Residential status is the foremost requirement to be examined for each Previous Year while computing tax. Residential Status may vary Previous Year to Previous Year. Section 6 of Income Tax Act, 1961 deals with it. Recently major amendments have been inserted by Finance Act, 2020 in […]
