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TCS on Goods Sold: Applicability of New Section 206C(1H) w.e.f 1st October 2020
Apurva Maheswari...
A Brief Note on the ICAI – Guideline on Physical Inventory Verification – Amid COVID-19
Apurva Maheswari CA Akash Sanghai CA BACKGROUND: Standards on Auditing (SA)- 500 explains what const...
Synopsis on Auditor’s Reporting Key Audit Consideration issued by ICAI
Apurva Maheswari CA Akash Sanghai CA BACKGROUND: Forming an opinion on the financial statement (FS) ...
Eligibility, qualification and disqualification of Auditors(test)
Section 141 : Eligibility, qualification and disqualification of Auditors – Section 141 correspond...
Rajasthan High Court held that amendment made by Finance Bill, 2016 to provisions of section 115BBE providing that no set off of any loss shall be allowed to assessee against deemed income under sections 68, 69, 69A to 69D could not be applied retrospectively.
Finance Act 2016 amended Section 115BBE to provide that w.e.f AY 2017-18 set off of any loss shall n...
Recent Supreme Court and High Court Judgements :
1) Where High Court upheld Tribunal’s order holding that AO was not justified in making additi...
Education Cess and Higher and Secondary Education Cess on Income Tax paid on Profit of business or profession, not to be disallowed u/s 40(a)(ii) of Income Tax Act, 1961. Q. Whether Education Cess and Higher and Secondary Education Cess on Income Tax are liable for deduction in computing income chargeable under head of ‘profits and gains of business or profession’ ?
Ans: Hon’ble Rajasthan High Court in case of Chambal Fertilisers and Chemicals Limited vs. JCIT (I...
Gold Bonds Basic-Features
Gold bonds can fetch interest rate of 2.75% per annum on the amount invested. Though, on the face of...
TAXABILITY UNDER THE HEAD CAPITAL GAIN ON CONVERSION OF RIGHTS OF LESSEE IN PROPERTY FROM LEASEHOLD RIGHT INTO FREEHOLD.
A person holding a leasehold property and later on it got converted into freehold property. At times...
ADDITIONS U/S 68 OF THE ACT PARTNERS’ CONTRIBUTIONS OF CAPITAL FOR BUSINESS OF FIRM-FIRM CANNOT BE CALLED UPON TO EXPLAIN SOURCE OF INCOME OF PARTNERS.
[2015] 370 ITR 212(T & AP) [IN THE TELANGANA AND ANDHRA PRADESH HIGH COURT] COMMISSIONER OF INCO...
PENALTY U/S 269SS/269T BOOK ADJUSTMENT OF FUNDS BY ASSESSEE TO ITS SISTER CONCERN -DO NOT ATTRACT PENAL PROVISIONS
[2015] 370 ITR 50(T & AP) [IN THE TELANGANA AND ANDHRA PRADESH HIGH COURT] GURURAJ MINI ROLLER F...