Cuttack ITAT cancels penalties under sections 271D and 271E, ruling that the Assessing Officer must record satisfaction in the assessment order before initiating penalty ...

Compare AS 11 and Ind AS 21 on accounting for foreign exchange rates. Understand the differences in how they handle monetary items, and the capitalization of exchange ...

Summary of the significant capital gains tax changes from the Finance Act 2024, effective July 23rd, including new holding periods, tax rates, and ...

ITR-3 is the tax form for individuals and HUFs with business or professional income. Learn who must file, the types of income covered, and important ...

The Bombay High Court ruled that a capital gains exemption for multiple residential properties before the 2014 amendment is valid, reaffirming a liberal interpretation of tax ...

The Supreme Court ruled that a show cause notice, not a summons, initiates GST proceedings, clarifying Section 6(2)(b) and preventing dual tax authority ...

Delhi High Court reduced the pre-deposit amount bearing in mind the financial constraints and held that the question as to whether the imported components constituted E-Rikshaw themselves shall also ...

While computing arm's length price (ALP), it is required both the tested party and the comparable should have similar financial year endings for proper analysis of the functions performed, assets ...

NCLT rules that the IBC's moratorium applies to all proceedings against a corporate debtor, including quasi-judicial and assessment proceedings, upholding its purpose as a protective ...

The Supreme Court of India ruled that presenting a cheque for its full amount after a partial payment was made does not constitute a Section 138 offense if ...

Understand the difference between a profession and a business for income tax purposes. Learn about special tax provisions for professionals like Section ...

A guide to accounting for R&D in India under Indian GAAP and Ind AS 38. Learn the difference between research and development ...