Articles by Dilip K Raina

GST on Club Subscriptions: Not Applicable

Posted by Dilip K Raina 15 July 2020 19669 Views

Discover if GST applies to membership and admission fees for clubs. Learn about the 'mutuality' principle and recent rulings.

Virtual Audits: Are Chartered Accountants Ready?

Posted by Dilip K Raina 15 May 2020 6035 Views

Discover how chartered accountants can adapt to virtual audits. Learn about client profiling, standard audit programs, and effective virtual audit processes.

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

Posted by Dilip K Raina 09 March 2020 5221 Views

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

Posted by Dilip K Raina 29 February 2020 14560 Views

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

Posted by Dilip K Raina 22 February 2020 17772 Views

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).

Section 153A Notice: Can You Revise Claims?

Posted by Dilip K Raina 17 February 2020 15101 Views

Discover if you can make revised claims after receiving a Section 153A notice. Learn about the High Court's ruling on assessment abatement and new claims.

Predatory pricing under Income Tax Act

Posted by Dilip K Raina 15 February 2020 8053 Views

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...

Section 68 Income Tax Act: Judicial Interpretation & Cases

Posted by Dilip K Raina 11 February 2020 26383 Views

Understand Section 68 of the Income Tax Act 1961 regarding unexplained cash credits. Explore key judicial interpretations and recent Bombay High Court rulings.

Supreme Court on Powers to Arrest under GST Act

Posted by Dilip K Raina 08 February 2020 11471 Views

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 ...

Essence of Tax Audit vis-a-vis Revenue

Posted by Dilip K Raina 03 February 2020 8991 Views

Tax audit is an important tool for revenue department which ensures compliance of various provisions of income tax act, reduces the cost in context of diversity...