Income Tax Act 1961 Archives - Page 7 of 15

Audit Trail Requirement in Corporate Accounting in India

By CA ALOK KUMAR January 13, 2024Audit Trail, Corporate Accounting, Income Tax Act 1961No Comments

IntroductionThe Ministry of Corporate Affairs (MCA), through its notification dated March 24, 2021, amended the Companies (Audit and Auditors) Rules, 2014. This amendment, specifically to Rule 11, introduced the concept…

“High Court Approves Delay in ITR Filing Due to COVID

By CA ALOK KUMAR January 13, 2024Income Tax Act 1961No Comments

Income Tax: In the instance where the assessee, a hospital, requested a refund of Tax Deducted at Source (TDS) and simultaneously applied for the condonation of a 26-day delay in…

CIT(A) cannot upheld AO’s order without evaluating merits of case : ITAT

By CA ALOK KUMAR January 13, 2024Income Tax Act 1961No Comments

INCOME TAX : Where assessee's appeal against addition made by Assessing Officer under section 56(2)(x)(b) was dismissed by Commissioner (Appeals) without giving any detailed reason, in view of fact that…

Audit Trail Requirements in Corporate Accounting in India Audit Trail Requirement in Corporate Accounting in India

Global Tax Updates: Key International Tax Developments

By CA ALOK KUMAR January 13, 2024Global Tax Updates, Income Tax Act 1961, International TaxNo Comments

In this World Tax updates, we delve into detailed updates from the international tax arena, highlighting three major developments: 1. Netherlands Releases Detailed Guide on Implementing Pillar 2 Global Minimum…

RBI Orders Banks Open for Govt. Transactions on March 31, 2024

क्या करें क्या न करें – Do’s & Dont’s For Safe Banking

By CA ALOK KUMAR January 13, 2024Income Tax Act 1961No Comments

क्या करें क्या न करें - Do's & Dont's For Safe Banking

Various Threshold Limits under the Income Tax Act for AY 2023-24

By CA ALOK KUMAR January 9, 2024Income Tax Act 1961, ITR Filing, ITR Filing Due Date, Tax Filing In IndiaNo Comments

Various Threshold Limits under the Income Tax Act [AY 2023-24] S.N.ParticularsThreshold LimitsA.Basic Exemption1.Maximum amount of income which is not chargeable to Income-tax in case of Individual, HUF/ AOP/ BOI/ Artificial…

SCN – Show Cause Notice under GST Law in India

By CA ALOK KUMAR December 30, 2023CGST Act, CGST Delhi, GST, GST Assessment, GST Audit, GST Collection, Income Tax Act 1961No Comments

SCN - Show Cause Notice under GST Law in India

Sovereign Gold Bond Scheme 2023-24 (Series III) will be opened for subscription during the period December 18-22, 2023

Sovereign Gold Bonds: A Premier Investment Option for Residents in India

By CA ALOK KUMAR December 18, 2023Income Tax, Income Tax Act 1961, Income Tax Department, Income Tax Order, source of incomeNo Comments

Sovereign Gold Bond Scheme 2023-24 (Series III) will be opened for subscription during the period December 18-22, 2023

GST Case Law : Resolving ITC Discrepancies and Transitioned Credits – Allahabad and Madras HC Rulings

By CA ALOK KUMAR November 26, 2023Income Tax Act 1961No Comments

Two recent GST case law developments have significantly favored the assessee in matters concerning Input Tax Credit (ITC). These cases highlight crucial interpretations of the GST Act provisions and are…

Is late fee on non filling of TDS return 200 per day allowable or is disallowed under income tax?

By CA ALOK KUMAR November 24, 2023Income Tax Act 1961No Comments

Under the Income Tax Act of India, the late fee for not filing the TDS (Tax Deducted at Source) return is levied at ₹200 per day until the return is…