The Tribunal ruled that the Revenue cannot assess the full transaction value in the hands of a confirming party absent proof of beneficial ownership. The decision underscores the importance of establishing actual receipt of consideration.
The article examines the benefits and trade-offs of the composition scheme, helping small businesses determine whether the concessional tax option suits their operational model.
Discover how the Odia prayer Ahe Dayamaya Biswa Bihari offers timeless lessons on corporate governance, ethical leadership, truth, humility, and sustainability.
The updated provisions explain how long-term capital gains are classified, computed, and taxed following amendments introduced by the Finance (No. 2) Act, 2024 and reflected in the Finance Act, 2026.
The Income-tax Act mandates TDS on specified payments because tax collection is intended to occur at the source of income generation. Understanding the rules under Sections 194A, 194J, and 193 is crucial to avoid interest, penalties, and disallowance of business expenditure arising from non-compliance with TDS requirements.
The article highlights common return filing errors, including wrong ITR forms and income mismatches, that can result in defective returns or delayed refunds.
ITAT deleted the addition after finding that neither possession nor ownership had passed during the relevant assessment year. The decision emphasizes that actual transfer, not mere intention to sell, determines taxability.
The article explains that audits and investigations serve distinct legal purposes under GST and require different taxpayer responses. Understanding this distinction is crucial to safeguarding procedural rights.
The article explains that investors focus on scalability, market opportunity, and return potential rather than founders’ efforts or current business size when determining valuations.
Section 54B grants capital gains tax exemption when proceeds from the sale of agricultural land are reinvested in another agricultural property within the prescribed period. The provision also outlines conditions relating to agricultural use, Capital Gains Account Scheme deposits, and withdrawal of exemption on early transfer or non-utilisation of funds.
