By FCS Deepak P. SIngh[ B.Sc., LLB, FCS, AIII, CRMP]: Dear friends, The Central Board of Direct Taxes (CBDT) has introduced Rule 132, which came into effect on October 1, 2022. Rule 132, deals with the re-computation of income under sub-section 18 of section 155 of the Income Tax Act, 1961, in the Income Tax Rules, 1962. The new rule impacts individuals having income from… Read More ...

By FCS Deepak P. SIngh[ B.Sc., LLB, FCS, AIII, CRMP]: Dear Friends, As you are aware that Supply of Goods and Services is the main ingredient for levying GST on goods and services. Hence it is important to know whether Virtual Digital Assets are Good or Service. In this article we are going to find out the same. Regards Read More ...

By FCS Deepak P. SIngh[ B.Sc., LLB, FCS, AIII, CRMP]: Dear Friends, We have witnessed various scams and frauds during regime of previous Congress Governments. The businessmen were in collaborations with political leaders have looted public money and many bank officials are also involved in those scams. Some businessmen had settled abroad after plundering public money from banks. They are still residing like king on… Read More ...

By FCS Deepak P. SIngh[ B.Sc., LLB, FCS, AIII, CRMP]: Dear Friends, THE DELHI HIGH COURT HELD THAT: Arbitration Agreement is with a Proprietorship concern “Yasikan Enterprise” and arbitration invoked by “Yasikan Enterprise Pvt Ltd” a company of the proprietor is not legal and tenable. An arbitration clause in an agreement is of personal in nature cannot be assigned unless an express consent received from… Read More ...

By FCS Deepak P. SIngh[ B.Sc., LLB, FCS, AIII, CRMP]: Dear Friends, THE APEX COURT OF INDIA HELD THAT: No Offence for dishonor of cheque under provisions of Section 138 of the NI Act, 1881 is made out if the cheque is presented for full amount without endorsing the part payment made by the borrower after issuance of the cheque. Regards Read More ...

By FCS Deepak P. SIngh[ B.Sc., LLB, FCS, AIII, CRMP]: Dear Friends, In this case Hon'ble Supreme Court held that : Borrower has appealed Order under SARFASEI ACT before DRAT and has deposited 50% of the contended sum. The appeal further withdrawn by the borrower and appealed for refund of deposit amount. The Bank contended it cannot be refunded. The Hon’ble Court held that the… Read More ...

By KAPIL GOEL ADVOCATE: Impact Analysis of Hon’ble Apex court recent verdict in case of :CHECKMATE SERVICES PVT LTD VS CIT-1 in CIVIL APPEAL 2833/2016 order dated 12 October 2022 On issue of : Allowability/treatment of “delayed” Employee PF/ESI Contribution Read More ...

By Mayank Mohanka, FCA, Partner S M Mohanka & Associates & Founder Director, TaxAaram India Pvt Ltd: After hectic Tax Audit times for AY 2022-23, now it’s time for some Tax Audit Fun Moments. So, this Blog articulates some hilarious Tax Audit QAs/visualisations conceived and visualised by the author Sh. Mayank Mohanka, FCA, which will help You in understanding some important reporting clauses in the Form 3CD Annexure in the Tax Audit… Read More ...

By CA VINAY V. KAWDIA: Where the assessee had not recognized the amount of VAT/GST payable / paid in its Profit & Los s Account and had only made entries in the Balance Sheet, are the provisions of section 43B of the Act attracted in the case? The issue is explained in view of the cumulative provisions of sections 145A… Read More ...

By FCS Deepak P. SIngh[ B.Sc., LLB, FCS, AIII, CRMP]: Dear Friends, The NCLAT held that Promoters of Corporate Debtors cannot claim discrimination ,while implementation of Approved Resolution Plan. Since Promoters as personal guarantor of the Corporate Debtor are relative party and hence they are not allowed to participate in the Resolution Plan. Regards Read More ...