Under Income tax act, some random files are picked by computer based system coupled with some manual selections for verification of income and taxes offered by a tax payer. Widely termed as scrutiny assessment. For decades the assessment was done by local jurisdictional officer, where it is a mass presumption that some mal practices have […]
To encourage the assessee to save and invest their hard-earned money, numerous deductions under income tax are offered by the Government. Such deductions also facilitate tax savings for the assessee. One such offered deduction is deduction under section 80CCC of the Income Tax Act. The present article exclusively covers the topic ‘deduction under section 80CCC […]
As per newly introduced Section 194M: Payment of commission (not being insurance commission), brokerage, contractual fee, professional fee to a resident person by an Individual or a HUF who are not liable to deduct TDS under section 194C, 194H, or 194J. Tax shall be deducted at the rate of 5% under section 194M with effect […]
The CBDT on 12th September 2019, notified the much talked about e-assessment procedure vide Notification no. 61/2019. The stakes were high, as it was expected to reduce the red-tapism in the country, during an assessment proceeding. This notification was quickly followed up by another notification vide 62/2019, giving effect to the Income Tax E-Assessment Scheme, […]
The concept of class action was introduced in India under the Companies Act, 2013. But this article analyses the same under the heading “collective redress” on the basis of” European Commission’s 2013 Recommendation on Collective Redress” in Europe. In a lay man’s language, the class suit is initiated by an individual or a small group […]
Since last 15 years we have witnesses various scams and frauds by various political and businessmen have done. The fugitives, whether they are politicians or businessmen has run away with hard earn money of general public. Even we have saw for then the rules and regulations of our country has been amended or interpreted such […]
It is ripe time for ICAI to take initiative and show leadership in conveying and educating the investors, regulators and other stakeholders about the need to constructively assess the performance/review conducted by the auditor and then come to conclusion whether the auditors have failed to take reasonable procedures to identify the fraud.
Trademark infringement in India is defined under Section 29 of the Trademarks Act, 1999. To put it in a similar way it is a situation when an unauthorized person uses a trademark that is ‘identical’ or ‘deceptively similar’ to a registered trademark, it is known as infringement. There are two kinds of Trademark Infringement 1. […]
Deduction under chapter VIA covers all the allowable deduction to be made while computing the total income. When we talk about the permissible deduction under chapter VIA, the first and the most popular section that comes to the mind is deduction under section 80C, which is taken up and explained thoroughly in the current article. Categories […]
Aggregate Turnover for Audit : Registered persons with an aggregate turnover exceeding the prescribed GST audit limit of Rs 2 Crore during a financial year are liable for GST Audit.
