This explains when and why a demand notice for advance tax is issued based on estimated income. It highlights the obligation to pay instalments and the consequences of non-compliance.
The notification extends exclusive import rights for urea to a designated agency until 2027. It ensures continuity in regulated procurement under existing policy conditions.
The issue was whether SBO exists without majority shareholding. The authority held that control and influence also determine SBO, making non-disclosure a violation.
The issue involved the ₹10 lakh per-consignment cap on courier exports. The notification removes this restriction, allowing exporters to send goods of any value through courier mode from April 1, 2026.
The direction requires entities to obtain LEI codes for participating in RBI-regulated financial markets. Non-compliance results in ineligibility for transactions. Key takeaway: LEI is now essential for market participation.
Form 150 allows collectors to avoid being treated as assessees in default when tax is not collected but paid by the collectee. It ensures that liability aligns with actual tax payment while preventing double recovery.
The issue concerns failure to deduct TDS by the payer. Relief is granted when the deductee has already paid tax on such income. The key takeaway is that tax payment by deductee protects the deductor from default status.
Form 148 introduces a compulsory quarterly filing requirement for IFSC units reporting all remittances to non-residents. The key takeaway is that compliance is mandatory regardless of taxability.
Form 147 mandates quarterly reporting of foreign remittances by authorised dealers, with strict compliance requirements and penalties for delays. The updated form enhances transparency through data linkage, enabling better tax verification and risk profiling.
The form ensures taxability of payments to non-residents is properly determined. Filing is required before remittance. The takeaway is pre-condition for lawful foreign payments.
