Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny. Large Cash Deposits: Any cash deposit exceeding Rs 10 lakh in a financial year across savings accounts draws the attention of the income tax department. Even if deposits are spread across multiple accounts, the cumulative amount beyond the threshold triggers scrutiny. Fixed Deposits: Surpassing the Rs 10-lakh limit in fixed deposits within a financial year prompts inquiries regarding the source of f...

Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed.  Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence punishable under Section 276CC of the Act," the court said in the judgement.  "The convict is awarded a sentence of simple imprisonment for six months with a fine of Rs 5,000 and in default to unde...

Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failure to which can impact the deduction claims for such payments. To facilitate timely payments to micro, small, and medium enterprises (MSMEs) and address the challenges faced by these businesses in rec...

In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitutes turnover. Understanding the concepts of these words is necessary for the purpose of the tax audit.   An audit is mandatory for corporate assessees, irrespective of the amount of turnover. In ...

Very Important Income Tax Update regarding Micro and Small Enterprises     Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax liability. Keeping such creditors unpaid is risky.   If payment for purchases made from *Micro and Small units* remains outstanding on 31st March, there may be huge tax liability.  Therefore...

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Arwinder Singh

19-May-2011 , 04:58:28 am

very nice. speechless

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Raj

19-May-2011 , 11:09:22 am

Where is 30th.......

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Pulkit Gupta

20-May-2011 , 12:08:56 am

30th is yet to define

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chanchal sethi

20-May-2011 , 03:42:05 am

wow!!

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Amrit Raj

28-May-2011 , 12:46:20 am

I do believe that there exist a difference in living the life and passing the life. A nice article which is inclined more towards LIFE instead of other crap issues. Life is just like an icecream which shold be enjoyed b4 it melts down. Wishing u all a happy life.

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CHANDAN GOYAL

28-May-2011 , 05:26:44 am

great

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megha jain

30-May-2011 , 03:06:59 am

really a nice thing you worked upon......actually in my mba class,we were once asked to jot down."what you think others will write on your obituary if you had died yesterday".....try it.........

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megha jain

30-May-2011 , 03:08:37 am

we usually ignore the things we like and are passionate about for our day to day work........and hardly work on these things thinking that we are here forever.

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SHYAM SUNDER

03-Jun-2011 , 12:56:53 am

it is the best way to live life

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Anish

09-Jun-2011 , 04:06:25 am

Pulkit Gupta while doing 21st point must remember me (Anish Munjal) after that we will not reamin stranger...... rally superb yr

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CA SANDEEP GULATI

10-Jun-2011 , 04:06:18 am

LIFE IS FULL OF SUPRISES SO WE HAVE TO ENJOY EVERY MOMENT OF LIFE

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CA SANDEEP GULATI

10-Jun-2011 , 04:06:32 am

LIFE IS FULL OF SUPRISES SO WE HAVE TO ENJOY EVERY MOMENT OF LIFE

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atul

28-Jun-2011 , 05:26:03 am

realy nic one.....many things i hv alse desire to do the same

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Ekta Jain

30-Jun-2011 , 02:23:12 am

really awsum Pulkit....... may all your wishes cum true n i hope sum of them hav already been a yes....... God blesss

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PREETI

06-Jul-2011 , 01:28:19 am

hey really nice... pulkit. by doing ca v should not 4get d way 2 live nd enjoy life.may god fulfill ol ur dreams and wishes.

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Pawan

26-Dec-2013 , 05:32:57 am

30th point is always missing , you will do in Heaven

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Rupal Gupta

26-Dec-2013 , 06:18:53 am

I think Pulkit, 30th will be for me To die with a satisfaction that I do whatever I wana do, leaving a decent smile on others face, making others life special as I am.

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dheeraj attri

28-Dec-2013 , 08:26:23 am

1. to be wat i want.... 2. a world tour. 3. to do a rock show. 4. to play a international cricket match 4 india. 5. to rule minimum one city. 6 to won a political election.

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dheeraj attri

28-Dec-2013 , 08:27:34 am

i want to be an IAS officer.

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