Income tax: what is it? Every person's income is subject to this tax, which is imposed by the Indian government. The Income Tax Act, 1961 contains the rules controlling income…
Taxation on Salary Income
What constitutes income from a salary?Salary is defined as follows under Section 17 of the Income Tax Act. Without becoming too technical, however, generally speaking, anything that an employee receives…
Hard action against Chinese shell companies in India – SFIO Detains the Mastermind
Ministry of Corporate Affairs (MCA) crackdown on Chinese shell companies in India - Serious Fraud Investigation Office (SFIO) detains the main plotter and the organiser. The Serious Fraud Investigation Office…
Ms. Bharti Das is the 27th CGA of India (Controller General of Accounts)
As of today, Ms. Bharati Das is the new Controller General of Accounts (CGA). Ms. Das is the 27th Controller General of Accounts (CGA) for the Government of India's Ministry…
Physical Verification for GST Registration made without the authorised representative of the assessee is invalid: Delhi HC invalidates the revocation order
A landmark ruling by the Delhi High Court nullified the Commissioner of Delhi Goods and Service Tax's order to cancel a physical verification for a GST registration that was conducted…
Boost to Digital Banking – PM to dedicate 75 Digital Banking Units across 75 districts to the Nation on 16th October
In yet another measure to deepen financial inclusion, Prime Minister Shri Narendra Modi will dedicate 75 Digital Banking Units (DBUs) to the nation on 16th October at 11 AM via…
Addition made by Income Tax Officer was not sustainable merely on the basis of entries in Foreign Bank Account – ITAT Surat Bench
Addition made by Income Tax Officer was not sustainable merely on the basis of entries in bank account maintained with HSBC Bank, Geneva, Switzerland ITO Vs. Alkesh Pratap Chandra Bhansali…
Was Demonetisation Decision Right or Wrong? SC
Honourable Supreme Court to Examine Central Government Decision on Demonetisation Decision Making Process Point Wise Summary of the Case A Constitution Bench of Honourable Supreme Court, Comprising Justices S Abdul…
Important Amendments Of The Finance Act 2022 Effective From 1st October 2022
Amendments made vide the Finance Act, 2022 to be effective from 1st October, 2022 The Central Government vide Notification No. 18/2022-CT dt. 28.09.2022 has appointed 1st day of October, 2022, as the…
Additional Guidelines for removal of difficulties under sub-section (2) of section 194R of the Income-tax Act, 1961
Finance Act 2022 inserted a new section 194R in the Income-tax Act, 1961 (hereinafter referred to as "the Act") with effect from 1 st July 2022. 2. The new section…