Month: April 2023
Penal interest on loan defaults replaced by Penal Charges i.e, no further interest on such charges. RBI releases Draft Circular on Fair Lending Practice – Penal Charges in Loan Accounts The Reserve Bank of India has released the Draft Circular on Fair Lending Practice – Penal Charges in …
Section 69 & 115BBE not applicable on excess stock generated out of business income ABCAUS Case Law Citation:ABCAUS 3704 (2023) (04) ITAT In the instant case, the assessee had challenged the order passed by the CIT(A) in confirming the action of Assessing Officer (AO) by considering the disclosure …
New Logo of SEBI unveiled. new logo retains traditional blue colour palette while also reflecting the aspiration of a new and modern nation New Logo of SEBI SEBI Press Release Securities Market regulator, SEBI has a new logo from today. The new logo was unveiled at …
ICAI CPE Hours requirements to be Calendar year wise from 2023 onwards Granting of 4 Structured CPE hours in online mode through Digital Learning Hub and compliance of CPE Hours requirements Calendar year wise from calendar year 2023 onwards As per ICAI Announcement, ICAI has made some important …
GPF interest rate to be 7.1% from 1st April 2023 to 30th June 2023 MINISTRY OF FINANCE(Department of Economic Affairs) NOTIFICATION New Delhi, the 10th April, 2023 F. No. 5(3)-B(PD)/2023.—It is hereby notified that the deposits made under the Special Deposit Scheme for Non-Government Provident, Superannuation and Gratuity …
Cost Inflation Index FY 2023-24 is 348 as notified by CBDT. Up-to-date Cost Inflation Index Table / chart from FY 2001-02 to FY 2023-24 Cost Inflation Index of 348 notified for FY 2023-24 What is Cost Inflation Index? Cost Inflation index is used to calculate indexed cost of …
No Penalty leviable u/s 271C on mere delay in remittance/deposit of the TDS after deduction subject to provisions of Section 201(1A) and Section 276B – Supreme Court ABCAUS Case Law Citation:ABCAUS 3703 (2023) (04) SC Important Case Laws relied upon by parties:Lakshadweep Development Corporation Ltd. Vs. Additional Commissioner …
Sale of Agricultural land converted into commercial land held non taxable as agricultural operations were continued – SC dismisses SLP of Income Tax Department ABCAUS Case Law Citation:ABCAUS 3702 (2023) (04) SC Important Case Laws relied upon by parties:CIT vs Murali Lodge (1992) 194 ITR 125 (Ker)CWT vs. …
Income Tax assessment order passed u/s 143(3) supports that party was not bogus, very much existed and carried out business – ITAT ABCAUS Case Law Citation:ABCAUS 3701 (2023) (04) ITAT In the instant appeal, the Revenue had challenged the order of CIT(A) in deleting disallowance made by the …
Acceptance of certain assignments by the Concurrent Auditor of Bank Branches – ICAI clarification ICAI has issued an advisory on the issue of acceptance of certain assignments by the Concurrent Auditor of Bank Branches. ICAI has issued its members to take note of the FAQs relating to professional …