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

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 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 […]


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 […]


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) […]


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 […]


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 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 […]


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; […]


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 […]