Brief: In a significant ruling, the Madhya Pradesh High Court has quashed reassessment proceedings initiated against an assessee, Mr. Nitin Nema, based on a sale consideration of Rs. 72.05 lakhs for the assessment year 2016-17. The High Court held that the actual income chargeable to tax may be lower than the threshold for reopening assessments …
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Brief: In a recent ruling, the Income Tax Appellate Tribunal (ITAT) in Delhi has upheld the position that cash deposits made during the demonetization period are not taxable when the assessee can demonstrate that the cash was maintained for legitimate business operations and exigencies. The case pertained to Jagson International Ltd., which had faced an …
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The Bangalore Income Tax Appellate Tribunal (ITAT) recently rendered a significant decision regarding the taxability of subscription fees collected for accessing pre-recorded video courses. The key question revolved around whether these fees should be classified as royalty and subjected to taxation under the India-USA Double Taxation Avoidance Agreement (DTAA). Background and Facts: The case involved …
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The Ministry of Finance, in collaboration with State Governments, is set to introduce the “Mera Bill Mera Adhikaar” Invoice Incentive Scheme, aimed at fostering a culture of requesting invoices for all purchases. This initiative seeks to instigate a profound cultural shift, encouraging consumers to assert their right and demand proper invoices. Key Details of the …
Introduction Gurgaon, also known as Gurugram, has emerged as a prominent business hub in India. With its rapid urbanization and industrial growth, it has become a magnet for companies from various sectors. In this dynamic business environment, managing human resources effectively is crucial for success. One critical aspect of HR management is payroll processing, a …
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Introduction In today’s interconnected world, Non-Resident Indians (NRIs) often find themselves managing complex financial affairs that span across borders. Whether it’s investments, property ownership, or taxation, the financial landscape for NRIs can be challenging to navigate. This is where NRI tax consultants play a crucial role. These professionals possess the expertise to help NRIs optimize …
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Introduction In an increasingly interconnected world, the phenomenon of Non-Resident Indians (NRIs) has gained significant prominence. NRIs, individuals of Indian origin residing abroad, play a pivotal role in both the Indian and global economies. However, navigating the intricate realm of taxes across different jurisdictions can be a daunting task. This is where NRI tax consultants …
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Introduction In a dynamic and complex business landscape, transparency, accountability, and trust are paramount. This is where audits play a crucial role. Auditing is the systematic examination of financial information, systems, processes, and operations to ensure accuracy, legality, and adherence to established standards. In India, audits are a fundamental part of corporate governance, ensuring the …
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Introduction In the intricate tapestry of modern business, the thread of compliance is woven deeply into every aspect. The adherence to legal regulations, industry standards, and ethical practices is not only a moral imperative but also a strategic necessity. To ensure that organizations remain on the right side of the law and ethics, compliance audits …
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Introduction In the dynamic and rapidly evolving landscape of business in India, maintaining transparency, efficiency, and ethical practices has become paramount. To address these imperatives, the role of internal audit within organizations has gained immense prominence. This article delves into the meaning, benefits, values, requirements, scope, and significance of internal audit, with a specific focus …
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