SC ruling on ‘Incriminating material’ in block assessments us 153A-153C

Hon’ble Supreme Court in the case of PCIT vs Abhisar Buildwell P. Ltd. [Civil Appeal No. 6580 of 2021] dated 24.04.2023 upholds the ratio of Hon’ble Delhi High Court’s ruling in Kabul Chawla [(2016) 380 ITR 573] and Hon’ble Gujarat... Read More →

Posted in Direct Tax |

CBDT clarifies Employer’s TDS obligation under New ‘default’ Tax Regime us 115BAC

CBDT vide Circular No. 4/2023 dated 5th April, 2023 has issued clarifications regarding employer’s liability w.r.t. TDS on salary in the light of new default personal tax regime introduced by the Finance Act, 2023 u/s 115BAC(1A). CBDT has issued the... Read More →

Posted in Direct Tax |

Amendments made in Finance Bill, 2023

Scope of newly introduced Section 50AA (Special provision for computation of capital gains in case of Market Linked Debenture) expanded to include Specified Mutual Funds Amendment has been made to the newly introduced Section 50AA in Finance Bill 2023 to include... Read More →

Posted in Direct Tax |

Corporate Social Responsibility Under Section 135 of Companies Act 2013

Background  The importance of inclusive growth is widely recognized as an essential part of India's quest for development. In line with this national endeavor, Corporate Social Responsibility (CSR) was conceived as an instrument for integrating social, environmental, and development concerns... Read More →

Posted in Audit & Assurance |

CBDT apprises on e-Verification Scheme’s Process, Stats & Benefits

CBDT had notified a e-Verification Scheme, 2021 (the “Scheme”) on 13th December, 2021 to encourage voluntary tax compliance and to facilitate a transparent and non-intrusive tax administration. The Department has been collecting information of financial transactions from multiple sources and... Read More →

Posted in Direct Tax |