Supplies to EOUs qualify as deemed exports, but failure to follow Circular 14/14/2017-GST can result in refund denial. Proper documentation is crucial to unlock GST benefits.
The Budget proposes PAN-based compliance, digital certificates, and lower LRS TCS rates. At the same time, stricter monitoring rules widen the compliance net.
This analysis explains capital asset definition, computation rules, and exemptions under the Income-tax Act. Landmark Supreme Court rulings clarify when capital gains can and cannot be taxed.
The new law replaces “Previous Year” and “Assessment Year” with one unified “Tax Year.” This simplifies return filing and reduces confusion for taxpayers.
The High Court held that reassessment cannot be based on grounds not mentioned in the original Section 148A notice. Since no income had escaped assessment, the reopening was quashed.
The Tribunal held that tax demand cannot be confirmed solely due to return mismatch without examining reconciliation and books. The case was remanded for fresh verification under Section 73.
The PCIT questioned deduction under Section 80JJAA and CSR expenses but failed to record specific findings. The Tribunal held that absence of independent verification and reasoning renders the Section 263 order invalid.
Tax authorities may examine large or unusual digital transactions that don’t match declared income. Proper documentation and accurate reporting can prevent unnecessary notices.
Sections 5 and 6 determine whether global or only Indian income is taxable. Residential classification directly defines the scope of tax exposure.
The Income Tax Act treats business and professional income differently, affecting deductions and compliance. Correct classification prevents errors and penalties.
