CAclubindia Articles

Possession of material unearthed during search is prerequisite to invoke provisions of Section 153C of Income Tax Act

Affluence Advisory 23 April 2024 at 14:01

In the case of a non-searched person, whose books of account or documents were found during the search (referred to as "other person"), an assessment is made under Section 153C of the Act.

Can Interest Income on Fixed Deposits be treated as capital receipts?

CA Aman Rajput 23 April 2024 at 10:03

In this article, the author is going to discuss the details of the case of Deputy Commissioner of Income-tax v. BTW Atlanta Transformers India (P.) Limited., by examining arguments in above case, and the tribunal's decision, which will help us in understanding the broader implications for the taxpayers as a whole

Everything You need to about Filing ITR FY 23-24

CA Pallav Singhania 23 April 2024 at 08:39

As taxpayers in India gear up for another tax season, it's good to have the necessary knowledge to navigate the complexities of filing income tax returns for the financial year 2023-2024

Taxation of Immovable Property Sales by Non-Residents in India

CA Arun Tiwari 23 April 2024 at 08:39

Understanding the details of selling immovable property as a non-resident is crucial when it comes to taxes. Immovable property, commonly known as real estate, includes land, buildings, and permanent fixtures attached to the land. For non-residents looking to sell such assets in India, understanding the tax implications is vital.

Understanding the Scope of Accounting

Ishita Ramani 23 April 2024 at 08:39

Accounting covers a wide range of industries, including trade, business, government, financial institutions, private citizens, and all other sectors. The accounting concept governs all activities.

ITC on Motor Vehicles under GST: A Detailed Analysis

CA. Bhavik P. Chudasama 22 April 2024 at 17:44

This article delves into the eligibility of ITC on motor vehicles, with a particular focus on exceptions for vehicles exceeding 13 seating capacity and the scenario of renting motor vehicles.

Cash Transaction limit for FY 2024-25

Mitali 22 April 2024 at 17:33

Individuals depositing in savings accounts INR 10 lakh or more in a financial year must notify tax authorities.

Who is our "Sankatmochan" during Financial "Sankat"?

CA Umesh Sharma 22 April 2024 at 14:25

We'll be celebrating Hanuman Jayanti, honoring Lord Hanuman, known as Sankatmochan, the one who removes troubles. With his incredible strength and devotion, he has always been a symbol of hope during difficult times. Today, in our lives, especially when we face money problems, who acts as our Sankatmochan?

Various Types of Trusts and their Importance

Ishita Ramani 22 April 2024 at 08:33

Trusts serve several functions and are a vital component of the Indian legal system. A legal arrangement known as a trust designates a trustee to hold assets on behalf of beneficiaries. There are various types of trusts with distinct functions in India. The six distinct categories of trusts in India will be covered in this article.

Gold Price is shining - Know the reasons

Affluence Advisory 22 April 2024 at 08:33

Gold operates under the fundamental price dynamics of supply and demand, similar to other capital markets. However, the couple of underlying factors influencing these dynamics are often more distinctive and can be both rational and irrational.