The ITAT Surat held that agricultural land qualifies as “immovable property” under Section 56(2)(x) since the provision covers “any land or building or both.” The Tribunal ruled that purchases below stamp duty valuation may attract tax on the differential amount.
The ITAT Mumbai held that alleged accommodation entry operators cannot be taxed on the entire turnover amount. The Tribunal ruled that only the commission element embedded in such transactions, estimated at 1%, can be treated as taxable income.
The article examines the proposed auditor cooling-off framework and the growing concerns within the auditing profession. It highlights the tension between strengthening auditor independence and preserving long-term professional continuity and audit effectiveness.
The article discusses how fears of parent-dominated governance structures prompted concerns about loss of autonomy in private schools. It explains that the Ministry later clarified that SMC Guidelines are not compulsory for private unaided institutions.
The Income-tax Department intensified scrutiny of charitable entities after finding high surplus margins, premium pricing, and commercial-style operations. The developments show that institutions functioning like businesses may lose tax exemptions despite charitable registration.
The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This effectively removes exemption benefits previously allowed through judicial interpretation under the old regime.
The new form consolidates multiple income disclosures into one, enabling accurate TDS deduction. Key takeaway: unified reporting reduces excess tax deduction and refunds.
The case highlights how the new framework enforces stricter compliance using data analytics. It underscores that incorrect declarations can trigger penalties and scrutiny
ITR-4 Sugam: End of Blind Presumptive Compliance?” The Central Board of Direct Taxes (CBDT) has introduced a significant compliance change in the newly released ITR-4 (Sugam) for Financial Year 2025-26. The amendment potentially marks a major compliance shift under the presumptive taxation scheme.” Taxpayers opting for the presumptive taxation scheme under Sections 44AD, 44ADA and […]
Banks are asking CAs to issue end-use and KYC certificates without regulatory support. RBI confirms no such requirement exists, highlighting the need for professionals to avoid unauthorized certifications.
