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1. Deductor & Deductee: Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (i.e. building or part of building or any land other than agricultural land) is liable Read more…


It is brought to the knowledge of all members eligible to vote that the Central Government has notified the amendments made in the Chartered Accountants (Election to the Council) Rules, 2006 in the Gazette of India vide Notification No. GSR Read more…


A famous chaatwala shop in Patiala has declared an undisclosed income of Rs 1.20 crore in Income Tax Department’s raid. The Income Tax Department had raided the chaatwala shop on Wednesday. On Thursday, the chaatwala shop owners declared this unaccounted Read more…


The Institute of Chartered Accountants of India ( ICAI ) has donated Rs. 70 lakhs to the Kerala Flood Relief Fund. In the month of Aug 2018, Heavy Floods in the State of Kerala Caused Extensive Damage and a Large Read more…


ICAI issued list of Valid Nominations for Central & Regional Council Elections: ICAI Issued list of Valid Nominations for Central & Regional Council Elections 2018. Voting for ICAI’s Twenty Fourth Council and Twenty Third Regional Councils Elections will be held on 7th Read more…


ICAI has advised the Students, Members and other stakeholders to not to get misled by baseless contentions being raised in few video clips, relating to shortcomings in examination/ evaluation system, which are being circulated in Social Media Circles (WhatsApp, YouTube, etc.), Read more…


The Central Board of Direct Taxes (CBDT) have released schema for Revised Form 3CD schema (Tax Audit Report) version 1.14 on 7th September 2018. A total of 13 changes have been effected in the revised schema version. This is Sixth Read more…


ICAI Representation to CBDT To extend Tax Audit Due Date : ICAI gave Representation to CBDT for Extension of last date for Tax Audit Reports and ITR from 30 Sept. 2018 to 31 Oct. 2018 The ICAI has submitted a Representation to the Read more…


Government has made it mandatory w.e.f 01.06.2013 on buyer of property to deduct TDS @ 1% on payment made after 01.06.2013 if Purchase Consideration of the Property is Rs. 50 Lakh or more. Deductor can pay such TDS by any of the Read more…


The benefit under section 54EC can be availed of only if there is an income from a capital asset, being  long-term in nature. Long-term capital gains are the profit that a person makes when he sells any capital asset (wef A.Y 2019-20, the Read more…


Effects On Filing Income Tax Return After Due Date  Interest If you don’t file your Income Tax Return on time when you have an outstanding tax liability, the I-T department can penalise you by charging interest under section 234A. The Read more…

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