The article examines whether Section 58(3) of the Income-tax Act, 2025 makes tax audit compulsory whenever profits fall below 6%, regardless of turnover. It concludes that a harmonious interpretation suggests taxpayers should continue to be governed by the normal thresholds under Sections 62 and 63, though legislative clarification is needed.
Learn when senior citizens must file an Income Tax Return, who qualifies for the age-75 exemption, and how Form 125 works. The guide also explains document preparation, choosing the correct ITR form, and avoiding common filing mistakes.
CBIC clarified that proceedings validly initiated before a taxpayer’s jurisdiction changes remain legally valid. The new jurisdictional officer must continue and conclude all subsequent proceedings after migration.
The article provides a practical guide for Non-Resident Indians (NRIs) on Indian income tax compliance, emphasizing that living abroad does not automatically exempt them from filing an Income Tax Return (ITR). It explains that residential status under section 6 determines taxability, with NRIs generally taxed only on income received, accrued, or deemed to accrue in […]
This article highlights the most common mistakes made while filing the RBI’s FLA Return, including errors in FDI, ODI, valuation, and reporting classifications. It explains how understanding RBI reporting requirements can help companies avoid inaccurate filings and regulatory scrutiny.
This article examines how repeated GST summons by multiple authorities for the same records can create unnecessary hardship for bona fide taxpayers. It explains why better coordination, procedural fairness, and disciplined use of Section 70 are essential for effective tax administration.
This guide explains the complete CDSCO registration process, applicable laws, required documents, licensing routes, and post-registration obligations. It highlights how proper classification and compliance help businesses legally market regulated healthcare products in India.
The Income Tax Act, 2025 restores capital gains taxation for share buybacks from 1 April 2026, replacing the deemed dividend regime while introducing an additional tax for promoters.
The Finance (No. 2) Act, 2024 abolished angel tax from AY 2025-26 for all investors. This article explains why startups filing returns for AY 2026-27 have no exposure under Section 56(2)(viib), while legacy disputes continue.
Indias regulatory reforms, tax-neutral merger framework, and deeper capital markets are encouraging companies to shift their holding structures back to India. The article explains the key legal changes driving this growing redomiciling trend.
