The High Court upheld Section 19(20) of the TN VAT Act, ruling that excess input tax credit must be reversed when goods are sold below invoice purchase price. It held ITC is a statutory concession and can be restricted to safeguard revenue.
The Budget focuses on simplification, predictability, and targeted incentives, introducing the Income Tax Act, 2025 and major compliance reforms.
The new MoU enables practicing company secretary firms to act as authorized external assessment agencies for gold industry accreditation. It expands professional opportunities and sector diversification.
Indian law permits legitimate tax planning but strictly penalises concealment and fraud. Courts distinguish lawful avoidance from illegal evasion based on intent and substance.
SAFEMA Delhi held that non-tribal individual used tribal employee to Benami purchase land. Thus, the sale is violative of section 165(6) of the Chhattisgarh Land Revenue Code is absolutely barred under the law. Accordingly, appeal dismissed.
Artificial Intelligence is transforming audits by enabling 100% transaction testing, reducing sampling risk, and enhancing fraud detection.
Indian tax law taxes not just salary but also perquisites like rent-free accommodation, company cars, and stock options, increasing taxable income.
Budget 2026 replaces certain procedural penalties with fixed fees, aiming to reduce tax litigation and enhance compliance certainty through automated levy mechanisms.
The Draft Income-tax Rules, 2026 require salaried taxpayers to disclose their relationship with landlords, enabling enhanced scrutiny of family-based HRA arrangements.
The Tribunal held that reassessment under Sections 147/148 is invalid when the assessment year is the year of search. Such cases must proceed under normal assessment provisions.
