CBDT has provided Guidelines for compulsory selection of returns for Complete Scrutiny for FY 2022-23. Also, procedure for compulsory selection has also been provided in the guidelines provided by CBDT.
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
The eligibility criteria for availing the loan is set by the lender and therefore, varies from bank to bank. Not just that, there are different eligibility criteria for the different schemes.
Practical Point of View in cases where Income is higher than 8%, but the person is declaring deemed profit as income u/s 44AD
You may be thinking to yourself, "Why should I be concerned about filing my taxes? After all, I don't owe anyone anything. " Well, let me tell you, there are many consequences of not filing an income tax return that can have a huge impact on your life. Here are 5 of them!
A new Web Form called "SPICe+" (pronounced "SPICe Plus") has been implemented by the Ministry of Corporate Affairs to replace the previous SPICe form as part of the Government of India's Ease of Doing Business (EODB) programmes.
The expression "ratification" was precisely defined by the English Court in one old case, Hartman v. Hornsby as under "Ratification" is the approval by act, word, or conduct, of that which was attempted (of accomplishment), but which was improperly or without proper authority performed in the first instance."
HRA is essentially a part of your salary and is tax exempted under section 10 (13A). In other words, HRA is an allowance given by your employer to pay for your accommodation. You are entitled to claim this allowance even if your employer doesn't pay an HRA or if you're self-employed.
The Proper Officer shall scrutinize the returns and related particulars furnished by the registered person to verify the correctness of the returns.
Reversal of ITC means reversal of ITC utilized earlier. By doing this, there will be an increase in the output tax liability and interest may also be required to be paid depending on when the ITC is reversed.
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