CA, CS, CMA : Explore the implications of the inclusion of practicing professionals like CAs, CSs, and CWAs under the Prevention of Money-Launde...
Income Tax : Discover the FAQs on issues in filing Tax Audit Report Form 3CA-CD/3CB-CD. Learn about prerequisites, process, and more....
Goods and Services Tax : Hon’ble SC has in the case of UNION OF INDIA & ORS v/s M/S VISHNU AROMA POUCHING PVT. LTD. & ANR in SPECIAL LEAVE PETITI...
Income Tax : How much Vivad would be closed and how much Vishwas the Vivad se Vishwas scheme will be able to achieve that in coming months woul...
Income Tax : As mark of celebration of 159th Income Tax Day on 24th July,2019, CBDT in a mega event to be held in Delhi to be graced by Hon’b...
CA, CS, CMA : Members & Students Services (Grievances Handling and e-Sahaayataa) Directorate The Institute of Chartered Accountants of India...
Income Tax : We are drawing your kind attention towards Proposed Amendment in Section 43B of The Income Tax Act, 1961, which is detrimental to ...
Income Tax : CBDT proposes to introduce a common ITR by merging all the existing returns of income except ITR-7. However, the current ITR-1 and...
Goods and Services Tax : Clarification regarding time limit for certain compliances pursuant to issuance of Notification No. 18/2022-Central Tax dated 28.0...
Income Tax : EOW cracked a major PAN India income tax refund scam being operated from Delhi NCR area. Economic Offences Wing, Bhubaneswar arr...
Income Tax : Explore the detailed analysis of the ITAT Bangalore decision in Goworamma Lingappa Manjula Vs ITO. Understand the implications and...
Income Tax : Explore the ITAT Bangalore's decision in Lakshmi Multipurpose Co-operative Vs ITO regarding income threshold limits under Section ...
Corporate Law : Explore Delhi High Court's landmark verdict in Union of India vs. Kiran Kanojia. Insights into National Litigation Policy, its im...
Income Tax : Allahabad High Court quashes Section 263 order and imposes cost of Rs 10,000 on PCIT for lack of proper opportunity. Analysis of t...
Income Tax : In respect of completed/unabated assessments, no addition can be made in absence of any incriminating material found during search...
Income Tax : Understand CBDT's recent clarifications on trust audit reports. Learn about substantial contributions, relatives, and concerns in...
CA, CS, CMA : Government notifies that following transactions done by CA, CS & CMA on behalf of their client will be covered under Preventio...
Company Law : NFRA's investigations inter-alia revealed that CDGL's Auditors for FY 2018-19 failed to meet relevant requirements of Standards on...
Company Law : Instances of non-compliance with Indian Accounting Standards (Ind ASs) on Accounting Policies for measurement of Revenue from Cont...
Income Tax : Representations have been received by the Board stating that Form No.10A in some of such cases could not be filed by 31.03.2022. I...
As mark of celebration of 159th Income Tax Day on 24th July,2019, CBDT in a mega event to be held in Delhi to be graced by Hon’ble FM and other distinguished personalities of Finance Minstry, CBDT and Income Tax Department would be launching taxpayer’s e-assistance campaign.
CBDT- HOW’S THE TAX COLLECTION? Income Tax Officers- high CBDT- HOW’S THE TAX COLLECTION? Income Tax Officers- HIGH CBDT –HOW’S THE TAX COLLECTION? Income Tax Officers- HIGH CBDT- I WANT TO HEAR HIGGGGHHHHHHHHHH Well, as we are marching towards March, i.e end of financial year, Income tax department by any means even by ignoring the […]
Hon’ble Delhi ITAT held that there is difference between loan taken from Banks and unsecured loans taken from the relatives. In the case of unsecured loans from the relatives, no formalities and bank guarantee have to be given. Thus the Hon’ble Tribunal has held 15% interest paid on unsecured loans taken as highly reasonable.
Explore effects of excessive social media use on personal and professional lives. Discover the pros and cons of digital connectivity and ways to strike a healthy balance.
On 31St August, all the professionals were just sitting helplessly infront of the Income Tax E-filing site that was moving with the speed of “Three toed sloths” and the last date of filing of return was ending with the speed of “Cheetah”. All were just praying that either the site runs or date gets extended. […]
Hon’ble Kolkata ITAT has deleted penalty u/s 271B in the case of Dr. Shantanu Datta in I.T.A. No. 261/Kol/2017 as there was a bona fide belief entertained by the assessee in the facts and circumstances of the case and the same constituted a reasonable cause for the failure of the assessee to comply with the requirement of section 44AB.
It was explained by the appellant that the money deposited in the bank account represented cash received from elder son, who was tax payer and the withdrawals in the bank account had a a chronologically progressive linkage of events.
Assessee cannot be considered as having done willful neglect for non-compliance of the TDS provisions. This is just a technical mistake and, accordingly, the assessee cannot be held to be an assessee in default and no penalty can be imposed.
Hon’ble Allahabad High court has in the case of M/S Simbhauli Sugar Mills Ltd in ITA No 607 of 2011 has held that amendment is sec 43B is curative in nature and would apply retrospectively.
Delhi ITAT has in the case of Krishan Kumar v/s ITO in ITA No. 3985/Del/2017 has quashed the reassessment proceedings as there was no nexus between reasons recorded and addition made.
