AO can’t withhold refund to adjust it with demand if no such demand exists at time of refund declaration: HC
Payment of Late Fee under the Income Tax Act – 1961: Allowable deduction or not? Whether the Tax Auditor should report it in an audit report?
Gain arising on sale of the business assets (depreciable assets) is in the nature of business income, though it is taxed under the head ‘Capital Gains’
Interesting issue: Sale of Depreciable asset after assessee discontinued claiming depreciation on the assets
CAIT appealed for formation of joint forum to fight unfair business practices, violation of law, Act and Rules by E-commerce companies
Twist in the Tale! Finally, Stay for Reassessment proceedings for non-compliance of procedure u/s 148A: Allahabad HC
Business disallowance under section 40(a)(ia) on Payment of professional charges if such charges are not claimed in profit and loss account and same being capitalized
Statutory Audit requirements for various entities will be ending soon? NFRA consultation paper says that “It is appropriate to revisit the requirement of compulsory statutory audit for all companies irrespective of their size and/or public interest”
Quoting of PAN is Mandatory for opening Bank A/c, for purchase sale of Goods above Rs. 2 Lakh, few cash transactions above Rs. 50,000/- and much more
