Form 155 is issued by the tax authority only after reviewing Form 154 and verifying tax liability status. It confirms that no dues remain, ensuring compliance before departure from India.
Form 154 links tax clearance to an undertaking by an employer or representative. It ensures that any tax arising from Indian income is paid even after the taxpayer exits India.
Form 153 is issued when tax dues remain unpaid, triggering a 15-day deadline for payment. The key takeaway is that non-compliance can lead to strict recovery actions like property attachment.
Form 152 under the Income-tax Act, 2025 provides a mechanism for taxpayers to intimate the Assessing Officer when an advance tax demand issued under section 289, pursuant to sections 407(2) or 407(5), is considered excessive. It allows the assessee to furnish a revised and lower estimate of income subject to advance tax along with reasons […]
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.
