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Return of Income filed without payment of self- assessment tax to be treated as defective return

The existing provisions contained in sub-section (9) of section 139 provide that where the Assessing Officer considers that the return of in...

Chartered Accountants Should act as Catalyst for Evolving Transparent Processes, says Minister Smt Nirmala Sitharaman

Calls for Cutting ‘Huge Undergrowth of Laws and Regulations’ to Carry forth the Economy: Attends 46th Regional Conference of the ICAI in M...

Avoid Lengthy Questionnaires without due application of mind – CBDT to its Officers

CBDT Issues Instructions to Its Field Offices Regarding Endeavour Towards a Non-Adversarial Tax Regime; Emphasis on Cleanliness, Punctuality...

The NTT Act “crosses the boundary” & is unconstitutional. CAs/CSs are specialists on accounts & facts and are not capable of arguing/ deciding ‘Substantial Questions Of Law’

Madras Bar Association vs. UOI (Supreme Court – Full Bench) The Full Bench of the Supreme Court had to consider whether the National Tax Tri...

ICAI initiative on order dated 20th August, 2014 pronounced by a Bench of Income Tax Appellate Tribunal, Mumbai

Members are aware of the general remarks against ICAI made by Hon ‘ble ITAT Mumbai Bench in respect of its order dated 20th August, 2014 whe...

Applications from CAs for taking lectures

Chartered Accountants with academic background who are interested for taking lectures Coaching Classes/Revisionary Classes/Crash Course whic...

Empanelment of Cooperative Auditors

This is to inform you that the Commissioner, Cooperation and Registrar of Societies, Maharashtra State, Pune has come out with the circular ...

Four Important Judgements On Recent Controversial Topics

The following are four important judgements on recent controversial topics: Maruti Securities Ltd vs. ACIT (ITAT Hyderabad) S. 145: Even if ...

Invitation to comment on the Exposure Draft of Ind AS 114, Regulatory Deferral Accounts, issued by the Accounting Standards Board (ASB) of the ICAI

The International Accounting Standards Board (IASB) issued IFRS 14, Regulatory Deferral Accounts, in January 2014. The Accounting Standards ...

Completing Income Tax Return without Completing Tax Audit Report

The extension of date for obtaining and submitting the Tax Audit Report till 30th November 2014 for the Assessment Year 2014-15 without exte...

Determination of Rate of Exchange for Service Tax

Date of determination of rate of tax, value of taxable service and rate of exchange (Section 67A) W.e.f. 28.05.2012, section 67A has b...

Whatsapp Number Changed to +971528517768

You may now Join our Group "Shining Stars: A Group of Professional" on Whatsapp on +971528517768 Due to some reason our old number...

Enterprise Value is different from Total Enterprise Value...

People often confuse enterprise value (EV) with the total enterprise value (TEV). However, the two are different. In-fact, EV is a subset of...

Three Imp Judgements On S. 147 Writ, S. 14A/ Rule 8D Disallowance And S. 234E TDS Fine Stay

Madhukar Khosla vs. ACIT (Delhi High Court) S. 147: If “ reasons to believe ” are not based on  new, “tangible materials” , the reopening am...

ICAI Invites Suggestion on the Revised Format of Form Nos. 3CA, 3CB and 3CD

The Central Board of Direct Taxes has through, Income-tax (7th Amendment) Rules, 2014, notified new Forms of tax audit reports namely Form N...

India Budget 2014-2015 –In A Nutshell

1.0 DIRECT TAXES:-   No change in the tax rates. No change in applicable Surcharge and Education Cess. Personal income tax exemption...

Four Important Judgements Of The Bombay High Court And Kol ITAT

CIT vs. Devdas Naik (Bombay High Court) S. 54/54F: Two flats, even though acquired under different agreements & from different sellers, ...

Govt may hike Income Tax exemption limit from Rs 2 lakh to Rs 5 lakh

As reported by some of the newspapers and PTI Government may provide a major relief to the tax-payers, by increasing the Income Tax slab lim...

Roles, Duties & Responsibilities of Audit Manager

The Audit Manager is responsible for organizing and overseeing internal audits in accordance with the annual audit plan, often managing a te...

Assessee must be allowed TDS credit based on TDS certificate even if same is not reflected in 26AS

In our view, though Form 26AS (r/w r.3 1AB and ss. 203AA and 206C(5)) represents a part of a wholesome procedure designed by the Revenue for...

How to get CIBIL Credit Score & CIR Online?

Following are the steps to get CIBIL Score Online: ·          Fill online form by visiting the CIBIL website: https://www.cibil.com/online/c...

Important CBDT Circular On Depreciation/ Amortisation Of Intangible Assets

The CBDT has issued   Circular No. 09/2014 dated 23.04.2014   in which it has dealt with the important issue of treatment of expenditure inc...