We know that provisions of sections 147 to 151 of the Income Tax Act,1961 deal with Reassessment and escaped assessment of income of an assessee. Income Tax Officer under these provisions reassess by reopening the cases assessed earlier on the believe that incomes or profits or gains chargeable to income tax has escaped assessment.
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This section is a neutral provision, neither revenue friendly unlike section 263 nor assessee friendly unlike section 264 of the Act. But it has limited application, since it is bound by the wording of "Mistake apparent from records"
In this article, the author shall discuss the due dates of ROC forms in relation to the Companies Act and LLP Act in the months of September, October, and November 2023.
This article helps to understand the applicability of GST on Cold Storage services, the Definition of Agri Produce as well as ITC claims on Buildings and Plant and Machinery.
Voluntary Compliance Encouragement Scheme VCES Suggestions to make it Successful CA Madhukar N Hiregange The VCES scheme purports to be for the 17 lakhs non filer and non payers. It is a variation of several amnesty scheme we have see
The Income Tax department has introduced the e-Appeals Scheme, a significant development aimed at streamlining the process of filing and processing appeals through electronic means.
Non-Banking Financial Companies (NBFCs) have been making important contributions to India�s economy. However, the Reserve Bank of India (RBI) still contro
07 August 2021 at 13:24
On 05.08.2021, FM Nirmala Sitharaman introduced a Bill to withdraw the retrospective amendments to the Income Tax Act, 1961 that had raised demands on Vodafone, Cairn and others.
In this editorial author shall discuss a very common point of Companies Act, 2013 that is in relation to Calculation of Due Date of Annual Forms.
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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