CAclubindia Articles

Unified Tax System? Revenue Secretary's Statement Sparks Debate on Old Regime

Posted by Sachin 31 July 2024 1129 Views

Income Tax Regime: Is the Old System Going to Become History? A Unified Tax System in India? Discussion Stirs Following Statement by Revenue Secretary

Insolvency and Bankruptcy Code, 2016 - Boon and Curse

Posted by Affluence Advisory 31 July 2024 258 Views

The Insolvency and Bankruptcy Code, 2016 (IBC) is an Indian Law which creates a consolidated framework that governs insolvency and bankruptcy proceedings for corporate person, partnership firms, and individuals.

Due Date of CSR-2: FY 2023-24

Posted by CS Divesh Goyal 30 July 2024 773 Views

CSR-2 has been introduced MCA vide notification dated 11th February 2022 by amendment in Companies (Account) Amendment Rules 2022. CSR-2 shall be applicable for FY 2020-21 and onwards.

Budget 2024: The New Section 74A - An Analysis

Posted by CA Sudhir Halakhandi 30 July 2024 1601 Views

In the financial year 2024-25, Section 74A will replace both Sections 73 and 74, consolidating the calculation of tax and penalty under a single section for both the fraud and non-fraud cases

Income Tax Refund: Expect Delays This Year Due to New AI Scrutiny System

Posted by Sachin 30 July 2024 6237 Views

This year, taxpayers should anticipate delays in their income tax refunds. The government has implemented a rigorous (Strict) new system for scrutinizing income tax returns (ITRs) using a specially designed, self-automated artificial intelligence (AI) software program.

5 Most Important Proposals in Capital Gains in Budget 2024

Posted by CA Umesh Sharma 29 July 2024 1559 Views

Arjuna (Fictional Character): Krishna, The Hon'ble Finance Minister has recently presented the budget for 2024, which has brought about many proposals of change...

Income Tax Notice for Cash Deposits - Check These 6 Transactions

Posted by Naina Rajgoplan 29 July 2024 2767 Views

Then are the six deals that can attract an income duty notice for cash deposits

ITR Filing Due Date: July 31, 2024 - A Discussion on Advantages and Disadvantages

Posted by Sachin 29 July 2024 1734 Views

The deadline for filing Income Tax Returns (ITR) for the financial year 2023-24 in India is set for July 31, 2024. While the due date provides a clear timeline for taxpayers to fulfill their tax obligations, it has sparked a debate about its implications. Let's delve into the advantages and disadvantages of having a fixed due date and the effects of extending it.

Understanding Professional Skepticism: A Cornerstone of Effective Auditing

Posted by CA Prateek Agarwal 29 July 2024 383 Views

This article explores the definition, importance, and practical applications of professional skepticism in the auditing process.

Budget 2024: Amnesty Provisions under Section 128A w.r.t. Section 73 Demands

Posted by CA Sudhir Halakhandi 27 July 2024 1704 Views

In the Budget 2024, a new Section 128A has been proposed by the Finance (No.2) Bill -2024. Under this section 128A, for certain financial years, from 2017-18 to 2019-20