CAclubindia Articles

Respond To Notice DRC-01

CA Ruby Bansal 28 December 2023 at 17:43

DRC-01 stands for "Demand and Recovery Certificate-01" is a form that is used by the officer under GST to issue a summary of the show cause notice to a taxpayer.

ITR Filing Due Date FY 2023-24 (AY 2024-25)

Shivani 28 December 2023 at 15:30

For FY 2022-23 (AY 2023-24), the original ITR filing deadline was July 31, 2023, with no late fee. If missed, you can file a belated return by December 31, 2023, but with a late fee and interest.

Decoding the Legitimacy of Business Expenses

CA Rakesh Ishi 28 December 2023 at 11:55

In a recent case, Swing Infraspace P. Ltd. found itself in the crosshairs of the Income Tax authorities concerning the allowability of certain expenses under Section 37(1) of the Income Tax Act, 1961.

Property Acquisition and Transfers in India: A Guide to FEMA Regulations for NRI/OCI and Foreign Nationals

DHANUSH D BOLAR 28 December 2023 at 08:52

FEMA does not define the term 'immovable property. In general, the term will include all types of immovable property residential, commercial, industrial or agricultural property.

Understanding Section 16 and Automating Form 16 Part B Preparation for 100 Employees in FY 2023-24

Pranab Banerjee 28 December 2023 at 08:52

Section 16- Standard Deduction, Entertainment Allowance, and Professional Tax: Unraveling the Tax Web with Automatic 100 Employees Form 16 Part B Preparation for the FY 2023-24

Minimum thirty days to be provided to reply to a GST SCN

Vivek Jalan 27 December 2023 at 14:21

Going to Tribunal under GST requires 30% pre-deposit. Moving to High Court in each case requires hefty charges which may be affordable in some cases but not in all cases.

Understanding TDS Under Section 195

CA Rakesh Ishi 27 December 2023 at 10:49

In the realm of cross-border transactions involving payments to non-residents, Tax Deducted at Source (TDS) plays a crucial role, especially under Section 195 of the Income Tax Act. A landmark case shedding light on the application of Section 195 is the Engineering Analysis Centre of Excellence (P) Ltd. vs. Commissioner of Income Tax & Anr.