Month: December 2024
If amount of TDS has already been deposited though belatedly, to allow the proceeding u/s 276B/278B will be abuse of process of law – High Court In a recent judgment/order Hon’ble Jharkhand High Court has quashed criminal proceedings u/s 276B and 278B of the Income Tax Act, 1961 …
No move by Income Tax Department to use Digi Yatra data to track tax evaders Income Tax Department (CBDT) has clarified that some news articles have appeared stating that Digiyatra data will be used to crack down on tax evaders. In this connection it is clarified that as …
Incorrect claim or erroneous claim not willful evasion, in certain circumstances can be erroneous interpretation of law. In a recent judgment/order Hon’ble Supreme Court dismissed the SLP of the Revenue against the order of Karnataka High Court quashing proceedings u/s 276C of the Income Tax Act, 1961 holding …
Extension of due date for furnishing belated/revised return of income for the Assessment Year 2024-25 CBDT extends due date for furnishing belated/revised return of income for the Assessment Year 2024-25 up to 15.01.2025 F. No. 225/205/2024/ITA-IIGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct Taxes Circular No. …
Penalty u/s 272A(2)(c) confirmed on Sub Registrar for non compliance of statutory notice u/s 133(6) calling for information of immovable property. In a recent judgment, ITAT Lucknow has confirmed penalty u/s 272A(2)(c) of the Income Tax Act, 1961 levied on the Sub Registrar for non compliance of statutory …
Extension of due date for determining amount payable under Vivad Se Vishwas Scheme 2024 Circular N o. 20/2024 F. No. 370149/213/2024-TPLGovernment of India Ministry of Finance Department of RevenueCentral Board of Direct Taxes***** New Delhi, dated 30th December, 2024 Subject: – Extension of due date for determining …
Proviso to Section 10(38) of the Act cannot be read in the reverse to mean that if the gains are not included as book profits under Section 115JB of the Act, the exemption u/s 10(38) can be denied – High Court In a recent judgment, Hon’ble High Court …
Reopening u/s 148 was rightly done as income of the company was shifted to partnership firm to avoid tax by setting off bad debts – SLP dismissed by Supreme Court In a recent order/judgment, Hon’ble Supreme Court has dismissed the SLP filed by the assessee company against the …
SEBI clarification on transfer of shareholding among immediate relatives and transmission of shareholding in respect of investment advisers. research analysts and KYC registration agencies (KRAs) Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/ MIRSD-PoD-1/P/CIR/2024/164 December 27, 2024 To, All Registered Investment Advisers All Registered Research Analysts All KYC …
ICAI notifies members elected to 26th Central Council in election held in December 2024 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA NOTIFICATION New Delhi, the 26th December, 2024 (Chartered Accountants) No. 54-EL(1)/13/2024.—In Pursuance of Rule 36 of the Chartered Accountants (Election to the Council) Rules, 2006, the Council …
