-
FRQRR Analysis: NFRA Review of PSP Projects Ltd. Financial Reporting Quality
The National Financial Reporting Authority (NFRA) is mandated by the Companies Act, 2013, to monitor and enforce compliance with accounting standards. NFRA’s FRQRR of PSP Projects Ltd. highlighted sig...
-
Delhi High Court Upholds Charity Tax Exemption, Even with TDS on Grants
HighlightsThe Delhi High Court ruled that Tax Deducted at Source (TDS) on grants doesn't disqualify NGOs from claiming tax exemption under Section 11 of the Income Tax Act.The mere presence of TDS und...
-
Remission of Petty Direct Tax Demands: Analyzing the CBDT Order for Taxpayer Relief
Editorial NoteThis article examines the Central Board of Direct Taxes (CBDT) order dated February 13, 2024, which aims to clear outstanding direct tax demands up to a certain threshold for assessment...
-
Queries and Replies: How to Mitigate Capital Gains Tax on Share Exchanges.
Can an individual who trades shares transfer their personally held shares to a private company they own shares in, in exchange for share capital in the company? If so, would this transaction attract c...
-
Queries and Replies: Navigating the Tax Complexities of Agricultural Cash Transactions
Navigating the Tax Complexities of Agricultural Cash TransactionsQuery:Dear Sir,I have a client who is a farmer facing two income tax concerns. I'd appreciate your guidance on legal responses and supp...
-
ICSI Advisory: Beware of CSMEMBERS.IN | Official Notice
Introduction: The Institute of Company Secretaries of India (ICSI) has issued an official advisory regarding the website CSMEMBERS.IN, clarifying its affiliation status and urging caution among stakeh...
-
ICAI 2024 Vision: Drishti Framework & AI Advancements
On 21st February 2024, the Institute of Chartered Accountants of India (ICAI) heralded a new chapter under the leadership of its newly elected President CA. Ranjeet Kumar Agarwal. At a press conferenc...
-
Income-tax (Amendment) Rules 2024 – Changes in ITR-2, ITR-3 & ITR-5 Schedule CG
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, has issued a significant corrigendum through Notification No. 22/2024 on 21st February 2024, amending the I...
-
Supreme Court Annual Digest : Income Tax
TaxCorp Daily Supreme Court Annual Digest : Income Tax 1. Section 153C RetroactivityThe 2015 amendment to Section 153C expands its reach. Previously, it applied to documents indicating undisclosed ass...
-
Draft Guidelines for prevention and regulation of Greenwashing
Introduction: The Central Consumer Protection Authority (CCPA) is taking a proactive stance against deceptive environmental claims, known as “Greenwashing.” Under the powers conferred by the Consumer...
-
GST Council Newsletter for the month of January 2024
The Finance Bill 2024 proposes substitution of Section 20 of the IGST Act to make registration as an Input Service Distributor (ISD) mandatory for the procurement of common input services and the dist...
-
Draft Guidelines for Prevention of Misleading advertisement in Coaching
Introduction: The Central Consumer Protection Authority (CCPA) has taken a significant step towards consumer protection by proposing guidelines to prevent misleading advertisements in the coaching sec...
-
IFSCA Forms Advisory Committee on Exchange traded Currency Derivatives
Introduction: The International Financial Services Centres Authority (IFSCA) plays a pivotal role in shaping India’s financial landscape, specifically within International Financial Services Centres (...
-
FAQs on Cost Records Maintenance and Audit under Companies Act, 2013
The Institute of Chartered Accountants of India FAQs Frequently Asked Questions on Maintenance of Cost Records and Audit thereof Under the Companies Act 2013 Technical Cell The Institute of Cost Accou...
-
Urgently Addresses Contempt Cases of HC: Odisha Government Directive
Introduction: The General Administration & Public Grievance Department (GAD) of the Government of Odisha, in a recent directive (GAD-SER2-CASE1-0005-2024), has addressed the issue of non-implementatio...
-
MCA operationalises CPC for Centralised Processing of Corporate Filings
Introduction: The Ministry of Corporate Affairs (MCA) has taken a significant leap towards enhancing Ease of Doing Business with the operationalization of the Central Processing Centre (CPC) for Corpo...
-
Finance Act 2024: President Grants Assent
On February 15, 2024, President Droupadi Murmu granted his assent to the Finance Act 2024 (Budget 2024), officially bringing the government’s budgetary proposals for the financial year 2024-25 into ef...
-
SEBI Consultation Paper on Ease of Doing Business Initiatives for Portfolio Managers
Introduction: The consultation paper aims to gather public feedback on proposals for improving the ease of doing business for Portfolio Managers (PMS). These proposals, initiated by SEBI, address regu...
-
Inventory Valuation: Cost Accountants Empanelment by Delhi Income Tax Office
The Office of the Principal Chief Commissioner of Income Tax, located at C.R. Building, I.P. Estate, New Delhi, has officially announced a call for applications from qualified Cost Accountant entities...
-
Draft IRDAI (Protection of Policyholders’ Interests & Allied Matters of Insurers) regulations 2024
The Insurance Regulatory and Development Authority of India (IRDAI) has embarked on a comprehensive review of its regulations to strike a balance between easing the business environment for insurers a...