The income tax law mandates an audit called ‘Tax Audit’. Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity. As per these provisions, tax audit shall be...
In a significant ruling, the Income Tax Appellate Tribunal (ITAT), Jaipur bench has held that the income tax law does not permit the assessee to set off the amount of loss from the sale of...
The Delhi bench of the Income Tax Appellate Tribunal (ITAT), has recently allowed an illiterate assessee a fresh opportunity to produce the documents before the assessing officer since he was not properly represented by the...
The Institute of Cost Accountants of India (ICMAI) has requested the Central Government to include the cost accountants fraternity to appear as authorized representatives under the Income Tax Act, 1961. “With the intention of the...
The Income Tax Appellate Tribunal (ITAT), Kolkata bench has held that the income tax law does not prohibit a partner from drawing remuneration/ salary from more than one partnership firm. During the course of the...
A two-judge bench of the Madras High Court has held that the provisions of the Income Tax Law are apolitical and areligious in character, and salaries and grants-in-aid to nuns and missionaries are liable to...
The Comptroller & Auditor General (CAG) in its recent report presented before the Lok Sabha said that the Government cannot achieve the objective of Minimum Alternate Tax (MAT) provisions due to ‘MAT Credit’ carry forward...
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