As per the Finance Act 2021, the re-assessment notice can only be issued to an assessee under Section 148 of the Act when there is an information with the jurisdictional Assessing Officer which suggests that the income chargeable to tax has escaped assessment in the case of the assessee for the relevant Assessment Year with the prior approval of the specified authority under Section 151 to issue such notice.
Learn about tax deductions for new employee costs under section 80JJAA of the Income-tax Act, its eligibility criteria, and practical scenarios for claiming deductions.
HC held that, purpose of a SCN is to enable the noticee to meet allegations, on the basis of which an adverse action is proposed. Further, procedure adopted by Revenue Department is flawed and order for cancellation of GST Registration of assessee was passed in violation of principles of natural justice.
Understand the Business Responsibility & Sustainability Report (BRSR) requirements mandated by SEBI. Learn about the key disclosures and principles for a comprehensive report.
Ensure proper service of notices by AO on correct E-Mail Ids as per Rule 127. Assessees must not evade notices. Stay compliant to avoid jurisdictional errors.
Detect unethical financial practices in Indian businesses with our comprehensive guide. Learn to recognize red flags and implement strategies for prevention.
Encourage startup growth with Tax Holidays. Learn about Section 80 IAC offering tax exemption for 3 years. Recent budget 2023 amendments explained.
Explore the complications faced by contractors under GST, including billing delays, reconciling income tax and GST figures, and proposed solutions for smoother operations.
Explore the rotation of auditors team under the Companies Act, 2013. Learn about the provision, its implications, and considerations for companies.
Learn the importance of cost control techniques in industries. Explore methods like budgeting, standard costing, activity-based costing, inventory management, process improvement, outsourcing, and negotiation.
