The guide explains how residents can avoid double taxation through DTAA benefits, Foreign Tax Credit, and Section 91 relief, outlining TRC, Form 67, FTC limits, filing requirements, and key compliance rules.
Distribution of assets on total or partial partition of an HUF is not regarded as a transfer under the Income-tax Act. The key takeaway is that neither capital gains tax nor gift tax generally arises on such partition.
A common myth suggests employees must work 12-hour shifts under the new Labour Codes. The reality is that the 48-hour weekly limit remains unchanged, with flexibility allowed only subject to statutory safeguards.
Transfer of a live and functional business as a going concern qualifies as an exempt supply under GST. The key takeaway is that business continuity, not mere asset transfer, determines eligibility for exemption.
The article explains how borrowing within your affordability and understanding total loan costs can make loan management easier. It highlights practical strategies for maintaining financial discipline and avoiding repayment stress.
Delhi ITAT held that share premium received by a subsidiary from its holding company could not be taxed under Section 56(2)(viib). The ruling emphasizes that the anti-abuse provision cannot be extended to genuine intra-group capital infusions.
The Rajasthan High Court held that the enhanced 60% tax rate under Section 115BBE cannot be imposed on income relating to FY 2016-17. The Court emphasized that the amendment expressly took effect from 01.04.2017 and operates prospectively.
The Supreme Court held that individuals investing for financial returns rather than home ownership cannot invoke Section 7 of the IBC. The ruling reinforces that insolvency proceedings are not meant for debt recovery or investment disputes.
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.
