Day: August 4, 2024

No disallowance of late deposit of PF/ESI can be made without affording opportunity to assessee to show that the said payments were made within time In a recent judgment, Hon’ble Allahabad High Court remanded disallowance of late deposit of PF/ESI made without affording opportunity to assessee to show …

New of penalty for maintaining accounts in more than one bank is fake – PIB Factcheck A misconception is being spread in some articles that according to the new guidelines of the Reserve Bank of India, now a penalty will be imposed for maintaining accounts in more than …

Cash surrendered during survey not covered by deeming provisions of section 69 and 69A – ITAT In a recent judgment, ITAT Amritsar has held that excess cash found and surrendered during survey was not covered by deeming provisions of section 69 and 69A hence not taxable at higher …