The Income Tax Department is conducting raids at Delhi NCR based ROF Developer. Raids are being carried out in multiple cities including Delhi, Gurugram, and Panipat, covering 21 premises linked to thepromoter, sources said. They added searches are going on charges of an alleged 100 crore tax evasion by the developer by selling properties in […]
Posted inTC
Navigating the Financial Maze: A Comprehensive Guide to Startup Finance
Introduction Starting a business is an exhilarating journey, but one that’s fraught with challenges. Among these challenges, managing finances stands as a critical aspect that can make or break a startup’s success. This comprehensive guide will delve deep into the world of startup finance, providing valuable insights, strategies, and tips to help budding entrepreneurs navigate […]
Posted inMARKETS
Nomura India sets Rs.786 as target price for Tata Motors
Nomura India, a foreign brokerage, has expressed its positive outlook on Tata Motors’ new Nexon (ICE) and EV variants pricing, deeming them attractive. They believe that the Nexon sets a benchmark in terms of technology and features and has the potential to become the top-selling SUV across all SUV categories, including the large SUV segment. […]
Posted inMARKETS
Bank of America sets 20,500 as year-end target for Nifty
Bank of America’s latest market analysis suggests that the enthusiasm surrounding small and mid-cap stocks may be losing steam, and they see promising investment opportunities in the realm of large-cap companies. Their insights also indicate a relatively modest 2% potential upside for the Nifty index in the near term, extending until the end of the […]
Posted inINCOME TAX
Corruption Case Filed Against Former Income Tax Official and Others
The Central Bureau of Investigation (CBI) has registered an alleged corruption case against a former Additional Commissioner of Income Tax, Santosh Karnani, his wife, one director of an Ahmedabad-based firm and others. It is based on the findings of another case taken over by the agency in October last year from the Gujarat Anti-Corruption Bureau. […]
Posted inBUSINESS & ECONOMY
Home Loan Borrowers: Understanding the RBI’s New Repayment Rules
Successive hikes in interest rates in the last year have extended the tenure of most home loans in fact, some borrowers now have to pay the loans till retirement. When the interest rate goes up, banks usually increase the tenure of the loan to shield borrowers from rising equated monthly instalments (EMIs). However, sometimes these […]
Posted inJUDGEMENT
Cognizant liable to pay Rs 4,800 cr dividend distribution tax for Rs 19,000 crore share buyback: ITAT
The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has ruled against Cognizant Technology Solutions India, stating that the company is liable to pay Dividend Distribution Tax (DDT) on a buyback of shares worth Rs 19,000 crore under a scheme of arrangement. It has been held that the buyback will attract a Dividend Distribution […]
Posted inTC
Co-Operative Society Providing Credit Facilities Which Cannot Be Construed As ‘Co-Operative Bank’: Supreme Court Allows Income Tax Deduction
The Supreme Court held that co-operative societies provide credit facilities to other member co-operative societies which cannot be construed as ‘co-operative banks’. Division bench of Justice B.V. Nagarathna And Justice Ujjal Bhuyan has observed Section 80P(4) carved out an exception to Section 80P(1) and (2) which excludes co- operative banks which must possess licence from […]
Posted inMARKETS
IT: Large-cap rally started? Wipro target price @Rs.460
Despite the downward pressure seen in mid-cap and small-cap indices, large-cap IT stocks have been on an upward trajectory in recent sessions. Today, both TCS and Wipro recorded a new 52-week high on NSE respectively. Stock market experts note that most indices, including those for small-cap and mid-cap stocks, are currently at record highs. However, […]
Posted inGST
BIG Update: Central Government notified the State Benches of the GST Appellate Tribunal
The Ministry of Finance, Department of Revenue, issued Notification vide F. No. A-50050/150/2018-CESTAT-DoR dated September 14, 2023, in accordance with the Central Goods and Services Tax Act, 2017, and superseding previous notifications, has established State Benches of the Goods and Services Tax Appellate Tribunal. The number of State Benches is determined for each state as per the […]
Posted inMARKETS
Wipro launches Cyber Defence Center in Germany
Wipro Limited witnessed a 0.75% increase in its share value following the inauguration of its Cyber Defence Centre (CDC) in Dusseldorf, Germany. This establishment represents the 17th of its kind on a global scale, dedicated to providing specialized cybersecurity services to clients in Germany and across Europe. Given the mounting threat of cyberattacks and the […]
Posted inJUDGEMENT
Assessment Controversy: Failure to Summon Key Witness Raises Doubts in Income Tax Case
Facts The assessee filed the return of income for the assessment year 2014-15 on 02.10.2014 declaring total income of ₹.89,89,770/-. The case was selected for scrutiny through CASS and notice under section 143(2) of the Income Tax Act, 1961 was issued. After considering the details furnished by the assessee, the Assessing Officer has completed the […]
Posted inJUDGEMENT
Assessing Officer’s Disallowance of Reimbursements Partially Upheld, Deduction of Interest Expenditure Allowed by ITAT
Facts The assessee filed return of income declaring total income of Rs.77,78,190/-. The return was duly processed under Section 143(1) of the Income Tax Act, 1961 and statutory notices were issued to the assessee and served. The assessee’s AR filed response alongwith the details during the course of assessment proceedings. The Assessing Officer observed that […]
Posted inJOB
Career Opportunity: Income Tax Department Hiring Young Professionals
The Income Tax Department invites applications for the post of Young Professional to augment departmental representation in the Income Tax Appellate Tribunal. Name of the Post: Young Professional No. of Post: 12 (Twelve) Age Limit: 35 Years Essential Qualification and Experience • Indian Nationals holding Graduate/Post Graduate degrees in Law from recognized Universities, Colleges and Institutions of National […]
Posted inJUDGEMENT
ITAT Allows Income Tax Deduction On interest income earned from the Cooperative Banks
The Mumbai ITAT allowed income tax deduction on the interest income earned from the cooperative banks. The assessee has filed this appeal challenging the order dated 22- 05-2023 passed by CIT(A), National Faceless Appeal Centre, Delhi and it relates to the assessment years 2017-18. The assessee is aggrieved by the decision of CIT(A) in confirming […]
Posted inJUDGEMENT
Relief To Chennai Metro Rail: CESTAT Quashes Service Tax Demand Raised On Liquidated Damages For Non-Performance
In a major relief to Chennai Metro Rail, the Chennai CESTAT quashed the demand for service tax on the monies received through encashment of performance Guarantee/Bank Guarantee and that collected/ retained as liquidated damages for non-performance and failure to comply with the agreed obligation by various contractors/sub-contractors. The appellant, M/s Chennai Metro Rail Ltd (CMRL) […]
Posted inINCOME TAX
Streamlining Property Documentation Process for Loan Repayments: RBI’s New Directive
The Reserve Bank of India (RBI) issued a directive mandating Regulated Entities (REs) including banks to surrender all original movable, immovable property papers and eliminate charges lodged with any registry within 30 days of the loan account being fully repaid/ else pay the fine on a delayed number of days. The RBI made this announcement […]
Posted inINCOME TAX
The Importance of UDIN in Chartered Accountancy; ICAI has announced the restriction
The Institute of Chartered Accountants of India (ICAI) has released the Frequently Asked Questions (FAQs) on Unique Document Identification Number (UDIN). Recently the ICAI has announced the restriction of the revocation of Unique Document Identification Number (UDIN) to 48 hours on 23rd June 2023. This article covers basic details of UDIN including its objective, creation […]
Posted inINCOME TAX
Income Tax Important Advisory on Validating Bank Account on Income Tax Portal for Income Tax Refund
Introduction: Are you expecting a tax refund? It’s crucial to ensure that your bank account details are up to date and validated. In this guide, we’ll walk you through the process of checking the validation status of your bank account for refunds. We’ll also provide information on what to do if your bank has undergone […]
Posted inINCOME TAX
Received tax notice for mismatch in your ITR? Here’s how you can reply via e-filing portal
The Income Tax Department has reportedly sent notices to 22,000 taxpayers, including high-net-worth individuals, salaried individuals, and trusts, for discrepancies in their deductions when compared to the information on their Form 16 or Annual Information Statement (AIS). These notices pertain to tax returns filed for the assessment year 2023-24. The department initiated this action after […]
Posted inINCOME TAX
Cash Transaction Notice: Cash Transactions Guide for Income Tax and GST
Cash transactions have always played a significant role in the Indian economy and are a consistent source of black money accumulation. The government has recently implemented a number of measures to reduce cash transactions and increase digital payments. In this article, we will look at the Cash Transaction limit under Income Tax Act, 1961 & […]
Posted inRBI
Secure RBI Account Aggregator: Simplify Your Finance Goals
Think about all the different information you can gather from various places and put it in one spot. That’s one of the most significant benefits of how things are connected digitally. It is because of cutting-edge and advanced technology, over the years, consumer expectations for convenience and safety have immensely changed the financial industry. In […]
Posted inMARKETS
Aeroflex is dreaming to debut in aerospace sector
Aeroflex Industries, a leading manufacturer of metal hoses used in utilities, refineries, and firefighting equipment in India, is exploring opportunities to venture into the aerospace sector. The company aims to leverage the country’s growing space program, particularly following the success of India’s recent lunar mission and the launch of its first solar mission. India’s ambitions […]
Posted inMARKETS
Coal India’s Green Initiatives to cost Rs.24,750 Cr.
Coal India Ltd (CIL), a prominent public sector entity, has allocated a substantial investment of Rs 24,750 crore for the implementation of 61 First Mile Connectivity (FMC) projects, designed to enhance the eco-friendly transportation of coal. Upon completion, this three-phase investment initiative will collectively boast a capacity of 763.5 million tonnes per annum (MTPA), as […]
Posted inINCOME TAX
Form 16A: A Comprehensive Guide to TDS on Non-Salary Income
Form 16A is a certificate of TDS on Income other than Salary. When TDS is deducted from the payments like a commission, contract, professional fees, rent, interest, etc., Form 16A is issued. It is issued by the deductor to the deductee. Deductor (Payer) is a person who makes a payment and deducts TDS. And Deductee (Payee) is a […]
Posted inINCOME TAX
CBDT notified ‘Units of Investment Trusts & ETFs of IFSC’ for Exemption u/s 47(viiab) of the IT Act
The CBDT vide Notification No. 71/2023 dated September 12, 2023 using its authority from section 47(viiab)(d) of the Income-tax Act, 1961, is introducing further amendments to Notification 16/2020 dated March 5, 2020 namely:- In the said notification, in the first paragraph, – (i) after clause (vi), the following clause shall be inserted, namely: – “(vii) unit of investment trust; […]
Posted inGST
Unveiling the Risks: Unauthorized Scraping of the GST Common Portal
The Goods and Services Tax Network (GSTN) has recently issued an advisory to GST Suvidha Providers (GSPs), warning them against unauthorized scraping of the GST Common Portal. GSPs are third-party service providers authorized by GSTN to help taxpayers comply with the complex requirements of the GST system in India. They act as an essential bridge […]
Posted inJUDGEMENT
Assessee entitled to Cenvat credit of inputs used for fabrication of capital goods or Plant and machinery: CESTAT
The CESTAT held that assessee is entitled to Cenvat credit of inputs used for fabrication of capital goods or Plant and machinery. The assessee/appellant is involved in the manufacture of TMT bars and MS billets. The Appellant is duly registered with the Department and clearing the finished goods on payment of appropriate excise duty. The […]
Posted inGST
Business with Rs 100 cr turnover will have 30 days to upload invoices from Nov 1
Large businesses with turnover of Rs 100 crore and above will have to upload invoices on the e-invoicing portal within 30 days with effect from November 1. The National Informatics Centre in an advisory stated that the GST authority has decided to impose a time limit of 30 days for reporting of invoices from the […]
Posted inINCOME TAX
Common Mistakes Leading to Defective Income Tax Returns: How to Avoid and Rectify Them
An individual might get a notice under section 139(9) of the Income Tax Act, 1961 in case his/her income tax return (ITR) is declared as ‘defective’ by the Assessing Officer (AO). For instance, say you had filed your ITR but the spelling of your name in your PAN card does not match with the name […]