The ITAT found that the Assessing Officer made disallowance under Section 94(7) without verifying facts. The matter was remanded for fresh examination with proper opportunity to the assessee.
Income Tax India, through its X account post dated 30.03.2026, has clarified the applicability of tax deduction at source (TDS) on interest under Section 194A of the Income-tax Act, 1961, and its corresponding provisions under the Income-tax Act, 2025. It reiterates that banking companies are not required to deduct TDS where interest does not exceed […]
Stakeholders sought deferment or phased implementation of Ind AS. IRDAI mandated adoption from April 2026 with limited forbearance. The key takeaway is firm timelines with transitional relief.
The issue was lack of uniformity in financial reporting across insurers. IRDAI mandated Ind AS-based reporting to enhance comparability and transparency. The key takeaway is adoption of globally aligned accounting standards.
The court held that the impugned GST notifications were invalid as they curtailed limitation and were based on erroneous legal assumptions. The ruling clarifies that such arbitrary notifications cannot override statutory provisions.
The tribunal held that addition under Section 69C is not valid where expenditure is properly recorded and the source is explained. The key takeaway is that documented transactions through banking channels cannot be treated as unexplained.
Major updates across Income Tax, GST, SEBI, RBI, and Customs highlight new exemptions, compliance rules, and digital reforms. The key takeaway is increased regulatory scrutiny with simplified processes for businesses.
The article argues that the GST entry uses a wide definition of device covering all solar-dependent equipment. It highlights that solar inverters meet this criteria due to their indispensable role.
India’s new tax law restructures the Income-tax framework without increasing tax burden. The key takeaway is that while compliance becomes simpler, professionals must adapt to major structural changes and renumbered provisions.
The new tax law renumbers TDS return forms and introduces a unified reporting system. The key takeaway is that compliance remains the same, but form numbers and structure are simplified.
