CAclubindia Articles

Changes in Income Tax in 2024: New Rules, New Opportunities!

CA Umesh Sharma 17 December 2024 at 08:53

The government has focused on simplifying tax laws, improving compliance and promoting economic growth. Let us analyze the major changes.

Understanding Old vs. New Tax Regime for NRIs: Which Is Better?

CA Arun Tiwari 17 December 2024 at 08:53

This guide breaks down the features, pros, and cons of both regimes, helping NRIs choose the one that best suits their financial goals.

New Process for Condonation of Delay in Filing Forms 9A, 10, 10B and 10BB: Key Highlights of Circular 16/2024

CA Varun Gupta 17 December 2024 at 08:53

In certain instances, due to unforeseen circumstances, the assessee or auditor may file the audit report for the trust in Forms 9A, 10, 10B, or 10BB after the due date. As a result, it has become a common practice for the IT Department to treat the receipt amount as income of the trust and levy tax on it.

Section 270A(9): Importance of Citing Specific Clauses for Alleged Income Misreporting

Vivek Jalan 16 December 2024 at 08:47

The concepts of 'underreporting of income' and 'misreporting of income' are two different charges with very clear boundaries. Sec. 270A(2) of the Income Tax Act deals with the concept of 'underreporting of income'

Arbitrary Rejections of Section 154 Rectification Requests Challenge Taxpayers

CA Varun Gupta 16 December 2024 at 08:47

The recent rejection of a rectification request under Section 154 of the Income Tax Act, 1961, by the Income Tax Department without providing any explanation has drawn criticism.

Transfer Pricing and the Indian GST

CA Smita Khurana 16 December 2024 at 08:47

This article explores the interaction between Transfer Pricing and GST in India, along with the implications for businesses.

GST Demand Recovery: From Taxpayer to Debtor

Mitali 14 December 2024 at 13:48

A GST demand arises when a taxpayer fails to pay their due taxes.

How to Avoid Penalties by using Tracking GST Returns Due Date

Ishita Ramani 14 December 2024 at 08:54

Here's how you could avoid consequences using correctly tracking the GST returns due date.

Online Repository - SEBI tightens grip on IPO related due diligence

Affluence Advisory 14 December 2024 at 08:54

On investigation, SEBI found that the disclosures in offer documents given by the SMEs were false and misleading. In furtherance to this SEBI has brought certain reforms to avoid similar situations.

Advance is taxable in the year of receipt

Vivek Jalan 13 December 2024 at 06:21

In the case of a works contractor, an AMC provider, or another service provider, collection of the entire year's charges is done one go in advance. The amount is many a time recorded as "current liability" in the balance sheet as "income received in advance."