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Income Tax

ICAI’s Key Suggestions for the Union Budget 2025

With the Union Budget 2025 set to be presented by Finance Minister Nirmala Sitharaman on February 1, the Institute of Chartered Accountants of India...

Team Counselvise - January 30, 2025

Income Tax

Most Common Tax Disputes in Income Tax

Income tax disputes are a recurring challenge for taxpayers and tax authorities worldwide, and 2024 has been no exception. As tax systems evolve and...

Team Counselvise - January 28, 2025

Latest Articles

Is RBI’s latest circular on Crypto currencies a green signal for Legalization/Regularization of crypto currency trading in India?

Legalization/ Regularization of crypto currency trading in India?

Sourabh Agarwal - June 5, 2021

Income Tax

A time barred order u/s 263 is bad in law.

Begani Dyeing Mills Pvt.Ltd., Surat v. The Pr.CIT., Surat Facts of the caseThe case of the assessee was selected for scrutiny through CASS and...

Anjali Garg - June 4, 2021

Case Laws

When Assessing Officer admitted the genuineness of transaction in his Remand report, addition cannot be confirmed by CIT(A)

Sh. Mukesh Nanubhai Desai vs ACIT Facts of the case Assessee has earned exempt income of Rs. 8,67,79,658/- on account of Long term capital gain on...

Khushi Surana - June 4, 2021

Case Laws

Revision u/s 263 cannot be made on a issue which was never a part of the assessment order to be revised.

Nilkanth Developers vs PCIT - 3 Facts of the case Assessment order u/s. 143(3) was passed 26.03.2013 for A.Y.2010-11 disallowing deduction claimed u/s. 80IB(10) of Rs.1,25,78,872/-. The...

Shyam Mangukiya - June 4, 2021

General

Format of Statutory Auditors Report for FY – 2020-21

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF ABC PRIVATE LIMITED Report on the Audit of the Financial Statements Opinion: We have audited the accompanying Financial Statements of ABC PRIVATE LIMITED (“the...

CA Yash Kapadia - June 1, 2021

Case Laws

Cash deposited by a client in insurance agent’s bank account is mere remittance.

Ashish N. Vashi vs ITO Facts of the case The assessee is an insurance agent, he used to collect cash from various parties...

Rahul Manglam - May 29, 2021

Attention Taxpayers: New I-T portal to be activated from June 7, existing portal will be unavailable from June 1-6

The Income Tax Department will launch a new income tax filing portal on June 7. What new income tax makeover aims at? The new e-filing portal (www.incometax.gov.in) is aimed at...