ICAI clarifies level of authority attached to Guidance Notes, Accounting Standards’ and ‘Standards on Auditing issued by it and degree of compliance required. Clarification Regarding Authority Attached to Documents Issued by ICAI 1. The Institute has, from time to time, issued ‘Guidance Notes’ on a number of matters. …

CBDT amends income tax rules for determining value of residential accommodation provided to the assessee by the employer CBDT notifies Rule for determination of value of perquisite in respect of residential accommodation provided by employer. The categorization and the limits of cities and population have now been based …

ITAT refused to admit additional evidence when were available with assessee before the completion of the assessment and no reasons was given as to why those were not filed before AO or CIT(A). ABCAUS Case Law Citation:ABCAUS 3794 (2023) (08) ITAT In the instant case, the assessee had …

Facility of income tax challan correction launched through e-filing portal The income tax department has launched facility of income tax challan correction through e-filing portal. Now corrections to income tax challans (ITNS 280) can be made by e-filing portal The steps required for making correction in challans are …

Interest income earned on fixed deposits of Clubs are taxable under Section 2(24) of the Income Tax Act and principle of mutuality does not apply to them – SC ABCAUS Case Law Citation:ABCAUS 3793 (2023) (08) SC Important Case Laws relied upon:Bangalore Club vs. Commissioner of Income Tax, …

Service Tax show cause was illegal as classification of services mentioned was completely erroneous – Supreme Court In a recent judgment the Supreme Court has held a service tax show cause notice illegal as the classification of services mentioned in it was completely erroneous. ABCAUS Case Law Citation:ABCAUS …