Clarifies how freelance income appears in Form 26AS/AIS/TIS and highlights employer conduct rules. Key takeaway: separate tax compliance from employment obligations to avoid penalties.
– CA Lakshman Kumar K – CA Revanth Krishna K Introduction: In recent times, the Central Government has frequently amended existing laws and, in many cases, replaced old enactments with new legislative frameworks. This trend is particularly evident in tax laws such as the Central Goods and Services Tax Act, 2017 and the Income-tax Act, […]
The Tribunal held that additions based solely on third-party statements and Excel data seized from another person cannot survive without independent corroboration. Denial of effective cross-examination rendered the section 69C addition unsustainable.
Indian residents using a US LLC must treat global LLC profits as taxable in India, even if funds remain in a US bank, with careful attention to entity classification and foreign tax credit.
When only one spouse pays for a jointly owned property, TDS liability rests with the paying spouse. Builders’ insistence on both PANs does not change statutory responsibility.
Buyers must deduct TDS under Section 195 on amounts paid to NRI sellers, deposit by the 7th of the following month, and not rely on the seller’s capital gains computation.
TDS must be applied separately for resident and NRI co-owners in joint property sales. Proper co-owner-wise calculation prevents default, interest, and legal notices.
Each spouse must disclose jointly held foreign accounts and securities in Schedule FA, even if only one spouse reports the income. Proper classification as “Beneficiary” for the non-funding spouse avoids penalties and inconsistencies.
Indian ROR taxpayers must disclose all foreign assets and interests in Schedule FA, even if non-taxable abroad. Non-compliance can trigger strict penalties under the Black Money Act, though a ₹20 lakh carve-out now applies.
The Supreme Court ruled that payments under non-compete agreements are revenue expenditures if they protect business without creating new assets. Companies can claim such fees as ordinary business expenses under Section 37(1).
