Crackdown on Fake Political Donations under Income Tax Act The Income Tax (I-T) department has initiated a crackdown on fake political donations by sending verification SMSes to individuals claiming deductions under Section 80GGC of the Income Tax Act. This section allows for deductions on donations made to political parties, but the donations must be made… Read More »
AI in Accounting and Finance: Key Takeaways Transformation: AI is revolutionizing accounting and finance by automating tasks, improving data analysis, and offering strategic insights. Efficiency and Accuracy: This leads to increased efficiency, accuracy, and allows professionals to focus on higher-value work. Native AI Integration: Integrating AI directly into core accounting and finance software is crucial… Read More »
ICAI (Aggregation of LLPs) Guidelines 2024: Key Points Effective Date: 23rd January 2025 Purpose: Allows eligible LLPs to combine and operate as a single unit with enhanced capabilities. Eligibility: LLPs with >50% practicing Chartered Accountants as partners. Majority criteria calculated based on both the number of partners and their profit-sharing ratio. Partner LLP can join… Read More »
ICAI (Aggregation of LLPs) Guidelines 2024. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (Chartered Accountants) NOTIFICATION New Delhi, 23rd January, 2025 No. 1-CACAF/LLP-F/2025- In exercise of the powers conferred by Section 15(2) (fa) of the Chartered Accountants Act, 1949, as amended from time to time, the Council of the Institute of Chartered Accountants of India… Read More »
TRACES and ITBA are now protected systems under InformationTechnology Act 2000 MINISTRY OF FINANCE (Department Of Revenue) NOTIFICATION New Delhi, the 28th January, 2025 S.O. 498(E).—In exercise of the powers conferred by sub-sections (1) and (2) ofsection 70 of the InformationTechnology Act, 2000 (21 of 2000), the CentralGovernment hereby declares the following computer resources of… Read More »
Empanelment of Chartered Accountant firms/LLPs for the year 2025-2026 5th January, 2025 ANNOUNCEMENT OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA 9, DEEN DAYAL UPADHYAYA MARG, NEW DELHI – 110 002 Empanelment of Chartered Accountant firms/LLPs for the year 2025-2026 Online Applications are invited from Chartered Accountant firms/LLPs who desire to be empanelled with… Read More »
7 IMPORTANT GST CASE LAW 28.01.2025 Sr No Case Law Title Brief Summary Citation Relevant Act 1 Principal Commissioner of Goods and Service Tax v. Delhi Metal Company Leave petition dismissed as the revenue sought to withdraw the appeal. Assessee has the right to cancel their GST registration after closing their business Click here Section… Read More »
Provisional Release of Seized Goods Allowed pending adjudication of the SCN Under Section 130 of the CGST Act Summary in Key Points: Issue: Whether goods seized under Section 67 of the CGST Act can be provisionally released to the assessee pending adjudication of a show cause notice (SCN) under Section 130. Facts: The assessee’s goods… Read More »
GST Demand Notice Set Aside for Lack of Proper Consideration of Assessee’s Response Summary in Key Points: Issue: Whether a show cause notice (SCN) issued under Section 74 of the GST Act is valid when it fails to consider the assessee’s detailed response to a prior intimation and merely repeats the allegations without addressing the… Read More »
Invalid Assessment of a Deceased Person under GST and Issuance of Notices After Cancellation of Registration Summary in Key Points: Issue: Whether an assessment order and notices issued after the death of the assessee and cancellation of their GST registration are valid. Facts: The proprietor of the assessee-firm passed away, and the firm’s GST registration… Read More »