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Income Tax
The Importance of Audit Trail and Documentation
In today's fast-paced business environment, maintaining robust audit trails and comprehensive documentation is more critical than ever. For organizations of all sizes, these practices are essential not only for compliance and regulatory purposes but...
General
Union Budget 2024: What to Expect and Anticipate
The Union Budget is one of the most anticipated events in the economic calendar of India. It sets the tone for the country's financial and economic policies for the year ahead. As we approach...
Income Tax
Old Tax Regime or New Tax Regime: Which one would benefit the salaried employees in India?
The tax system that existed before the implementation of the new regimeis the old tax regime. To design an efficient salary structure and payminimal tax, employees have an option to choose between the old...
Income Tax
AMT Basics: A Guide for Taxpayers
Alternate Minimum Tax (AMT)
To encourage investment, the Indian government offers tax benefits to reduce individual tax burdens. However, consistent tax revenue is essential for funding development and public services. To ensure minimum tax collection...
General
DTAA – Double Tax Avoidance Agreement: Insights
In today's interconnected global economy, entrepreneurs are increasingly expanding their businesses across international borders. However, along with the opportunities come challenges, one of which is navigating the complex realm of taxation. Double taxation, wherein...
Income Tax
Taxpayer’s Delight: Clearing Small Demands, Easing Burdens!
On 1st February 2024, Finance Minister Nirmala Sitharaman announced during the interim budget the waiver of small outstanding demand under the Income Tax Act, 1961, Wealth Tax Act, 1957 or Gift Tax Act, 1958. The Income Tax department...
Case Laws
SEBI EX-PARTE AD INTERIM ORDER AGAINST GROWPITAL PLATFORM: A CLOSER LOOK
INTRODUCTION
In recent months, the Growpital Platform has gained attention for its promises of lucrative investment opportunities in the agricultural sector, boasting tax-free assured returns for investors. But behind the allure of guaranteed profits lies...
Income Tax
CAN THE CASE BE REOPENED AFTER THREE YEARS ON THE BASIS OF INFORMATION OF SALE TRANSACTION OF A LAND AMOUNTING TO RS.90 LAKHS WHICH...
To address this issue, let us first understand an interplay of Sec 148,148A and 149(1)(b) and the relevant extracts are re-produced below:
Section 148 of the Act- income escaping assessment
Before making the assessment, reassessment or...
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