A detailed overview of limitation periods prescribed under the Income-tax Act reveals how missing statutory deadlines can lead to penalties, loss of deductions, exemptions, and legal remedies. The key takeaway is that timely compliance with filing, assessment, appeal, audit, and tax payment obligations is crucial to avoid adverse tax consequences.
RBI’s 2026 amendment directions permit AIFIs to finance listed InvITs but impose stringent conditions relating to valuation, leverage, security coverage, and end-use monitoring. The framework aims to strengthen prudential standards in infrastructure financing.
RBI has permitted commercial banks to finance REITs and InvITs while imposing detailed safeguards on leverage, security, refinancing, and exposure limits. The framework aims to balance sectoral growth with financial stability.
Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in another eligible residential property within prescribed timelines.
The Income-tax Act mandates e-payment of direct taxes for companies and taxpayers covered under Section 44AB, while others may opt for it voluntarily. Understanding the applicable challans, eligible payment methods, and compliance requirements is essential for seamless tax payments and accurate credit of taxes.
Taxpayers entering specified domestic transactions exceeding prescribed thresholds must maintain transfer pricing documentation, as failure to do so can attract penalties of 2% of the transaction value and other compliance consequences.
Section 40A of the Income-tax Act restricts the deduction of specified business expenses where statutory conditions are not fulfilled, including excessive payments to related parties and cash payments exceeding prescribed thresholds. The provisions also disallow certain gratuity provisions, contributions to non-statutory employee funds, and notional losses on specified securities.
Taxpayers can apply for a nil or lower TDS certificate in Form 13 when their estimated tax liability supports deduction at a reduced rate or no deduction at all. The facility is available to residents and non-residents for specified categories of income, subject to online application through the TRACES portal with a valid PAN. The key takeaway is that eligible assessees can avoid excess tax deduction by obtaining prior approval from the Assessing Officer for lower or nil TDS.
The IBBI held that prolonged failure to hold SCC meetings, delayed progress reporting, and repeated absence before the Adjudicating Authority amounted to serious professional misconduct. The order underscores the importance of strict adherence to statutory duties under the insolvency framework.
This guide explains why senior travellers should review travel insurance coverage, organise medical records, and plan ahead before overseas trips. Proper preparation can simplify responses during covered medical emergencies abroad.
