CAclubindia Articles

IT Department May Impose Rs 10 Lakh Penalty For Non Disclosure of Foreign Income

Sahil Jaiswal 26 November 2024 at 10:47

The Indian government has taken a strong stance against non-disclosure of foreign income and assets, especially with the implementation of stringent provisions under the Income Tax Act and international agreements such as FATCA

Section 40A(3): No Disallowance for Excessive Payments If Business Expediency and Party Genuineness Are Established

Vivek Jalan 26 November 2024 at 08:44

Excessive payment u/s 40A(3) are not disallowed in case business expediency and identity and genuineness of parties are proved

Probate, LoA and Succession Certificate

Affluence Advisory 26 November 2024 at 08:40

When a person dies without leaving a Will ("Intestate Individual"), his/her succession is called Intestate Succession. It includes (a) Probate; (b) Letter of Administration; and (c) Succession Certificate.

Negative Impact of the GST Portal's New Invoice Management System on Quarterly Return Filers

CA Manoj Gupta 26 November 2024 at 08:40

The Goods and Services Tax (GST) portal has recently introduced a significant update in the form of an Invoice Management System (IMS).

Taxpayers Win - Favourable Case for Rebate u/s 87A on Short-Term Capital Gains

CA Umesh Sharma 26 November 2024 at 08:39

It's a noteworthy Beena Manishbhai Fofaria V/s CIT(Appeals) case that clarifies the application of Section 87A, especially after the amendments brought by the Finance Act, 2023. This ruling is beneficial for many taxpayers.

Why RBI won't cut rates?

Aditi Shinde 25 November 2024 at 08:48

A deep dive into why the RBI clings to high interest rates despite mounting pressure, balancing the scales between inflation control and economic growth. Will the December meeting finally break the cycle, or is price stability the ultimate goal?

Cracking the Direct Tax Code

CA Pallav Singhania 25 November 2024 at 08:43

The Direct Tax Code 2025 promises just that, aiming to simplify the tax system and empower taxpayers. Let's explore how this change could transform your financial journey!

Difference between "License" and "Royalty"

Vivek Jalan 25 November 2024 at 08:43

Receipts for Transfer of "Copyright" by a Non-Resident (not having a PE in India) to a Resident in India are taxable in India as 'royalty'. However, the Transfer of "License" is not.

Analysis of a Special Procedure for the Rectification of Orders Notified Under Section 148 of the CGST Act, 2017

Pounraj Ganesan 23 November 2024 at 14:10

Relief from demand raised due to wrong availment of ITC for FY 2017-18, 2018-19, 2019-20 and 2020-21 in Contravention of Section 16(4)

Direct Tax Vivad se Vishwas Scheme, 2024 - A Step Guide

Nabin Agarwal 23 November 2024 at 08:40

For cases where an appeal is pending before an appellant forum as of July 22, 2024.