-
Advisory: Mismatch of transaction amount shown in Income Tax Return
In recent communications, the Income Tax Department (ITD) of India has addressed growing concerns among taxpayers regarding mismatches between transaction amounts reported in Income Tax Returns (ITRs)...
-
Draft PFRDA (Mechanism For Making And Review Of Regulations) Regulations, 2024
Introduction: The Pension Fund Regulatory and Development Authority (PFRDA) has released a preliminary draft of proposed regulations for stakeholder scrutiny. Aimed at enhancing the mechanism for maki...
-
Report of Working Group on uniform working hours and holiday list for IBUs
Introduction: The report by the Working Group on uniform working hours and holiday lists for IFSC Banking Units (IBUs) addresses the crucial need for aligning banking services with global standards. T...
-
IFSCA constitutes New Committee to Boost GIFT IFSC Markets
Introduction : The International Financial Services Centres Authority (IFSCA) has made a groundbreaking announcement that promises to significantly alter the landscape of India’s capital markets. On J...
-
SEBI Consultation Paper on Ease of Doing Business Initiatives For Mutual Funds
Securities and Exchange Board of India (SEBI) has released a consultation paper seeking public comments on initiatives to enhance the ease of doing business for Mutual Funds (MFs). The objective is to...
-
Mock Test Papers Series-I for CA Final/Intermediate May 2024 Examinations
The Institute of Chartered Accountants of India (ICAI) has announced an important initiative for students preparing for the CA Final and Intermediate examinations in May 2024. Beginning on 4th March 2...
-
FRQRR Analysis: NFRA Review of PSP Projects Ltd. Financial Reporting Quality
The National Financial Reporting Authority (NFRA) is mandated by the Companies Act, 2013, to monitor and enforce compliance with accounting standards. NFRA’s FRQRR of PSP Projects Ltd. highlighted sig...
-
Delhi High Court Upholds Charity Tax Exemption, Even with TDS on Grants
HighlightsThe Delhi High Court ruled that Tax Deducted at Source (TDS) on grants doesn't disqualify NGOs from claiming tax exemption under Section 11 of the Income Tax Act.The mere presence of TDS und...
-
Remission of Petty Direct Tax Demands: Analyzing the CBDT Order for Taxpayer Relief
Editorial NoteThis article examines the Central Board of Direct Taxes (CBDT) order dated February 13, 2024, which aims to clear outstanding direct tax demands up to a certain threshold for assessment...
-
Queries and Replies: How to Mitigate Capital Gains Tax on Share Exchanges.
Can an individual who trades shares transfer their personally held shares to a private company they own shares in, in exchange for share capital in the company? If so, would this transaction attract c...
-
Queries and Replies: Navigating the Tax Complexities of Agricultural Cash Transactions
Navigating the Tax Complexities of Agricultural Cash TransactionsQuery:Dear Sir,I have a client who is a farmer facing two income tax concerns. I'd appreciate your guidance on legal responses and supp...
-
ICSI Advisory: Beware of CSMEMBERS.IN | Official Notice
Introduction: The Institute of Company Secretaries of India (ICSI) has issued an official advisory regarding the website CSMEMBERS.IN, clarifying its affiliation status and urging caution among stakeh...
-
ICAI 2024 Vision: Drishti Framework & AI Advancements
On 21st February 2024, the Institute of Chartered Accountants of India (ICAI) heralded a new chapter under the leadership of its newly elected President CA. Ranjeet Kumar Agarwal. At a press conferenc...
-
Income-tax (Amendment) Rules 2024 – Changes in ITR-2, ITR-3 & ITR-5 Schedule CG
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued a significant corrigendum through Notification No. 22/2024 on 21st February 2024, amending the I...
-
Supreme Court Annual Digest : Income Tax
TaxCorp Daily Supreme Court Annual Digest : Income Tax 1. Section 153C RetroactivityThe 2015 amendment to Section 153C expands its reach. Previously, it applied to documents indicating undisclosed ass...
-
Draft Guidelines for prevention and regulation of Greenwashing
Introduction: The Central Consumer Protection Authority (CCPA) is taking a proactive stance against deceptive environmental claims, known as “Greenwashing.” Under the powers conferred by the Consumer...
-
GST Council Newsletter for the month of January 2024
The Finance Bill 2024 proposes substitution of Section 20 of the IGST Act to make registration as an Input Service Distributor (ISD) mandatory for the procurement of common input services and the dist...
-
Draft Guidelines for Prevention of Misleading advertisement in Coaching
Introduction: The Central Consumer Protection Authority (CCPA) has taken a significant step towards consumer protection by proposing guidelines to prevent misleading advertisements in the coaching sec...
-
IFSCA Forms Advisory Committee on Exchange traded Currency Derivatives
Introduction: The International Financial Services Centres Authority (IFSCA) plays a pivotal role in shaping India’s financial landscape, specifically within International Financial Services Centres (...
-
FAQs on Cost Records Maintenance and Audit under Companies Act, 2013
The Institute of Chartered Accountants of India FAQs Frequently Asked Questions on Maintenance of Cost Records and Audit thereof Under the Companies Act 2013 Technical Cell The Institute of Cost Accou...