ICAI Big Announcement Re: Cut-off date for enrollment in Foundation /Intermediate Course for appearing in September 2024/ January, 2025 Examinations. The Institute has decided that from May/June 2024 onwards, Intermediate & Foundation course Examinations will be held thrice in a year in the month of May/June, September and January from the existing practice of twice a year and CA […]
Posted inICAI
New rules for aggregation of domestic CA firms
The new guidelines for aggregation of domestic chartered accountant (CA) firms, to make them competitive with global firms like the Big Four, will be introduced in the next three months, Ranjeet Kumar Agarwal, president of The Institute of Chartered Accountants of India (ICAI) said on Wednesday. In an interview with Business Standard, Agarwal said that […]
Posted inINCOME TAX
Income Tax Department Seizes Cash and Gold Ahead of Lok Sabha Elections
A significant amount of cash and gold was confiscated during a recent operation by the Income Tax Department, which targeted 16 locations in Bengaluru over the last two days. The operation focused on the premises of industrialists and gold merchants, yielding notable results. Reports indicate that a total of Rs 1,33,00,000 in cash was seized, […]
Posted inBUSINESS & ECONOMY
BIG NEWS! Supervisory Action against Kotak Mahindra Bank under Section 35A ofthe Banking Regulation Act, 1949
Supervisory Action against Kotak Mahindra Bank Limited under Section 35A ofthe Banking Regulation Act, 1949 The Reserve Bank of India has today, in exercise of its powers under Section 35Aof the Banking Regulation Act, 1949, directed Kotak Mahindra Bank Limited(hereinafter referred to as ‘the bank’) to cease and desist, with immediate effect,from (i) onboarding of […]
Posted inINCOME TAX
Recent Changes in Income Tax Form 3CD for Tax Audit Reporting
The Central Board of Direct Taxes (CBDT) has recently announced significant modifications to Form No. 3CD, a crucial document for tax audit reporting. These amendments, highlighted in Notification No. 27/2024 dated 05.03.2024 and effective immediately, are aimed at refining and updating tax audit procedures to align with the ever-changing legislative and regulatory landscape. Key Changes […]
Posted inINCOME TAX
Relief for TDS Deductors: No More Double Tax Liability Due to PAN Inoperability
Good news for TDS deductors/collectors! No need to worry about liability for deducting/collecting tax at double the rate under sections 206AA/206CC due to PAN being inoperative from non-linkage with Aadhar. Deductors won’t have to pay the difference in transactions.
Posted inINCOME TAX
5 High-Value Cash Transactions That May Attract Income Tax Notice
Income Tax: 5 high-value cash transactions may attract Income-tax notice. The misconception that cashless transactions are less traceable by the Income Tax Department has arisen due to the increasing prevalence of such transactions. Nevertheless, this belief is incorrect. This is because banks and other financial institutions must notify the Income Tax department of transactions surpassing a specified […]
Posted inINCOME TAX
CBDT Amends Notification S.O. 2692 (E) to Modify Jurisdictions of Assessment and Verification Units
Central Board of Direct Taxes (CBDT) has amended notification S.O. 2692 (E), dated 10-6-2022. The board has notified changes in the jurisdictions of certain assessment and verification units.
Posted inEPFO
EPFO Considers Raising Monthly Minimum Wage Ceiling and Minimum Pension for Millions of Workers
The Employees’ Provident Fund Organisation (EPFO) is considering raising the monthly minimum wage ceiling from Rs 15,000 now to improve the coverage and bring millions of informal workers under its purview. The last increase in the minimum wage ceiling was in 2014 to Rs 15,000 from Rs 6,500. The issue has been discussed in successive […]
Posted inCOMPANY LAW
Big update for MSME 45 days payment Rule to be amended soon
Proposed Amendment to Income Tax Act Impacting MSMEs: What You Need to Know Income Tax Act amendment on cards on tax treatment of MSME dues A change introduced last year in the Income Tax Act to help small businesses receive timely payments might have had the unexpected effect of putting off buyers of their goods […]
Posted inINCOME TAX
Income Tax Department Unveils New FVUs and Return Preparation Utility for E-TDS/TCS Statements
Filing TDS/TCS Statements: A Comprehensive Guide The process of filing Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) statements has been streamlined by the Income Tax Department. Quarterly statements for the financial year 2007-08 and onwards are now accepted, in accordance with the department’s requirements. To aid in this process, the Income […]
Posted inJOB
Government Job Opportunities in 2024: Don’t Miss Out!
Income Tax Department: Various positions The Income Tax Department has invited applications from eligible candidates for various positions inside the department. Candidates are supposed to fill out the application using the department’s official website incometax.gov.in. Aspirating candidates must submit their applications within 45 days of the release date, the notification read. Notification Release Date: April […]
Posted inINCOME TAX
Tax benefit for Senior and Super Senior Citizens for AY 2024-25: Returns, Forms, Special Benefits and Tax Slab
The content provides information on Income Tax Returns and Forms applicable for Senior Citizens and Super Senior Citizens for AY 2024-2025. It outlines the eligibility criteria for Senior Citizens and Super Senior Citizens, exemption from filing income tax returns, applicable ITR forms, and relevant forms such as Form 15H, Form 12BB, Form 16, and others. […]
Posted inINCOME TAX
Resolving Error Code 202 in Income Tax Return (ITR) Filing
How to Resolve Error Code 202 in ITR Filing Error Code 202 is a common issue faced during Income Tax Return (ITR) filing, indicating a discrepancy between the income stated in the ITR and the TDS credits displayed in Form 26AS. Here’s a detailed guide on resolving Error Code 202 in ITR filing: Understanding the […]
Posted inTECH
Cred Receives In-Principle Approval from RBI for Payment Aggregation Business
Fintech firm Cred has received in-principle approval from the Reserve Bank of India (RBI) for the payment aggregation (PA) business, marking the initial step towards gaining the final approval. This will allow the Bengaluru-based startup to expand into the merchant payments business alongside its current credit card bill payment platform. Once the final approval is […]
Posted inGST
Latest GST News, Information, Notifications & Announcements [Period 16/04/24 to 22/04/24]
GST WEEKLY UPDATE :03/2024-25 (21.04.2024) The Central Board of Indirect Taxes and Customs (CBIC) issues an alert on ‘X’ states that before registering on the Indian Customs Electronic Data Interchange Gateway (ICEGATE), users must ensure that their email and phone number are linked with the Goods and Services Tax Network (GSTN) and the Directorate General […]
Posted inINCOME TAX
Ways to Reclaim TDS Credit and Cautionary Notes for Taxpayers
Tax Deducted at Source (TDS) applies to various income sources, including salaries, business income, property sales, and interest on bank deposits. When a payer deducts TDS from your income, they essentially withhold a portion of your tax liability. This deducted amount is then credited to your tax account and is supposed to be reflected when […]
Posted inGST
Victory for Classic Malabar Parota: Kerala High Court Rules GST at 5%
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance Ruling (AAAR). Disposing a […]
Posted inGST
Zomato Faces Rs 11.81 Crore GST Demand and Penalty
Food delivery giant Zomato has received a GST demand and penalty order of Rs 11.81 crore, for the period from July 2017 to March 2021, the company announced on April 19. The order consists of Rs 5.9 crore GST demand and a penalty of Rs 5.9 crore. “The company has received an order for the period […]
Posted inINCOME TAX
TDS, TCS, and Foreign TDS Rate Charts for FY 2024-25 (AY: 2025-26)
TDS RATE CHART FY: 2024-25 (AY: 2025-26) Section Nature of Payment Threshold Indv / HUF Others Rs. TDS Rate (%) 192 Salaries – Slab Rate Slab Rate 192A Premature withdrawal from EPF 50000 10 – 193 Interest on Securities 10000 10 10 194 Dividends 5000 10 10 194A Interest (Banks) 40000 10 10 194A Interest […]
Posted inINCOME TAX
Call for Review of Income Tax Act Section 43B(h)
Traders and tax practitioners are urging the finance ministry to re-evaluate subsection ‘h’ of section 43B of the Income Tax Act due to concerns that it could lead to the disallowance of certain deductions from business income. Section 43B of the Income Tax Act outlines specific expenses that can be claimed as deductions from business […]
Posted inGST
ICAI Offers Free GST Software for ICAI CA Members
GST SOFTWARE FOR THE MEMBERS OF ICAI. GST Software for ICAI CA Members: Count Magic Empowers Seamless Compliance GST SOFTWARE FOR THE MEMBERS OF ICAI BY COUNT MAGIC Count Magic software is a cloudbased software equipped in such away that when the client inputs the accounting data, the database will be populated for GST and […]
Posted inGST
Challenging the Invocation of Section 74: Precedents and Strategies for Appellants
“EXTENDED PERIOD OF LIMITATION” The deadlines for issuing Notice U/s 73 for FY 2017-18 and 2018-19 were 30-Sep-2023, and 31-Jan-2024. Now, the department cannot issue notice U/s 73 for these years but can use Sec. 74 against you. Research compilation to challenge Sec. 74. 1. Supreme Court1.1 Krishnaraj Shipping Co. Ltd.ARR: Extended period of limitation […]
Posted inINCOME TAX
Direct Tax Collections for FY 2023-24 Beat Budget Estimates
Net Direct Tax collections (provisional) for Financial Year (FY) 2023-24 exceed Union Budget Estimates by Rs. 1.35 lakh crore i.e. by 7.40% Net Direct Tax collections (provisional) for the FY 2023-24 exceed Revised Estimates by Rs. 13,000 crore Gross Direct Tax collections (provisional) for FY 2023-24 stand at Rs. 23.37 lakh crore registering a growth […]
Posted inJUDGEMENT
Delhi Bench of Income Tax Appellate Tribunal Rules on Manual Cash Book Entries and Assessment Proceedings
Delhi Bench of Income Tax Appellate Tribunal Case The Delhi Bench of Income Tax Appellate Tribunal (ITAT) ruled that the manual cash book contained entries of cash withdrawals and company expenses, which were duly recorded and reconciled with its books of account. The disclosure of Rs. 50 lacs was made by the appellant in the […]
Posted inINCOME TAX
Big update regarding pending refund in Income Tax Department!
Have you not received refunds for Assessment Year 2021-22 (Fiscal Year 2020-21) even after filed validly? Do not worry. The Income Tax Department has revised its timeline for completing the assessment and inform the asessess by April 30, 2024. However, this will not cover cases under scrutiny. In an order, dated March 1, the Central […]
Posted inEPFO
EPFO Adds 15.48 Lakh Net Members: February 2024 Payroll Data Insights
Payroll Data: EPFO adds 15.48 lakh net members during February 2024 7.78 lakh new members enrolled with EPFO during February, 2024 EPFO’s provisional payroll data released on 20th April, 2024 highlights that EPFO has added 15.48 lakh net members in the month of February, 2024. The data indicates that around 7.78 lakh new members have been enrolled […]
Posted inINCOME TAX
Cash Deposit Limit in Saving Account as Per Income Tax Act (2024)
Cash Deposit Limit in Saving Account as Per Income Tax The cash deposit limit in savings accounts refers to the maximum amount of cash that an individual can deposit within a specified period without attracting the attention of tax authorities. This limit is set by income tax regulations to monitor and regulate the flow of […]
Posted inINCOME TAX
Is the New Income Tax Regime Right for You?
Are you still struggling to decide between the old and new income tax regimes? The Budget 2023 has brought a significant change: the default adoption of the new tax regime. This change aims to simplify tax filing and encourage more people to opt for the new regime, which offers lower tax rates but fewer deductions […]
Posted inINCOME TAX
Notice u/s 143(1)(a) of Income Tax Return Adjustment
Income Tax Department verifies the details provided in the return filed by the taxpayer. If any discrepancies exist, the department issues a notice or intimation to the taxpayer, instructing them to make corrections. However, before commencing any assessment procedure, the department provides a notice u/s 143(1)(a) mentioning the proposed adjustments to be made in the […]