A summary of Income from Other Sources (I.F.O.S.), covering the basis of charge, list of specific incomes like dividends, winnings, and rent, taxation of gifts and property received for inadequate consideration, and applicable deductions under the residual tax head.
Tribunal ruled that registration under Section 12AB can be cancelled only upon proven specified violations, not on suspicion or ongoing assessments, restoring society’s registration.
The Supreme Court affirmed that an innocent buyer cannot be denied ITC solely due to the seller’s failure to remit tax or file returns, a principle relevant to GST’s Section 16(2)(c).
Gifts exceeding Rs.50,000 are taxable for the receiver under Income Tax, except those from relatives or received on marriage. TDS applies to business perquisites over Rs.20,000.
Key circulars and rulings from October 13-19, 2025, covering Income Tax exemptions, GST return deadline extensions, SEBI RPT disclosure changes, MCA filing extensions, and significant IBC judgments.
Overview of Capital Gains tax: definition of capital asset, distinction between short-term and long-term assets, meaning of transfer, list of exempt transactions, and the computation formula, including indexation rules and recent amendments.
Critical thinking in CA requires daily mental exercises like “Thinking Notes,” Reverse Case Analysis, and the “Devil’s Advocate Drill” to manage bias, challenge assumptions, and build deep problem-solving skills.
Two CIT(A) rulings confirm the Section 87A tax rebate applies to total income up to Rs.7 lakh, even with Short-Term Capital Gains (STCG) u/s 111A, for taxpayers under the new 115BAC(1A) regime.
The ITAT Chandigarh quashed income tax assessments under Section 153A, ruling that the mandatory Section 153D approval was mechanical and invalid. The Tribunal held that the approving authority failed to apply independent reasoning, using a ‘rubber stamp’ proforma for multiple assessees without considering specific facts or seized material, thus making the entire assessment void ab initio.
Recent GST rate reductions on final goods like utensils and textiles are analyzed as flawed, creating severe inverted duty cycles, hurting MSME working capital, and raising policy uncertainty.
