CA Lalit Munoyat

Nature & effect of Explanations, Clarifications, Proviso etc.- “Retrospective or Prospective”

Corporate Law - Every year the government brings out and/or make provisions for introduction, amendment , deletion etc. of laws which are necessary under the circumstances then obtaining. In addition, certain explanations / clarifications /provisos are also inserted/ modified /deleted. Many a times it becomes difficult to understand if these changes of l...

New Income Tax Amnesty Scheme? Convert Black into White without any Tax!

Corporate Law - The government has withdrawn Rs. 2000 Note from circulation. The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to ₹3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023. It means a sum […]...

Chartered Accountants, Company Secretaries & Cost Accountants under PMLA

Corporate Law - Chartered Accountants, Company Secretaries & Cost Accountants – How far covered by the amendment to the Prevention of Money Laundering Act (PLMA) – (S.O. 2036(E).— the 3rd May, 2023) The main crux of the PLMA centres around the process of Verification of Identity & Activities of the client by reporting entities and ...

All about Prevention of Money Laundering Act (PMLA), 2002

Corporate Law - Money laundering is illegal process of concealing origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions....

Income Tax Exemption to registered charitable & religious Trust

Corporate Law - The Finance Act 2021 and the Finance Act 2022 have made some critical amendments to the conditions to be followed by registered charitable & religious Trust to avail the exemption under section 11 of Income Tax Act, 1961. Criteria for Exemption to registered charitable & religious Trust under section 11 of Income Tax Act, 1961 [&h...

Representation for extension of Income Tax due dates to Finance Ministry

Corporate Law - Synopsis of the Representation by ‘Bhayandar CA Social Group’ made for extension of due dates – To the Finance Ministry on 24-12-2021 We have not asked any extension of the due dates. We have asked for our fundamental right to be professionally engaged in the profession of the Chartered Accountancy by having seamless acc...

Members Regional Convention on International Taxation-2012

Corporate Law - Vasai Branch of WIRC of ICAI is hosting  Members Regional Convention on International Taxation-2012 to share knowledge of Basic Principles of international taxation to the Related Controversial Issues in International Taxation including Cross Border Transactions. The date of the event is  Friday 21st & Saturday 22nd December, 2012 a...

Consider extension of Income Tax Due dates: Gujarat HC to UOI

All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) - All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) High Court held that respondent No.1 – Union of India, Ministry of Finance should immediately look into the issue, more particularly, the representation dated 12th October 2020 at Annexure : I of the paper book (page ...

MAT on depreciation on write back of excess depreciation provided in earlier 10 years & credited to P&L A/c of current year

ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) - ACIT Vs M/s. Rational Handloom Co. Pvt. Ltd. (ITAT Mumbai) MAT on depreciation on write back of excess depreciation provided in earlier 10 years and credited to profit and loss account of current year. The appellant has contested the action of the Assessing Officer on the ground that the appellant h...

S. 271(1)(c) No Penalty if returned and assessed income are same

Armoury International Vs ACIT (ITAT Mumbai) - Armoury International Vs ACIT (ITAT Mumbai) In this case, the assessee was observed to have made bogus purchases as per information received from the Sales Tax Department. The assessee was issued notice u/s. 148 on 11.03.2013 served on 12.03.2013. The assessee filed revised return of income on 15.0...

Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Jayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai) - ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...

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Recent Posts in "CA Lalit Munoyat"

Nature & effect of Explanations, Clarifications, Proviso etc.- “Retrospective or Prospective”

Every year the government brings out and/or make provisions for introduction, amendment , deletion etc. of laws which are necessary under the circumstances then obtaining. In addition, certain explanations / clarifications /provisos are also inserted/ modified /deleted. Many a times it becomes difficult to understand if these changes of l...

Posted Under: Income Tax |

New Income Tax Amnesty Scheme? Convert Black into White without any Tax!

The government has withdrawn Rs. 2000 Note from circulation. The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to ₹3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023. It means a sum […]...

Posted Under: Income Tax | ,

Chartered Accountants, Company Secretaries & Cost Accountants under PMLA

Chartered Accountants, Company Secretaries & Cost Accountants – How far covered by the amendment to the Prevention of Money Laundering Act (PLMA) – (S.O. 2036(E).— the 3rd May, 2023) The main crux of the PLMA centres around the process of Verification of Identity & Activities of the client by reporting entities and ...

Posted Under: Income Tax | ,

All about Prevention of Money Laundering Act (PMLA), 2002

Money laundering is illegal process of concealing origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions....

Posted Under: Income Tax | ,

Income Tax Exemption to registered charitable & religious Trust

The Finance Act 2021 and the Finance Act 2022 have made some critical amendments to the conditions to be followed by registered charitable & religious Trust to avail the exemption under section 11 of Income Tax Act, 1961. Criteria for Exemption to registered charitable & religious Trust under section 11 of Income Tax Act, 1961 [&h...

Posted Under: Income Tax |

Exhaustive Criteria for Tax Audit : Normal & Presumptive

The tax audit provisions are contained in section 44AB clause (a) to Clause (e). Section 44AD provides for beneficial provision of presumptive taxation of declaring net profit of 6%/8% of the turnover of the business and get out of the compulsory tax audit provisions under certain circumstances. This scheme of presumptive taxation, sectio...

Posted Under: Income Tax | ,

Taxation of Cryptocurrency, Virtual Digital Assets, Non-Fungible Tokens

Article explains Taxation of Cryptocurrency, Virtual Digital Assets, Non-Fungible Tokens under section Section 115BBH of Income Tax Act, 1961...

Posted Under: Income Tax | ,

Powers & Limitations of Commissioner of Income Tax (Appeal)

An appeal is filed with the CIT(A) from Appealable Orders listed in Section 246A of the Act and the procedure in appeal before the CIT(A) and the powers of the CIT(A) are governed by Sections 250 and 251 of the Act respectively....

Posted Under: Income Tax | ,

CBDT condones delay in submitting Form 9A Form 10, Form No. 10B & 10BB

Condonation of delay in submitting Form 9A Form 10, Form No. 10B & 10BB under section 119(2) for AY 2018-19 or for any subsequent Assessment Years. Fresh Income Tax Circulars No. 15, 16 and No. 17 dated 19th July 2022. On 19th July 22 I had published an article on taxguru.in ex-plaining the implications of […]...

Posted Under: Income Tax |

Supreme Court of India: – Unsettling the Settled Legal Position

Whether the requirement of submission of Audit Report, Forms, and Declarations etc. (Form 10B, Form 9, Form 10CCB etc.) for availing exemptions or deductions, is Mandatory in nature or Directory in nature. Update on 21.07.2022 : CBDT condones delay in submitting Form 9A Form 10, Form No. 10B & 10BB PCIT Vs Wipro Limited (Supreme [&hel...

Posted Under: Income Tax | ,

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