Income Tax Collections for the Financial Year 2022–23 – Growth of 31%

Direct Tax Collections in India for the Financial Year 2021-22

Non-Appointment of Company Secretary: Rs. 11 lakh fine imposed by MCA 

The Ministry of Corporate Affairs (MCA) has issued an order under Section 454 imposing a fine of Rs. 11 Lakhs for failure to appoint a company secretary, in contravention of...

दीयों की रोशनी न केवल आपके घर को बल्कि आपके जीवन को भी रोशन करे – शुभ दीपावली -दीपस्य प्रकाशः न केवलं भवतः गृहम् उज्ज्वालयतु जीवनम् अपि 

दीपस्य प्रकाशः न केवलं भवतः गृहम् उज्ज्वालयतु जीवनम् अपि।(दीयों की रोशनी न केवल आपके घर को बल्कि आपके जीवन को भी रोशन करे – शुभ दीपावली) Shubh & Happy Diwali...

Profit-making educational institutions are not allowed to claim Tax Exemption under Section 10(23C) : Supreme Court 

Profit-making educational institutions are not allowed to get claim Tax Exemption under Section 10(23C) : Supreme Court

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...

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...