Month: October 2024
ICAI issues two new Standard on Quality Management SQM 1 and SQM2 The Institute of Chartered Accountants of India (ICAI) has issued two new Standard on Quality Management (SQM) as under: S. No. Standards Effective Date 1. SQM 1, Quality Management for Firms that Perform Audits or Reviews …
CBDT transfers five officers in the grade of Chief Commissioner of Income Tax. CBDT by order dated 10.10.2024 has transferred five officers in the grade of CCIT with immediate effect. The relieving and joining is mandatorily and to be approved by concerned PrCCIT(CCA). Civil Code Name From (Station …
Due date for filing audit report Form 10B/10BB for AY 2024-25 extended to 10.11.2024 CBDT by order u/s 119 has extended the due date for for filing audit report in Form No. 10B/10BB for AY 2024-25 to 10.11.2024 Sub: Order under section 119 of the Income-tax Act, 1961-reg. Central …
Procedure is handmaid of justice – ITAT deleted addition made as a consequence of filing wrong ITR by assessee. In a recent judgment, ITAT Chandigarh has held that procedure is handmaid of justice. Assessee cannot be said to gain anything by filing a wrong ITR intentionally, knowing that …
CBDT scrutiny guidelines are only for compulsory selection and does not preclude random selection for scrutiny by the Assessing Officers. In a recent judgment, Hon’ble Patna High Court has held that CBDT guidelines are only for compulsory selection of returns for scrutiny and it does not preclude random …
Aadhaar made compulsory for availing benefit under Prime Minister’s Internship Scheme (PMIS) An individual desirous of availing the benefit under the Prime Minister’s Internship Scheme shall be required to furnish proof of possession of the Aadhaar number or undergo Aadhaar authentication. PM Internship Scheme, announced in the Budget …
Supply of Metal scrap by a unregistered person to any registered person brough under GST Reverse Charge Mechanism GOVERNMENT OF INDIAMINISTRY OF FINANCE(Department of Revenue) Notification No. 06/2024-Central Tax (Rate) New Delhi, the 8th October, 2024 G.S.R….(E).- In exercise of the powers conferred by sub-section (3) of section …
Non supplying “reasons to believe” to assessee made the assessment lacking valid assumption of jurisdiction – ITAT In a recent judgment, ITAT Raipur has held that when the Assessing Officer (AO) despite specific request of the assessee failed to provide to him a copy of the “reasons to …
High Court directs CBDT to issue instruction u/s 119 for recalling notice issued to a dead person In a recent judgment, Hon’ble Bombay High Court while quashing a notice u/s 148 issued in the name of a deceased person, has advised CBDT to issue an instruction under Section …
RBI invites application for scholarship Scheme 2024 for Faculty Members from Academic Institutions The Reserve Bank of India has invited application from full-time faculty members, teaching economics or finance in any University Grants Commission (UGC) or All-India Council for Technical Education (AICTE) recognised Universities/ Colleges in India to …
