INTRODUCTION: Why Section 68 was introduced under Income Tax Act, 1961. There was a great need and importance for introducing the provisions of section 68 under the income tax act, 1961 to safeguard and protect the interest of revenue, as assesses was engaged in harmful tax practices to evade tax in the form of fake cash credit entries in the books of account, after introduction of this section m......

There is an utmost importance of Revisional authorities under Tax laws (both under Income Tax Law and GST Law) to safeguard and protect the interest of revenue as they act as a reviewer of the orders passed by the lower authorities which fall under their respective jurisdictions. Under Income Tax Act, 1961 there exists a provision under section 263 and 264 where Commissioner of Income tax can rev......

There is a great need and importance of thorough checking of Form 26AS before filing Income Tax Return, as it is an Annual tax statement which provide the details of tax paid, tax deducted or collected at source as the case may be of the respected assesse. Assesse has to mandatorily disclose the corresponding income in his ITR which is reflecting in the Form 26AS against which TDS/TCS has been mad......

In today’s world and current scenario, where every corner of the world is switching towards digitalization, why CA. profession will remain behind we are the doctors of Indian Economy who take care of every financial and business consultancy needs of the citizens. The ICAI has setup a board named DAAB (Digital Accounting and Assurance Board) to take care and focus on the issues in accounting......

There was a great contribution of Chartered Accountants in Indian economy post-independence, rather we should say world economy as members of ICAI has a presence in almost every developed and developing countries of the world engaged in providing quality services in the field of accountancy, finance, auditing , business consultancy etc. In India, CA.’s are engaged in providing services righ......

There is a great and importance of Tax Information Exchange Agreement in India because as per section 90(1) of Income Tax Act, 1961, Government of India i.e. Central Government can enter into Double Taxation Avoidance Agreement with other countries so as to avoid double taxation of income in both the countries. The basic concept behind DTAA is to ensure that there should not be undue hardship in t......

In this article, we will understand why section 94A was introduced and what was the need for invoking such provisions under the Income Tax Act,1961. Section 94A was introduced by Finance Act, 2011 by the Central Government in order to notify certain jurisdictions from which India has no such agreements or arrangements of Sharing/ Exchanging Tax information of the assessee. Central Government has ......

Before coming on the main article, let’s understand why there is a need for invoking such provisions of section 194-IA under income tax act, 1961. There is a great need and importance of invoking such provisions in income tax so as to curb the circulation and flow of black money in India. Many Real Estate dealers cast their transactions in such a way so as to avoid taxation and most transac......

In the era of fast-changing technology and data analytics, Income Tax Department too empowered itself with one of the most enabling data-sets which allowed itself to peep itself into the assessee’s deeper secrets by laying down the responsibility on Financial Institution like Banks, Registering authority empowered to register vehicles under Motor vehicles act, 1988, Registrar or Sub-Registra......

The Constitution of India guarantees the citizens of the country certain fundamental rights. Therefore, under any system of rule of law, the right to appeal for redressal of one’s grievances is generally inbuilt. Under the Income Tax Act, 1961 following two alternatives are available to the assessee if he is not satisfied with the order passed by the Assessing Officer; 1) Appeal: First appe......

In this article, we will be discussing the precautions to take care while entering into a real estate transaction. Let us understand this article in the form of a short story; There are two brothers namely Pushp Kumar Sahu and Uday Kumar Sahu who have entered into a transaction of immovable property worth 48 lacs INR in cash. (value as per Stamp valuation authority 60 lacs INR ) But being not aw......