Clarifies that revision under both old and new tax laws requires proof of error and revenue prejudice. Mere disagreement with the Assessing Officer’s view is insufficient.
The distinction between slump sale and itemised asset sale determines how capital gains are taxed. A true slump sale applies Section 50B, while asset-wise transfers follow normal tax provisions.
The new circular allows flexible DIN referencing instead of strict quoting. However, it does not validate cases with complete absence of DIN or jurisdictional defects.
The circular resolves confusion between CPC Bengaluru and jurisdictional authorities regarding condonation powers. It clearly assigns this power to the jurisdictional PCIT/CIT. This ensures that delayed Form 10A filings can be regularized upon showing reasonable cause.
Reimbursements are taxable if they form part of consideration under GST valuation rules, regardless of their label. Only limited cases meeting strict pure-agent conditions qualify for exclusion.
The law replaces Form 26QE with Form 141 for VDA transactions from April 2026. Taxpayers must follow the new challan-cum-statement system for TDS compliance.
The article explains remedies available after adverse tax orders under scrutiny and reassessment. The key takeaway is that choosing the right remedy depends on identifying the exact defect in the order.
The new law mandates TDS reporting through Form 141 Schedule C for payments to contractors and professionals. The key takeaway is structured, detailed reporting with stricter compliance timelines.
Rent payments must now be reported under Schedule A of Form 141 from April 2026. The key takeaway is enhanced reporting with tenant-wise and landlord-wise allocation of TDS.
The government has replaced Form 26QB with Form 141, introducing a detailed and structured TDS reporting system for property transactions. The change is not just procedural but requires deeper disclosures and computation.
