1. Rationalization of provisions of TDS on sale of immovable property [Section 194-IA amended w.e.f. 1-4-2022] (A) Reason for making Amendment Section 194-IA of the Act provides for deduction of tax on payment on transfer of certain immovable property other than agricultural land. Section 194-JA(I) provides for deduction of lax by any person responsible for […]
1. Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court. [Section 115AB inserted w.e.f. 1-4.2022] (A) Reason for making Amendment Section 115AA of the Act provides that where the Commissioner or Principal Commissioner is of the opinion that any question of law
Amendments relating to Appeals and Revisions by the Finance Bill, 2022 Read More »
1. Enabling the Commissioner (Appeals) to levy Penalty under Section 271AAB. 271AAC and 271AAD of the Act [Sections 271AAB, 271AAC and 271AAD amended w.e.f. 1-4-2022] (A) Reason for making Amendment Sections 271AAB, 271AAC and 271AAD of the Act under Chapter XXI contain provisions which give powers to the Assessing Officer to levy penalty in cases
Amendments relating to Penalties and Prosecutions by the Finance Bill, 2022 Read More »
1. Firm to be Assessed as Firm Essential conditions prescribed under section 184 of the Income-tax Act, 1961: (i) Partnership should be evidenced by an instrument i.e. there should be a written document giving the terms of partnership. (ii) The individual share of the partners should be specified in that instrument. (iii)
Features of Assessment of a Firm including Limited Liability Partnership (LLP) Read More »
When it comes to dealing with various processes and procedures, understanding the time limits, forms, and fees involved is crucial. Whether you’re applying for a visa, filing a legal case, or submitting an application, having a clear understanding of these factors can save you time, money, and unnecessary stress. 1. Appeal to Commissioner (Appeals) Time
Time Limit, Form, Fees & Timelines for Filing an Appeal Read More »
Under the Income Tax Rules/ Act, certain taxpayers are required to get their accounts audited and submit audit reports to the tax authorities. These prescribed audit reports play a crucial role in ensuring transparency and accuracy in the tax assessment process. Relevant Rule of IT Rules Relevant Section of IT Act Prescribed Audit Report Relevant
Prescribed Audit Reports under the Income Tax Rules/ Act. Read More »
As per Part “C” of Schedule II of the Companies Act, 2013 after making following assumptions: The useful life to compute depreciation of the asset has been taken as per Part C of Schedule II The residual value of an asset has been taken as 5% of the original cost of the asset Nature
Rates of Depreciation under Companies Act, 2013 [Depreciation Rate Chart] Read More »
Under the Explanation to section 288(2), an “accountant” means a chartered accountant within the meaning of the Chartered Accountants Act, 1949, and includes in relation to any State, any person who by virtue of the provisions of section 226(2) of the Companies Act is entitled to be appointed to act as an auditor of companies
Investment planning is an essential aspect of financial management, especially for middle-class families. With the new financial year, A.Y. 2022-23, just around the corner, it’s important to start thinking about how to make the most of your hard-earned money. In this blog post, we will discuss some effective investment strategies and options that are suitable
Investment Planning for Middle Class Family Read More »
The Income Tax Law in India is a complex and ever-changing set of regulations that govern the taxation of income earned by individuals and businesses. It is important for every taxpayer to have a basic understanding of these laws to ensure compliance and avoid any legal issues. 1. Income Tax Law The Income Tax Law
Understanding Income Tax (Section 1 To 4) Read More »
