22 Mar Guidelines Regarding Cash Limits in Home under Tax Regulations
Under the provisions of the Income-Tax Act (ITA) of 1961, there exists no stipulation on the maximum amount of cash permissible to be kept within one's residence....
Taxation Guidelines. Tag
21 Mar Auditor’s Accountability for Audit Trail Reporting
An essential aspect of maintaining financial transparency and accuracy is the implementation of an audit trail, which serves as a detailed record tracking the origin and modifications of financial transactions within a system. Auditors are obligated to report on the adequacy and effectiveness of these...
21 Mar Madras HC Instructs Revenue Authority to Expedite GST Rectification Process
In the matter of M. Venkataraj versus Assistant Commissioner (ST) [W.P. No. 18949 of 2023 dated November 8, 2023], the Honorable Madras High Court instructed the Revenue Department to address the rectification application submitted by the Petitioner within a timeframe of three months from the...
21 Mar CBDT issues corrigendum to include sec. 43B(h) disallowance under clause 22 of Form 3CD
The Central Board of Direct Taxes (CBDT) introduced amendments to Form 3CD through Notification No. 27/2024 /F. No. 370142/3/2024-TPL, dated 05-03-2024. These amendments primarily focused on enhancing disclosures related to certain provisions of the Income Tax Act....
20 Mar Guidelines on Cash Limits and Tax Implications for Individuals
As per the Income-Tax Act (ITA), 1961, there is no restriction on the amount of money stored in the house; in case of an income tax raid, an individual is required to present the source of the money....
20 Mar Filing of Form 10-IEA for Income-Tax Return
The Income-Tax Department has introduced Form 10-IEA for individuals who wish to switch back to the old tax regime from the new one....
20 Mar Exploring Rule 31C: Understanding the Valuation of Gaming Supplies in CGST Rules
The advent of the Goods and Services Tax (GST) in India has ushered in a new era of tax regulations, particularly impacting the gaming and casino industry....
09 Mar Update on Option to File ITR-U Under Section 139(8A) of IT Act
The Income Tax Department has released a recent update, dated March 7, 2024, regarding the provision to submit an Updated Income Tax Return (ITR) under section 139(8A) of the Income Tax Act, 1961....
05 Mar Understanding ITR-U: Definition and Updates
ITR-U, or Updated Income Tax Return, is a form introduced by the government to allow taxpayers to rectify errors or omissions in their previous income tax returns. It can be filed within two years from the end of the relevant assessment year....
05 Mar Income Tax Department enabled the Online Filing of Form I SWF
On March 04, 2024, the Income Tax Department released a notification announcing the activation of online submission for Form I SWF, as outlined in Circular No. 15 of 2020, issued on July 22, 2020....