What is Advance Tax? – Concept | Due Dates | Interest Penalties
Advance tax, also referred to as “pay-as-you-earn” tax, is a system where taxpayers make payments towards their estimated tax liability in instalments instead of paying the full amount at the end of the fiscal year. This method helps in the dispersion of the tax collection throughout the year and aids in reducing the burden of […]
Alternative Investment Funds (AIFs) in India – Evolution | Types | Categories
Alternative Investment Funds (AIFs) refer to privately pooled investment vehicles that collect funds from sophisticated individual or institutional investors to invest in a variety of non-traditional assets. Unlike conventional investment funds, AIFs target investments outside of standard asset classes like stocks, bonds, and cash, opting instead for private equity, venture capital, hedge funds, real estate, […]
Checklist for Year-End Financial Planning Before March 31
Table of Contents Investment for Tax Deduction Composition Scheme, QRMP (Scheme) & E-invoicing Updated ITR Filing Deadline Letter of Undertaking (LUT) Advance Tax Payment Form 12BB Other Deductions As the financial year draws to a close, taxpayers are reminded of the essential tasks and deadlines they need to adhere to ensure compliance with tax regulations […]
CBDT Notifies ITR Verification and Acknowledgement Forms Applicable for AY 2024-25
Notification No. 37/2024, dated 27-03-2024 The Central Board of Direct Taxes (CBDT) has notified Income-tax return verification and acknowledgement forms applicable for the Assessment Year 2024-25. The board has already notified all the Income-tax Return forms (ITR 1 to 7) applicable for filing of income-tax returns with respect to income earned during the previous year […]
Retirement Planning Concepts – Process | Goal | Financial Security
Retirement Planning is the process of putting in place the road map for retirement. A big part of the retirement plan is the financial aspect of how the retirement will be funded. The life style envisaged will define the expenses and income required in retirement, which in turn will set the goal for retirement savings. […]
Delhi HC Dismissed ‘Congress’ Plea Against Block Assessments as it Challenged Notice at Fag End of Proceedings
Case Details: Indian National Congress v. DCIT – [2024] 160 taxmann.com 606 (Delhi) Judiciary and Counsel Details Yashwant Varma & Purushaindra Kumar Kaurav, JJ. A.M. Singhvi, Vivek Tankha, A.S. Chandhiok, P.C. Sen, Sr. Adv. Prasanna, Amit Bhandari, Siddharth S., Vipul Tiwari, Inder Singh, Ms Simran Kohli, Ms Vidhushi Keshari, Kanishka Singh, Nikhil Bhalla & Ms Swati Arya, Advs. for the Petitioner. & Others. Zoheb Hossain, Vipul Agrawal, Sanjeev Menon, Ms Sakshi Shairwal & Vivek […]
AA’s Decision to Admit CIRP Plea Was Justified Since No Formal Letter Was Written by CD w.r.t Pre-existing Dispute | NCLAT
Case Details: Jeevagan Narayana Swami Nadar v. Shapoorji Pallonji & Co. (P.) Ltd. – [2024] 160 taxmann.com 614 (NCLAT-New Delhi) Judiciary and Counsel Details Rakesh Kumar Jain, Judicial Member & Naresh Salecha, Technical Member Palash Singhai, Karant Batura & Jayant Chawla, Advs. for the Appellant. Abhijeet Sinha, Mayank Mishra, Chirag Sharma, Advs. Sudiksha Saini, Shikhar Misra, S. Niranjan Reddy, Sr. Adv. Ms Shally Bhasin, Prateek Gupta, Udbhav […]
RBI Finalizes Omnibus Framework for Recognizing Self-Regulatory Organizations for Regulated Entities
Press Release No. 2023-2024/2085; Dated: 21.03.2024 The RBI has now finalized the Omnibus Framework for recognising Self-Regulatory Organisations (SRO) for Regulated Entities. The omnibus framework contains broad parameters viz., objectives, responsibilities, eligibility criteria, governance standards, application process and other basic conditions for grant of recognition, which will be common for any SRO proposed to be […]
HC Remanded Matter Back Since Adverse Decision Can’t be Passed Merely Because GST Authority Wasn’t Aware of Binding Circular
Case Details: Vivo Mobile India (P.) Ltd. v. Joint Commissioner, CGST – [2024] 160 taxmann.com 226 (Allahabad) Judiciary and Counsel Details Saumitra Dayal Singh & Surendra Singh-I, JJ. Nishant Mishra & Vedika Nath for the Petitioner. Gaurav Mahajan & Parv Agarwal, A.S.G.I. for the Respondent. Facts of the Case The petitioner was engaged in manufacturing of mobile phones. […]
SEBI Puts in Place Safeguards to Address Concerns of Investors Transferring Securities in a Dematerialised Mode
Circular No. SEBI/HO/MRD/MRD-PoD-2/P/CIR/2024/18; Dated: 20.03.2024 SEBI has issued safeguards to address the investors’ concerns arising from the transfer of securities from the Beneficial Owner (BO) account. These safeguards aim to harmonize the classification of inactive/dormant accounts across stock exchanges and depositories and to strengthen the measures to prevent fraud and misappropriation of inoperative demat accounts. […]