Articles by Dilip K Raina

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Effects of notice issued under section 153A of the Income Tax Act 1961

Posted by Dilip K Raina 17 February 2020 15090 Views

Effects of notice issued under section 153A of the Income Tax Act 1961

Section 68 of the Income Tax Act 1961- Judicial Interpretation

Posted by Dilip K Raina 11 February 2020 26368 Views

As per the judicial interpretation of Section 68 of the Income tax Act 1961- Unexplained cash credits, the responsibility of the assessee is to prove the identity of the creditor, genuineness of the transactions and credit-worthiness of the creditor. Here is the detailed judicial interpretation.

A Word of caution to Charitable Institutions

Posted by Dilip K Raina 03 February 2020 2345 Views

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

Posted by Dilip K Raina 21 January 2020 21147 Views

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

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

Posted by Dilip K Raina 09 October 2019 7992 Views

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

Posted by Dilip K Raina 11 September 2019 5215 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 02 September 2019 14555 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 25 August 2019 17759 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).

Predatory pricing under Income Tax Act

Posted by Dilip K Raina 19 August 2019 8045 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...

Supreme Court on Powers to Arrest under GST Act

Posted by Dilip K Raina 11 August 2019 11465 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 ...