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Income Tax Act section 269SS updates

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  • Income Tax Act section 269SS updates

    Journal entries should enjoy equal immunity on par with account payee cheques or bank drafts for the provisions of section 269SS of the Income Tax Act [ITAT Mumbai in Lodha Builders Pvt Ltd vs. ACIT].

    ICAI clarified that auditor to report on adequacy and operating effectiveness of internal financial controls systems in co from FY. starting on or after 01-04-2014.

    Tribunal cannot decide an appeal on merits when first appellate authority had dismissed the appeal for want of pre-deposit [Gadhvi and co. vs. State Of Gujarat (Gujarat High Court)].

    Vide Notification No. 32/2014 dated 23-06-2014, CBDT has made mandatory filing of Wealth Tax Return only by electronic means for certain persons including company and an assessee being individual or HUF who is liable to audit u/s 44AB.
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