Revision of orders prejudicial to revenue (1) The Principal Commissioner or the Commissioner may, for the purposes of revising any order passed in any proceeding under this Act before any tax authority subordinate to him, call for and examine all available records relating thereto. (2) The Principal Commissioner or the Commissioner may, after giving the […]
The Finance Act of 2020 introduced Section 115BAC into the Indian Income Tax Act. This section allows individuals to choose between old tax rates and new reduced tax rates. Both regimes come with their own share of deductions and exemptions. This article sheds light upon the deductions under the new tax regime introduced under section
Hearing before Supreme Court (1) The provisions of the Code of Civil Procedure, 1908 (5 of 1908), relating to appeals to the Supreme Court shall, so far as may be, apply in the case of appeals under section 21 as they apply in the case of appeals from decrees of a High Court. (2) The
Appeal to Supreme Court An appeal shall lie to the Supreme Court from any judgment of the High Court delivered under section 19 which the High Court certifies to be a fit case for appeal to the Supreme Court.
Prevention of Money Laundering Act, 2002 (PMLA) was enacted to fight against the criminal offence of legalizing the income/profits from an illegal source. The Prevention of Money Laundering Act, 2002 enables the Government or the public authority to confiscate the property earned from the illegally gained proceeds. In simple words, money laundering means converting illegally
Implementation of GST has seen as a great tax reform that will unify the entire nation, as far as taxation is concerned. This has been beneficial for various sectors, at the same time, implementation of GST will have social consequences on charities and the non-profit organizations. What is GST? A person who carries any
A Trademark is an important identity for every business. However, trademark registration involves registering the design under the proper classes of trademark. What is Trademark? A trademark is an intellectual property that grants the owner exclusive rights over a word, symbol, logo, phrase, design, sound, or expression. Such a trademark cannot be used by any
Form 16 is a document issued under Section 203 of the Income Tax Act 1961. It is issued by an employer to their employee and serves as a certificate of Tax Deducted at Source (TDS) on salary income. It ensures that the employer successfully submits the TDS to the Income Tax Department. Simply put, Form
HUF is a separate legal entity from its members and is created primarily to save taxes on income. As per Hindu law, a HUF consists of all people from a common ancestor. Their wives and unmarried daughters are also a part of HUF. What is a HUF? HUF means Hindu Undivided Family. You can save taxes
In the world of legal practice, efficient case management is crucial for success. As litigation becomes increasingly intricate and voluminous, law firms and legal departments are embracing technology to streamline their processes and maintain order. One essential tool in this context is the litigation tracker, a dedicated instrument for case management that provides a centralized
CA Bhuvnesh Kumar Goyal
Chartered Accountants
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9971782649
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