Addition made to income on account of travelling expenses to Pakistan – ITAT remands case to AO for verification In a recent judgment, the Amritsar ITAT has restored the issue of addition made to income on account of travelling expenditure to Pakistan for verification of source of expenditure. …

Monthly salary of the Chairperson and full time members of NFRA increased. The National Financial Reporting Authority (Manner of Appointment and other Terms and Conditions of Service of Chairperson and Members) Amendment Rules, 2024 Ministry of Corporate Affairs has amended the National Financial Reporting Authority (Manner of Appointment …

ICSI announces two new cash Prize Awards for students from June 2025 examination The Institute of Company Secretaries of India (ICSI) has announced the institution of two new cash Prize Awards for the students These awards shall become effective from June, 2025 session of examination. 1. SHYAM SUNDER …

National Savings Scheme 1987 and 1992 shall bear no interest w.e.f. 01.10.2024. The Finance Ministry has issued Notification No. G.S.R. 537(E) and Notification No. G.S.R. 538(E) both dated 29th August, 2024 providing that the balances at the credit of the subscribers of the National Savings Scheme 1987 and …

Information from Investigating Wing cannot be sole basis for forming belief that income escaped assessment – High Court In a recent judgment, Hon’ble Delhi High Court has held that information received from Investigating Wing cannot be the sole basis for forming a belief that income of the assessee …

Revision u/s 263 arising from tax auditors observation upheld as AO did not examine the matter In a recent judgment, ITAT Chennai has upheld revisionary proceedings u/s 263 which stemmed from observation of Tax Auditor that there was remission of trading liability u/s 41(1)(a) of the Act and …