The Crucial Role of GST Returns in India’s Tax System
Table of Contents Significance of Self-assessment in GST Unveiling the Power of GST Returns: Compliance, Insights, and Effective Tax Administration Self-assessment Basis Supporting Sheet for Tax Authorities Impact on Tax Liability of Other Taxpayers Transfer of Information and Compliance Verification Inputs for Policy Decisions Management of Anti-evasion Programs Conclusion Check out Taxmann X GSTPAM | […]
Bombay HC Accepts the Assessee’s Alternate Claim Also & Lucidly Explains the Concept of Family Arrangement
CA S. Krishnan – [2023] 156 taxmann.com 661 (Article) 1. Introductory Remarks A professional derives immense pleasure when he goes through certain judicial decisions wherein the facts of the case are analysed in detail and the judgment is rendered after detailed analysis of the facts of the case vis-à-vis applicable case laws. If one is […]
Understanding the Measures in Preventing Fraud in Banking Operations
Table of Contents Introduction Preventive Vigilance in Current Account Preventive Vigilance in Term Deposit Account Preventive Vigilance and Guidelines on a Continuous Basis Preventive Vigilance in Other Operational Areas Common Observations Regarding Fake Cheques Tips for Cheque Fraud Prevention Precautions Common to all Inter-branch Transactions Check out Taxmann’s Guide to Bank Branch Management – Enhancing […]
Order Passed by CIT u/s 119 Can’t be Filed Before ITAT as it isn’t Listed u/s 253(1) as an Appealable Order
Case Details: Shrishti Institute of Medical Science and Research Centre vs. CIT (Exemption) – [2023] 156 taxmann.com 183 (Raipur-Trib.) Judiciary and Counsel Details Ravish Sood, Judicial Member & Arun Khodpia, Accountant Member Y.K. Mishra, Adv. for the Appellant. V.K. Singh, CIT-DR for the Respondent. Facts of the Case For the relevant assessment year, the assessee filed the return […]
CBDT Notifies ‘Chhattisgarh Rajya Beej Pramanikaran Sansth’ & ‘Maharashtra Council of Homoeopathy’ u/s 10(46)
S.O. 5044(E) and 5045(E), dated 24-11-2023 The Central Board of Direct Taxes (CBDT) has notified ‘Chhattisgarh Rajya Beej Pramanikaran Sansth’ & ‘Maharashtra Council of Homoeopathy’ for the purposes of clause (46) of section 10 of the Income-tax Act, 1961. The exemption shall be applicable for assessment years 2022-2023 for Maharashtra Council of Homoeopathy and Chhattisgarh […]
ITAT Directed AO to Allow Indexed Cost of Acquisition Even Though the Assessee Forgot to Claim it in Return
Case Details: Alok Ghosh vs. Income Tax Officer – [2023] 156 taxmann.com 549 (Kolkata-Trib.) Judiciary and Counsel Details Sanjay Garg, Judicial Member & Girish Agrawal, Accountant Member Rip Das for the Appellant. Ms Monalisha Pal Mukherjee for the Respondent. Facts of the Case During the year under consideration, the assessee sold 2 house properties and furnished its return […]
Appellate Tribunal Upholds Seizure of Sale Deeds From Appellant’s Premises Tied to Alleged Crime Proceeds Under PMLA
Case Details: Anup Prakash Garg v. Deputy Director, Directorate of Enforcement – [2023] 156 taxmann.com 569 (SAFEMA-New Delhi) Judiciary and Counsel Details V. Anandarajan, J. V. Govinda Ramanan & Vasu Kukriya, Advs. for the Appellant. N.K. Matta, Mehul Prasad & Aaditya Raj Sharma, Advs. for the Respondent. Facts of the Case In the instant case, an FIR was filed by […]
Order under section 119 of the Income-tax Act, 1961
Publish Date : Friday, October 20, 2023 source
ICAI Issues Exposure Draft of Standards on Auditing for Limited Liability Partnerships
The Institute of Chartered Accountants of India (ICAI) has issued the Exposure Draft of Standards on Auditing (SAs) for Limited Liability Partnerships (LLPs) for comments from various stakeholders. The Standards on Auditing applicable to the audit of companies should apply mutatis mutandis to the audit of limited liability partnerships. The comments can be submitted electronically […]
[Opinion] Examining the Ramifications of Director’s Failure to Disclose Interest | A Case Study
Prof R Balakrishnan – [2023] 156 taxmann.com 482 (Article) 1. Disclosure of interest by directors The framework of the Companies Act 2013 lays down that every director of a company to make disclosure of his interest in any company or firm or body corporate or any association of individuals at the first board meeting or […]