Deductor cannot be treated an assessee in default till payee also failed to pay tax directly. Before holding assessee in default, AO must establish that payee failed to pay tax directly – ITAT In a recent judgment, ITAT Jaipur has held that in cases of non deduction of …
RBI allows auto-replenishment of FASTag and National Common Mobility Card (NCMC) balance below threshold set by customer. RBI has allowed to include auto-replenishment of FASTag and NCMC, as and when the balance falls below a threshold set by the customer, under the e-mandate framework. Also, since payments for …
ICAI launches Audit Quality Maturity Model version 2.0 (AQMM v 2.0) ICAI launches Audit Quality Maturity Model version 2.0 (AQMM v 2.0). The AQMM v 1.0 has been made mandatory w. e. f. April 1, 2023, to the firms auditing the following entities: (a) a listed entity; or …
Income Tax Proceedings based on diaries, loose sheets without corroborative evidence held contrary to the law declared by the Hon’ble Apex Court In a recent judgment Hon’ble Supreme Court has dismissed the SLP of the Income Tax Department against the judgment of the Hon’ble Karnataka High Court which …
No under reporting of income if income assessed u/s 143(3) is same as per return processed u/s 143(1)(a) – ITAT In a recent judgment, the ITAT Delhi has held that there is no under reporting of income u/s 270A as income assessed u/s 143(3) and income determined in …
RBI launches nationwide RBI90Quiz for undergraduate students. Final Prize is Rs. 10 Lakhs RBI has launched RBI90Quiz for undergraduate students who are not more than 25 years of age and pursuing bachelor’s degree. Reserve Bank of India (RBI) on the occasion of 90th Anniversary has announced launch of the RBI90Quiz for …
