CAclubindia Articles

Insolvency and Bankruptcy Code, 2016 - Boon and Curse

Affluence Advisory 31 July 2024 at 08:40

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

CS Divesh Goyal 30 July 2024 at 13:08

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

CA Sudhir Halakhandi 30 July 2024 at 08:39

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

Sachin 30 July 2024 at 08:31

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

CA Umesh Sharma 29 July 2024 at 12:46

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

Naina Rajgoplan 29 July 2024 at 12:46

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

Sachin 29 July 2024 at 08:35

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

CA Prateek Agarwal 29 July 2024 at 08:35

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

CA Sudhir Halakhandi 27 July 2024 at 09:53

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

Secretarial Audit Compliance under Companies Act, 2013

Affluence Advisory 27 July 2024 at 08:42

Secretarial Audit is a compliance audit and it is a part of total compliance management in an organization. The Secretarial Audit is an effective tool for corporate compliance management. It helps to detect non-compliance and to take corrective measures.