The Employees’ Provident Fund Organisation (EPFO) credits the interest amount in EPF accounts annually. For FY2022-23, EPFO has set the interest rate at 8.15 per cent, announced in June 2023, and since then, it has credited the interest amount in over 24 crore of EPF accounts. Employees’ Provident Fund (EPF) is a social security scheme […]
Posted inINCOME TAX
Fined Rs 65.6 Crore by Income Tax Department for Assessment Year 2021
JK Paper Ltd. has been fined an aggregate amount of Rs 65.6 crore by the income tax department for assessment year 2021. The company received the income tax and penalty demand on Tuesday, the company said in an exchange filing. The aggregate amount also includes an interest of Rs 22.4 crore. However, the company will […]
Posted inICAI
Detailed explanation on form 3CD of income tax act 1961
Form 3CD is a statement of particulars to be furnished under section 44AB of the Income Tax Act, 1961. It is a prescribed form for tax audit reports, and it provides a comprehensive overview of the taxpayer’s financial transactions and compliance with various provisions of the Income Tax Act. Let’s break down some key components: […]
Posted inCOMPANY LAW
An in depth analysis on what is stock audit and why is it important to perform as per the companies act 2013
Stock audit is a meticulous examination and verification of a company’s physical stock or inventory. This process involves assessing the quantity, condition, and valuation of the goods or materials a company holds. It serves as a crucial component of financial management, contributing to the accuracy of financial reporting, compliance with regulatory frameworks, and the prevention […]
Posted inTECH
OpenAI’s Dramatic Leadership Overhaul: Sam Altman Returns as CEO, Larry Summers Joins Board
OpenAI will bring back Sam Altman and overhaul its board to bring on new directors including Larry Summers, a stunning reversal in a drama that’s transfixed Silicon Valley and the global AI industry. Altman is returning as chief executive officer and the initial board will be chaired by Bret Taylor, a former co-CEO of Salesforce.com […]
Posted inINCOME TAX
Income Tax Department Conducts Raids at StoveKraft Office and Shares Details in Stock Exchange Filing
Income Tax department conducting raids StoveKraft office, the company said in its stock exchange filing on Wednesday. The company stock was trading 5.3% lower at ₹488.55 on BSE till 2:20 pm. The Indian cooking appliances manufacturer said in its stock exchange filing that officials of the Income Tax Department are conducting search at some of […]
Posted inRBI
‘concept of securitisation and the parties involved and its process
Securitization is a financial practice where various financial assets, such as loans or receivables, are pooled together and transformed into tradable securities. The process involves several parties, including originators, special purpose entities (SPEs), rating agencies, investors, and servicers. Process of Securitization: Securitization allows originators to convert illiquid assets into tradable securities, providing liquidity and spreading […]
Posted inINCOME TAX
Checklist for Income Tax Notice
Income Tax Department sends the notices for various reasons like not filing the income tax returns, any defect while filing the returns, or other instances where the tax department is requiring any additional documents or information. Nothing is frightening or alarming about the notice that is received. But the taxpayer has to first understand the […]
Posted inINCOME TAX
What happens if we do not respond to Income Tax Notice?
Income Tax Notice is a correspondence sent by the Income Tax (IT) Department when they want to raise an inquiry against the returns filed by the taxpayer. There are various reasons that the department may send a notice; they may ask the taxpayer for additional information or documents or indicate that the taxpayer owes additional taxes. […]
Posted inBUSINESS & ECONOMY
Amway India Allegedly Involved in Rs 4,000 Crore Money Laundering Scheme
Amway India, which runs a multi-level marketing (MLM) scheme, generated proceeds of crime worth more than Rs 4,000 crore and a substantial part of it was siphoned off to overseas bank accounts, the Enforcement Directorate alleged on Monday. The federal agency said this after filing a charge-sheet against Amway India Enterprise Pvt Ltd before a […]
Posted inINCOME TAX
Income-Tax Raids and Seizures in Adilabad, Chennur, and Huzurabad: Cash and Documents Found
Income-Tax officials on Tuesday carried out searches in cotton ginning mills as well as residences and offices of some rice mill owners in Kagaznagar in Adilabad district, Asifabad and Huzurabad Assembly constituencies. According to sources, Rs 5 crore in cash and some documents were reportedly seized during the searches. As part of their searches, I-T […]
Posted inINCOME TAX
Income Tax department discovers Rs 10,000 crore tax evasion by online retailers
The income tax (I-T) department has discovered tax evasion of about Rs 10,000 crore over three years, The Economic Times.Talking about the issue, a senior official told the newspaper, “Apart from the large eCommerce companies, we are closely monitoring the shops on Instagram and Facebook and have detected evasion to the tune of about Rs […]
Posted inMARKETS
Should You Subscribe to Tata Technologies IPO?
Tata Technologies IPO opens today: The initial public offering (IPO) of Tata Technologies, the first public issue by the Tata Group in almost 20 years, kicked off for subscription on Wednesday, November 22. The three-day stake sale will conclude on November 24. Ahead of the issue opening, Tata Technologies has mopped up ₹791 crore from 67 investors […]
Posted inINCOME TAX
Navigating the Complexities of Mergers and Acquisitions: A Comprehensive Analysis under the Income Tax Act, 1961
Introduction:Mergers and acquisitions (M&A) are pivotal events in the corporate landscape, shaping the structure and dynamics of businesses. Beyond their strategic implications, M&A transactions are intricately woven into the fabric of taxation under the Income Tax Act, 1961. This article delves into the multifaceted tax provisions governing M&A transactions, providing a detailed exploration of key […]
Posted inINCOME TAX
Income Tax Return: Five most important sections of Income Tax Act, Full Details Explain
The Income Tax Act contains 23 chapters in total, and 298 sections, as per the official website of the income tax department. While it is extremely tedious to go through all the income tax sections and chapters, the income tax department encourages taxpayers to make use of the deductions and rebates under the Income Tax […]
Posted inICAI
Empanelment of Chartered Accountant firms/LLP by Office of C&AG from the empanelment year 2024-2025
Empanelment of Chartered Accountant firms/LLP by Office of C&AG from the empanelment year 2024-2025 The office of C&AG has been giving cognizance to location of the Head office as well as Branch Offices of the firms for the purpose of allotment of audits of Government Companies and its units located at various locations. It has […]
Posted inICAI
ICAI Issued Report on Audit Quality Review- 2023
Report on Audit Quality Review 2022-23
Posted inJUDGEMENT
Delhi High Court Clarifies Limitation Period for Income-Tax Assessments
The Delhi High Court has in its recent ruling clarified that the extended 10-year review period for Income-Tax (I-T) assessments should only be applied when the assessee’s alleged undisclosed income exceeds ₹50 lakh, The Times of India reported. It further clarified that below the specified threshold, assessments can only be reopened within a three-year period, […]
Posted inINCOME TAX
Received income tax notices after filing ITR? This platform identifies reasons behind Income Tax notices using AI
Receiving discrepancy notices from the income tax (I-T) department can often be a challenging and daunting experience due to errors, incorrect claims, and more in your tax return filings. Descrypt, a crypto taxation platform, has announced the launch of an exclusive service, Notice Mitra. This unique offering leverages a robust algorithm to scrutinise taxpayers’ data, […]
Posted inINCOME TAX
If payment from the sale of property covers two financial years, how and when should capital gains tax be paid?
Ans: This is regardless of whether the entire sale proceeds are received in the same financial year. For example, if you sell a property on 31st March 2023 and receive the entire sale proceeds on 1st April 2023, the Capital Gains Tax (CGT) will be payable in the financial year 2023-24.However, if you receive the sale […]
Posted inINCOME TAX
Income-Tax Big Update! Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share TransferAgent
Corrigendum to Notification No.4 of 2021 “Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share Transfer Agent” From 1st April 2023 filing of SFT will be on half yearly basis (earlier it was on Quarterly basis) – Due date to file is 31st October […]
Posted inGST
Latest GST News, Information, Notifications & Announcements [Period 14/11/23 to 20/11/23]
GST WEEKLY UPDATE : 34/2023-24 (19.11.2023) 1. Vide Rule 37A of CGST Rules, 2017 the taxpayers have to reverse the Input Tax Credit (ITC) availed on such invoice or debit note, the details of which have been furnished by their supplier in their GSTR-1/IFF but the return in FORM GSTR-3B for the said period has […]
Posted inBUSINESS & ECONOMY
Big BREAKING! Get ready to pay higher EMIs on unsecured personal loans
As the Reserve Bank of India (RBI) has increased the risk weight on unsecured lending, including credit card receivables by banks and non-banking finance companies (NBFCs), interest rates on unsecured personal loans will go up. For those with a credit score below 750, the hike will be steeper. Borrowers will have to pay higher equated […]
Posted inBUSINESS & ECONOMY
7 Big key changes to Senior Citizen’s Savings Scheme
Senior Citizen’s Savings Scheme has now allows three months to open an account, up from the current one month. Further, account holders can now extend the account for any number of blocks, with each block lasting three years.The Senior Citizen’s Savings Scheme (SCSS), designed for individuals aged 60 years or employees above 55 years of […]
Posted inGST
Understanding Advance Ruling under the GST Act 2017: A Comprehensive Overview
Introduction: The Goods and Services Tax (GST) Act of 2017 brought about a paradigm shift in the Indian taxation system by subsuming various indirect taxes under a single umbrella. One of the innovative features introduced by the GST regime is the concept of Advance Ruling. The Advance Ruling mechanism aims to provide clarity and certainty […]
Posted inICAI
Understanding Related Party Transactions under the Companies Act, 2013
Introduction: The Companies Act, 2013, governs the corporate landscape in India, providing a comprehensive framework for the regulation and management of companies. One crucial aspect of corporate governance addressed by the Act is Related Party Transactions (RPTs). Related Party Transactions are transactions between a company and its related parties, which include directors, key managerial personnel, […]
Posted inINCOME TAX
Here are top 5 cash transactions that can attract income tax notice
Income Tax Department and various investment platforms like bank, mutual fund houses, broker platforms, etc. have been discouraging cash transaction by tightening their rules for public in general in last few years. The Income Tax Department may send notice to the violator now as days in case of slight violation as these institutions allow cash transaction to a […]
Posted inEPFO
Withdrawal Eligibility and Process for EPF and EPS After Leaving Your Job
What is Employee’s Provident Fund (EPF) and Employee’s Pension Scheme (EPS) The employee provident fund (EPF) and employee pension schemes (EPS) are popular schemes by the Government of India that aim to promote savings for retirement in case of salaried individuals in the organized sector. Both the schemes are governed by the Employee’s Provident Fund […]
Posted inINCOME TAX
Attention Taxpayers! e-Verification Scheme to facilitate the verification of financial transactions within the Automated Income Tax System (AIS)
The Income Tax Department introduced the e-Verification Scheme (2021) to facilitate the verification of financial transactions within the Automated Income Tax System (AIS). To ensure accuracy, taxpayers are advised to verify their displayed financial transactions by visiting the official website http://incometax.gov.in and clicking on the AIS tab. In case of disagreement or objections to the […]
Posted inINCOME TAX
Income Tax Big news! Income tax notice will come on these 5 cash transactions, new rules apply
The Income Tax Department has become very cautious about cash transactions these days. In the last few years, the Income Tax Department and various investment platforms like banks, mutual fund houses, broker platforms, etc. have tightened the cash transaction rules for the general public. Let us know the complete details about it. Now these investment […]