Articles by Dilip K Raina

A Word of caution to Charitable Institutions

Dilip K Raina 03 February 2020 at 10:03

Historically those institutions created with the main object of serving the general public without the aim to earn profits or distribute any income to the promoters of such institutions are called charitable institutions.

Honest assessee caught in the web of section 269 cash deposit

Dilip K Raina 21 January 2020 at 10:49

Let us examine this situation from the perspective of the honest assessee and the law being followed by the income tax department.

Assessment Orders Appealable before CIT (A)

Dilip K Raina 08 January 2020 at 10:33

The year-end 2019 brought to end so many good and bad events or moments we Indians experienced during the year. Some events fade with the onset of the new year, but some continue for life and few such happenings get carried forward to the current year 2020.

Penalty Under Section 271(1)(C) of the Income Tax Act 2016

Dilip K Raina 30 December 2019 at 10:12

Penalty Under Section 271(1)(C) of the Income Tax Act 2016

Applicability of Insolvency and Bankruptcy Code, 2016 to charitable Institution in India

Dilip K Raina 09 October 2019 at 11:21

The legal framework prior to the Insolvency and Bankruptcy Code, 2016 (IBC) was not effective to help timely recovery of defaulted and bad assets resulting not only delayed justice but also caused the undue strain on the Indian credit system.

True and Fair view of accounts - An opinion by Statutory Auditor

Dilip K Raina 11 September 2019 at 11:23

Lot of investment decisions in the present-day world are based on the reports generated by financial analysists. One of the trusted and important sources of financial information comes from audited published financials.

Taxation of hypothetical Income

Dilip K Raina 02 September 2019 at 10:59

In simple words Income tax is levied on income which has been received or has accrued. Income is said to be accrued when it becomes due, but it must also be accompanied by corresponding liability of the other party to pay the amount. Only then an income will be said to have accrued and is not a hypothetical income.

Reversal of Input Tax Credit Availed under GST Regime

Dilip K Raina 26 August 2019 at 10:54

One of the major steps to curb false/fraudulent claims of input tax credit was initiated under Goods and Services Tax regime by introducing a procedure to reverse the amount of input tax credit availed within 180 days in case no or part payment is made to the supplier of goods or services with interest as notified under section 50(1).

Predatory pricing under Income Tax Act

Dilip K Raina 19 August 2019 at 10:41

The dictionary meaning of the word PREDATORY PRICING: A pricing method of selling certain goods at a lower price than is required, or to give away goods for fre..

Supreme Court on Powers to Arrest under GST Act

Dilip K Raina 12 August 2019 at 11:19

On April 18,2019 a division bench of the Telangana High Court upheld the authority and power to arrest assigned to designated officers under the Goods ..