The new Income Tax Act largely retains existing TDS rules on property transactions but significantly simplifies compliance for buyers, especially in transactions involving non-residents.
The article explains how unusually flawless records may signal a managed presentation rather than genuine business performance, requiring auditors to apply greater professional scepticism.
Common errors in e-invoicing and e-way bill generation can trigger penalties, detention of goods, denial of ITC, and increased GST scrutiny. Businesses must ensure accurate compliance.
The Supreme Court held that an accused cannot be denied copies of documents forming part of the chargesheet merely because prosecution is under the Official Secrets Act. The Court balanced fair trial rights and national security by allowing access subject to strict confidentiality restrictions.
The High Court held that a company cannot shift its registered office after approval of a resolution plan when appeals against the plan are still pending before the NCLAT. The statutory embargo under Rule 30(9) must be strictly followed.
Small transport operators owning up to 10 goods vehicles can avail presumptive taxation, TDS exemption, and reduced compliance requirements under the Income Tax Act.
Resident and Ordinarily Resident taxpayers holding foreign assets or earning foreign income must disclose details in Schedule FA. Failure to comply can lead to severe penalties and scrutiny under tax laws.
Section 158 makes quoting Director Identification Number (DIN) mandatory in statutory filings. Non-compliance can lead to substantial penalties and continuing default consequences under Section 172.
Assessee was entitled to deduction under section 54F in respect of the entire value of all 50 residential flats receivable under the Joint Development Agreement. Prior to the amendment effective from 01.04.2015, exemption under section 54F could not be restricted merely because the investment was made in multiple residential units.
Family members actively working in a business without proper remuneration or tax reporting may create inconsistencies in ITRs, AIS, and banking records. Proper documentation and reporting help reduce tax compliance risks.
