Background: Books of accounts are maintained by employing two methods – Mercantile or Accrual System and Cash System. The Mercantile system records incomes and expenses, regardless of actual receipt ........ View More
KPB
Mumbai Tribunal in the case of Ms. Shobha Thawani has upheld penalty of Rs. 10 lakhs per assessment year (Rs. 30 lakhs) levied under the Black Money Act, 2015 for non-disclosure of foreign financial ........ View More
Background Tax Collection at Source (‘TCS’) is the tax collected by the receiver of payment from the payer on undertaking certain transactions specifically sale of certain goods and provision of cert ........ View More
Legatum Ventures Limited v/s. ACIT, International Taxation ITA No. 1627/Mum/2022 A.Y.: 2018 - 19 Facts of the Case The assessee, a foreign company, declared a total income of Rs. NIL in its re ........ View More
Introduction With effect from April 1, 2023, significant amendments to the Income-tax Act, 1961, have been introduced, specifically affecting donations made by charitable or religious trusts to other ........ View More
Background In the world of philanthropy, well-known charitable or religious institutions often receive the most donations. This is because they have a wider reach and are more recognized in philanthr ........ View More