Tax Guru25m
Is a Sanyasi (Renunciate) Entitled to Own Copyright in Literary Works?
Copyright is an inherent right: Under Section 17 of the Copyright Act, 1957, the author of a literary work is the first owner ...
Tax Guru42m
Interest earned from deposit of grant not includible if income is remitted back to government
“Rule 230 (8) All interests or other earnings against Grants in aid or advances (other than reimbursement) released to any Grantee institution should be mandatorily remitted to the Consolidated Fund ...
Tax Guru48m
Rejection of books of accounts unjustified as no discrepancy pointed out: ITAT Ahmedabad
ITAT Ahmedabad held that rejection of books of accounts without pointing out any discrepancy and defects in the same is unjustified. Thus, act of AO rejecting the books of accounts is set aside.
Tax Guru50m
Penalty order passed beyond time period framed u/s. 275(1)(c) untenable: Delhi HC
Delhi High Court held that passing of penalty order after the lapse of six months from the end of the month in which the ...
Tax Guru1h
GST amount do not form part of receipts for computation of income u/s. 44BB: ITAT Mumbai
ITAT Mumbai held that GST/service tax which is collected by the assessee from its customers and paid to the Government do not form part of the receipts for computation of income as per section 44BB of ...
Tax Guru1h
Important Advisory on GSTR-2B for October 2024
1. It has been reported by few taxpayers that their GSTR-2B for October-2024 period has not been generated on 14th November, 2024. In this regard it to be informed that as per the design of IMS, ...
Tax Guru1h
Difference Between Partner’s Salary and Partner’s Remuneration
In a partnership, compensation for the partners’ time, expertise, and capital investment is an important part of the business structure. However, the ...
Tax Guru1h
SEBI Master Circular for Issue of Capital and Disclosure Requirements
Securities and Exchange Board of India (SEBI) has issued an updated Master Circular on November 11, 2024, consolidating all circulars related to the SEBI (Issue of Capital and Disclosure Requirements) ...
Tax Guru1h
Leave Encashment after resignation – Taxable or Exempt?
Therefore, if on retirement, even on resignation by the employee, an employee gets by way of leave encashment any amount, clause (10AA) would apply, and the assessee would be entitled to the benefit ...
Tax Guru2h
Interest on refund not eligible when assessment finalized within prescribed time u/s. 18(4): CESTAT Chandigarh
CESTAT Chandigarh held that interest on refund not eligible if the assessment is finalized within three months as prescribed ...
Tax Guru2h
No Seizure & GST Penalty for Route Deviation in Transport: Allahabad HC
Goods not liable for seizure and penalty thereof when designated route not taken during transportation ...
Tax Guru2h
Relying upon work of Internal Auditor: Standard on Auditing (SA) Revised 610
Summary: The Standard on Auditing (SA) 610 provides guidance on the statutory auditor’s use of the internal audit function’s work in the audit process. Given the constraints of time and resources in ...