Why did the Silicon Valley Bank fail? Recently, Silicon Valley Bank, One of the biggest names in the IT industry’s bank went bankrupt, making it the worst bank collapse since the2008 financial crisis. Silicon Valley Bank, flush with funds from successful startups, made substantial bond purchases more than a year ago. Like other banks, Silicon …
Artificial intelligence use in Accounting, Auditing, Income tax filling & Assessment Income tax Taxpayer Key data & information like No of payments on the tax bill, the Bank Account No, discount on the tax bill, & Other data can be extracted effortlessly and with accuracy by Artificial Intelligence enabled robots. Which help in taxation related …
Creative Professionals Guide to Bookkeeping: Basics of Bookkeeping Due to the rise in internet users, creative workers are in high demand across a variety of businesses. Their range of interacting with various businesses and the amount of money they trade are constantly expanding. One of the most important accounting tasks for every organisation that keeps …
Financial Planning: ultimate way of securing a better and luminous future Money is something which is extremely important for surviving in a world where money is regarded as medium of exchange and a world where batter system has no prevalence, whose existence has vanished long ago. Financial Plan will help create a sense of security …
Today Update : DIRECT TAX:- Bombay High court held that an unintentional error on the part of the assessee while filing an appeal, more so when the department also acted ignoring the error, would not result in rejecting the assessee’s appeal being time-barred. Therefore, in the present case, the mistake of the assessee to file …
Today Update : DIRECT TAX:- Reference to the Transfer Pricing Officer (TPO) can be made only after passing a speaking order disposing of the objections raised by the assessee. M/s Alpha Nipon Innovative Ltd. Vs CIT. The validity of reopening of assessment – notice to a dead person – even if Section 159 is attracted, …
Today Update : DIRECT TAX:- Delhi ITAT held that Penalty can be imposed only on disproved claim of expenditure and not unproven claim of expenditure. Arun Duggal Vs. DCIT (ITAT Delhi) The market value of the capital asset has no relevance in determining the full value of consideration: ITAT Assistant Commissioner of Income-tax, Circle-12, Ahmedabad …
Today Update : DIRECT TAX:- CBDT has issued a press release regarding “Reporting Cash Transactions under Rule 114E of Income Tax Rules,1962”. Punjab and Haryana High Court held that the Guarantee commission paid for the acquisition of Fixed Assets are allowed as Revenue Expenditure. [M/s Chandigarh State Road and Bridges Development Corporation Ltd Vs CIT] No …
Today Update : DIRECT TAX:- CBDT has issued a press release regarding payments towards Tax, Penalty, Surcharge under the PMGKY is to be made through challan ITNS- 287 & deposits are to be made in Pradhan Mantri Garib Kalyan Deposit Scheme, 2016 which can be made in old demonetized currency. CBDT issued a press release …
Today Update: DIRECT TAX:- Kerala High Court has held that Cross Objection filed before the Tribunal u/s 253(4) is an independent appeal and shall be adjudicated on merits even if the other party’s appeal is dismissed, for whatever reason. [City Centre Builders & Developers Vs ITAT Cochin & Others] C K Ahuja Vs CIT Whether when …