Sec. 54F Relief Available Even if New House is Purchased in Name of Wife Who is Separately Assessed | ITAT
Case Details: Vidjayane Durairaj – Vidjayane Velradjou vs. ITO – [2024] 169 taxmann.com 625 (Chennai-Trib.) Judiciary and Counsel Details Aby T. Varkey, Judicial Member & Jagadish, Accountant Member V. Meenakshi Sundar, CA for the Appellant. P. Krishna Kumar, JCIT for the Respondent. Facts of the Case The assessee didn’t file his return of income for the relevant […]
Extension of due date for determining amount payable as per column (3) of Table specified in section 90 of Direct Tax Vivad Se Vishwas Scheme, 2024
Publish Date : Monday, December 30, 2024 source
[Opinion] ROC Penalizes the Chief Financial Officer of the Company for Holding Office in Multiple Companies
Prof R Balakrishnan – [2024] 169 taxmann.com 654 (Article) 1. Background of the case This is a case in which a former chief financial officer (KMP) of M/s Gwalior Smart City Development Corporation Limited has been penalized by the Registrar of Companies/Adjudication Officer of Gwalior as the concerned chief financial officer (KMP) was holding office […]
HC Upholds Petitioner’s Arrest by ED Citing Fraud Allegations, Need for Further Investigation, and Evidence Tampering Risk
Case Details: Arvind Dham v. Union of India – [2024] 169 taxmann.com 564 (HC-Delhi) Judiciary and Counsel Details Anish Dayal, J. Vikram Chaudhari, Pramod Kumar Dubey, Sr. Advs., Avi Singh, Shambhu K. Thakur, Sumer Singh Boparai, Ayush Puri, Ms. Arveen Sekhon, Shikhar Garg, Ashutosh Jain, Vinayak Bhandari, Sirhaan Seth, Shobh Nath Maurya, Rishabh Basra, Vishal Singh, Sultan Jafri, Sidhant Saraswat, Ayush Sachan, Vaibhav Kapur, Ms. Muskan Sharma & Varun Bhati, Advs. for the Petitioner. […]
RBI Forms a Committee to Develop the Framework for Responsible and Ethical Enablement of AI in the Financial Sector
Press Release: 2024-2025/1779, Dated: 26.12.2024 The RBI has set up a Committee on Framework for Responsible and Ethical Enablement of Artificial Intelligence in the financial sector. Dr. Pushpak Bhattacharyya will be the Chairperson of the committee. The committee will assess the current level of adoption of AI in financial services, globally and in India, & […]
ICAI to Establish 11 Centres of Excellence to Enhance Global Leadership in Accounting and Auditing
ICAI plans to set up 11 centres of excellence in three years, focusing on AI and IFSC, to boost financial literacy and globalize India’s accounting sector. Two CoEs are operational, with a third launching in Kolkata by January 2025. ICAI will also host the World Forum of Accountants in January 2025. Click Here To Read […]
[Opinion] Breaking the Tie of Tax Residential Status
CA Abhishek Worah – [2024] 169 taxmann.com 534 (Article) 1. Introduction In a sports match (specially the knock outs) it is important to get a result and determine a winner and loser. Scores in these matches can be tied (it can be goals in football/hockey or runs in cricket) i.e. equal. In that case the […]
SEBI Reduces Timeline for Uploading of ‘Scheme Information Document’ on Its Website to 8 Working Days for Public Comments
Circular No. SEBI/HO/IMD/IMD-RAC-1/P/CIR/2024/179; Dated: 20.12.2024 As per the SEBI’s Master Circular dated June 27, 2024, AMCs are required to submit a soft copy of the draft Scheme Information Document (SID) to SEBI, which is made available on its website for 21 working days from the date of filing to receive public comments. SEBI has now […]
[Opinion] Pillar 1 Amount B – Standardisation of TP Rules for Baseline Marketing and Distribution Activities
CA Deepak Goel – [2024] 169 taxmann.com 531 (Article) 1. Background OECD has introduced BEPS (Base Erosion and Profit Shifting) Pillar One (Amount A and Amount B) and Pillar Two primarily to address the tax issues and challenges posed by rapid digitalisation of economies. Pillar 2 establishes a Global Anti-Base Erosion (GloBE) framework, imposing a […]
No TDS on Payments to Credit Guarantee Fund Trust for MSEs Referred in Section 10(46B) | CBDT
Notification No. 128/2024, dated 19-12-2024 Section 197A prescribes that no deduction of tax shall be made, or deduction of tax shall be made at such lower rate, from such payment to such person or class of persons, including institution, association or body or class of institutions, associations or bodies, as may be notified by the […]