OVERVIEW ON STATEMENT OF FINANCIAL TRANSACTIONS (SFT) SFT Considering Recent CBDT Notification No. 16/2021, dated 12-03-2021 along with the penalty provisions under the income tax act Statement of financial transactions… Read More
Question Is GST registration open for new users before July? Answer No. Question How would GST work with regards to Cinema halls? Can you please share some details? Answer Admission… Read More
Professional Update for the day: Direct Tax: ITAT Mumbai held that AO is required to specify the exact charge in the notice for which the assessee was being penalized,… Read More
Professional Update for the Day: Direct Tax: 271(1)(c): 'Furnishing of inaccurate particulars of income' and 'concealment of particulars of income' have different connotations. The failure by the AO to specify… Read More
PROFESSIONAL UPDATE FOR THE DAY Direct Tax: Bogus purchases: In view of the Supreme Court’s order in Vijay Proteins Ltd vs. CIT whereby the verdicts of the Gujarat High Court… Read More
Direct Tax: ITAT Delhi held that Medical illness and that to be in the nature of the typhoid fever and UTI is definitely reasonable cause for non- appearing on the… Read More
PROFESSIONAL UPDATE FOR THE DAY Direct Tax: Allahabad High Court held that Gain on sale of Shares held for 16 years as an investment cannot be treated as business income The… Read More
Direct Tax: · S. 56(2)(vi): A HUF is a "group of relatives". Consequently, a gift received from a HUF by a member of the HUF is exempt from tax as… Read More
WannaCry Ransomeware For the last few days the WannaCry ransomware event created mayhem, where organizations worldwide were hit with ransomware that spread quickly primarily via a self-propagating worm mechanism. It… Read More
A quick review of the latest updates of Income-tax: You can invest under section 80C, 80D etc in the tax reduction instrument and pay higher taxes if you have kept… Read More