Month: September 2024

NFRA proposes revision to Standards of Auditing (SA) 600 to allow review of component / branch auditors work  The SA 600 issued by ICAI titled as using the work of another auditor is sought to be revised by NFRA by introducing SA 600 (Revised), Special Considerations—Audits of Group …

CBDT approves Auroville Foundation as ‘Other Institution’ for research in social science or statistical research u/s 35(1)(iii) MINISTRY OF FINANCE Department of Revenue CENTRAL BOARD OF DIRECT TAXES Notification No.102/2024 New Delhi, the 18th September, 2024 S.O. 3961(E).—In exercise of the powers conferred by clause (iii) of sub-section …

Order u/s 148A(d) mentioning sale proceeds as income chargeable to tax quashed. Sale proceeds is not income chargeable to tax. SC declines to interfere with HC order. In a recent order, Hon’ble Supreme Court has declined to interfere with the order of Hon’ble Madhya Pradesh High Court quashing …

SEBI enabled T+2 trading of Bonus shares where T is the record date SEBI has decided to enable T+2 trading of Bonus shares where T is the record date. This would reduce the time taken for credit of bonus shares and trading of such shares, from the record date …

SC declines to interfere with HC order seeking intervention of PM office for action against Income Tax officials In a recent order, Hon’ble Supreme Court has declined to interfere with Hon’ble Bombay High Court judgment seeking intervention of PM office to take action against Income Tax officials for …

PCIT approval for reopening was without application of mind as despite response it said no reply was submitted by the assesse u/s 148A(b) of the Act  In a recent judgment, Hon’ble Allahabad High Court has quashed order u/s 148A(d) and notice issued u/s 148 observing that PCIT approval …

PCIT approval for re-opening only by putting signing was without application of mind -SC dismissed SLP  PCIT approval for re-opening only by signing was without application of mind –Supreme Court dismisses SLP of the Income Tax Department   In a recent judgment, Hon’ble Supreme Court has dismissed the …

National Payments Corporation of India (NPCI) has increased the UPI per transaction limit to Rs. 5 lakhs for tax payments with effect from 15th September 2024 UPI per transactions limit has been increased to Rs. 5 lakhs for tax payments. Earlier, in 2021. NPCI w.e.f. 14th December 2021 …

Re-assessment concluded prior to Supreme Court judgment in Ashish Agarwal can not be opened afresh In a recent judgment, Hon’ble Delhi High Court has held that Income Tax Department was not justified in issuing notices afresh seeking to reopen the proceedings u/s 147 which had been concluded prior …

ICES to be used at International Courier Terminals to process export related payments CBIC has extended export related payment benefits for exports made through courier mode. The courier import and export shipments are handled on the Express Cargo Clearance System (ECCS) for clearance at the notified International Courier …