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Have you received SMS/Email from Income Tax Department for High Value Transactions?

January 3, 2024 191709 Views 13 comments Print

Received an SMS/Email from Income Tax? Explore insights on the high-value transactions advisory, its purpose, and how to respond. Understand the significance of AIS, discrepancies, and consequences of non-compliance. Stay informed with professional advice

NCLAT Upholds Rs. 5000/Day Compounding fees for 20+ Directorships in Karan Samtani case

January 3, 2024 6621 Views 0 comment Print

National Company Law Appellate Tribunal (NCLAT) recently upheld the compounding fees of Rs. 5000 per day in the case of Registrar of Companies vs. Karan Kishore Samtani.

Recent GSTN Advisories: New Banks, Forward Charge by GTAs, ITC Reversal

January 3, 2024 5622 Views 0 comment Print

Explore the latest GSTN advisories, including additions of Karnataka Bank and RBL Bank, forward charge option for GTAs, and date extension for ITC reversal reporting.

NFRA Penalizes CA Rs 50 Lakhs for Misconduct in Section 80JJA Report

January 3, 2024 54486 Views 0 comment Print

NFRA issues order penalizing CA Pawan Jain and Mis Kumar Jain & Associates for lapses in issuing reports under Income Tax Act for Quess Corp Ltd.

MSME Delayed Payments: Call for Rationalized Disallowance in Income Tax Act

January 3, 2024 20340 Views 0 comment Print

All Gujarat Federation of Tax Consultants urges Finance Minister for reconsideration of Income Tax Act amendment affecting MSME payments. Learn the implications and proposed solutions.

Join Free Webinar on Survey under Income Tax Act 1961

January 2, 2024 4848 Views 0 comment Print

Join a free webinar on Jan 11, 2025, to learn about surveys under the Income Tax Act, 1961. Gain insights on taxpayer rights, obligations, and practical handling tips.

ITAT Upholds Assessee’s Innocence: ‘Penny Stock’ Transaction Deemed Legitimate

January 2, 2024 17847 Views 0 comment Print

Explore legal battle in Farzad Sheriar Jehani Vs ITO, analyzing assessment of long-term capital gains on a penny stock. Learn about tribunal’s decision and its implications.

Record 8.18 crore Income Tax Returns (ITRs) filed for A.Y. 2023-2024

January 2, 2024 5721 Views 0 comment Print

As of December 31, 2023, an outstanding 8.18 crore ITRs have been filed, marking a noteworthy year-on-year increase of 9% compared to corresponding period in previous fiscal year when 7.51 crore ITRs were filed.

Advisory on functionalities available on GST portal for GTA taxpayers

January 1, 2024 13284 Views 0 comment Print

Explore the essential functionalities on the GTA Taxpayers portal for Goods and Services Tax (GST) compliance. Learn to file declarations, access forms, and stay updated effortlessly

Advisory: Date extension for reporting opening balance for ITC reversal

December 29, 2023 6237 Views 0 comment Print

In a move aimed at facilitating taxpayers and ensuring accurate reporting of Input Tax Credit (ITC) reversal, the Goods and Services Tax (GST) authorities have introduced a new ledger named the Electronic Credit and Re-claimed Statement on the GST portal.

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