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Ca Krishna Verma

Company: EY LLP

Designation: Consultant at Business Tax Advisory

"7 years experience (including 3 years CA Articleship ) in the field of statutory Audit, Tax litigation matters, Assessments and appeals, Tax audit, and Tax compliance of companies as well as individuals. Preparation and presentation of the financials as per applicable FRF of the companies of various sectors. Conducting Audits based on RSM Audit Methodology, Organizational SOPs. Fluent in working on Audit tools like CaseWare which is based on Global Audit Methodology and good command of other software like Computax, and Webtel for form and return filings, etc. Experience in the audit of the Oil Industry, IT-enabled services, support services and other service industries. Handling the Audit assignments from planning, execution, and conclusion and acting as a field manager on assigned audits. To be continued..."

Latest Posts by Krishna Verma

Application of section 194Q & Section 206C(1H) of Income Tax act, 1961

December 27, 2022 2187 Views 0 comment Print

Learn about Section 194Q & Section 206C (1H) of the Income Tax act, 1961, and how they form TDS on payments for purchase of goods. 0.1% TDS rates for businesses with turnover above 10 crores explained.

How much tax required to be paid for opting to file an updated return?

February 9, 2022 1479 Views 0 comment Print

A new section 140B has been proposed to provide for the tax required to be paid for opting to file a return under the proposed provisions i.e., sub-section (8A) of section 139 of the Act. These amendments will take effect from 1st April 2022. In case of an assessee who has not furnished return of […]

Introducing new ‘Updated return’ or Promoting Voluntary Tax Compliance and Reducing Litigation

February 7, 2022 1635 Views 0 comment Print

India is growing at an accelerated pace and people are undertaking multiple financial transactions. The Income Tax Department has established a robust framework for reporting taxpayers’ transactions. In this context, some taxpayers may realize that they have committed omissions or mistakes in correctly estimating their income for tax payment. To provide an opportunity to correct […]

Scheme for taxation of virtual digital assets

February 1, 2022 4389 Views 0 comment Print

There has been a phenomenal increase in transactions in virtual digital assets. The magnitude and frequency of these transactions have made it imperative to provide for a specific tax regime. Accordingly, for the taxation of virtual digital assets, the Government has introduced a Section 115BBH under the Income Tax Act, 1961, which provides that any […]

Section 185 & 186 of Companies Act r.w. Section 2(22)(e) of Income Tax – Consequences of non-compliance

October 7, 2021 27549 Views 0 comment Print

Practical application of Section 185 and Section 186 of Companies Act,2013 read with Section 2(22)(e) of Income Tax Act, 1961 and consequences on non- compliance’s of these sections. Let’s summarise these sections and understand the provision of relevant acts. Section 186 of Companies Act,2013 – Whether Loan, advance or guarantee is allowed to Directors or […]

Section 48 in summarized form – Reduction in case of Computation of Capital Gain

September 9, 2021 86487 Views 3 comments Print

Section 48 Mode of computation. The income chargeable under the head “Capital gains” shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :— (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) […]

Amended Due date of Filing of Belated return or Revised return

September 4, 2021 11085 Views 2 comments Print

Major amendment pertaining to Due date of Filing of Belated return or Revised return Rationalisation for Reducing time to file belated return and to revise original return and its effect on other provision of Income Tax With the massive technological upgrade in the Department where the processes under the Act are moving towards becoming faceless […]

Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution

September 2, 2021 1746 Views 0 comment Print

Rationalisation of provision of transfer of capital asset to partner on dissolution or reconstitution Section 45(4) of Income Tax act, 1961 – Newly Substitute provide an another exception of capital gain in the year in which Capital asset received by specified person The existing provisions of section 45 (1) of the Act inter alia, provides […]

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