• Unexplained Cash Credit The Litmus Test K. Vaitheeswaran Advocate
    Section 68 of the Income Tax Act, 1961 deals with unexplained cash credits. Where there are cash credits in the books of accounts and the Assessee has no explanation about the nature and source or the explanation offered in the opinion of the Assessing Officer is not satisfactory.
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  • Interim Budget 2019 Analysis of Direct Tax Proposals
    No change in tax slabsChanges to Section 87A dealing with rebate rebateAssuming Assuming Mr .Ahas taxable taxable income income of Rs .5lakhs, lakhs, the tax tax at 5%would be Rs .12 ,500500 (5%of Rs .2.5lakhs) lakhs). On account account account of the rebate, rebate, no tax would be payable payable
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  • Tax audit report u/s 44AB - Has it travelled beyond business or profession?
    The print and social media is abuzz with accounting professionals lamenting about the non-availability of time and representations being made by the premier accounting body, ICAI for extension of time. Previously an amendment in the tax audit report form created an issue with the Board deferring the implementation of some…
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  • Union Budget 2018 - Analysis of Direct Tax Proposals
    No change in tax taxslabsBig disappointment disappointment disappointment disappointment since since asubstantial substantial increase was expected expected expected expectedNo major relief through through through throughChapterChapter ChapterVIA deductions deductions deductions
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  • Direct Tax Alert — ICDS - Delhi High Court
    Notification No. 87/2016 dated 29.09.2016 was issued by the CBDT in exercise of powers available under Section 145(2) of the Income Tax Act, 1961 and the Government notified 10 Income Computation and Disclosure Standards (ICDS) to be followed by Assessees following mercantile system of accounting for the purpose of computation…
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