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NICAI Income Tax Act Latest Updates

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  • NICAI Income Tax Act Latest Updates

    Auditors or their related parties providing non-audit services like Accounting, Internal Audit to stop providing them by 31-03-2015 [Sec 144 of Companies Act, 2013].

    Section 80HHC- Supreme Court explains meaning of turnover- Sale proceeds of scrap is not ‘turnover’. [Supreme Court of India in the matter Of CIT vs. Punjab Stainless Steel Industries].

    Penalty U/s. 271B of the Income Tax Act by ITO exceeding Rs. 10,000 in absence of prior approval of Joint Commissioner not valid.

    Minors above 10 Years age allowed to operate Bank Account independently.
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