"Partner at K L N & Co Chartered Accountants, Visakhapatnam. Our firm specializes in delivering high-quality professional services in Audit, Direct & Indirect Taxation, Corporate Law and Regulatory Compliance, with a strong focus on providing practical and business-oriented solutions to clients across diverse industries. In addition to traditional compliance and assurance services, I specialize in tax advisory, litigation support, technical opinion drafting, appellate matters, assessment proceedings and regulatory compliance. My professional work involves analysing complex tax issues, interpreting statutory provisions and judicial precedents, and assisting businesses with research-driven advisory and dispute resolution support."
This article examines conflicting judicial views on whether capital gains exemption is available when a new residential house is purchased in the name of a spouse or family member. It explains that while several High Courts have adopted a liberal approach, the issue remains unsettled due to the absence of a Supreme Court ruling.
Most income tax notices involve minor mismatches or routine verification and can be resolved by submitting clarifications or documents. Key takeaway: timely response avoids unnecessary stress.
Explains why returns get shifted to the Old Regime due to missed deadlines or form errors and outlines when rectification is possible.
Budget 2025 highlights income tax changes, revised tax slabs, TDS amendments, IFSC incentives, updated return filing limits, and deductions under NPS & savings schemes.
Discover the benefits of filing the Updated Return u/s 139(8A) under the Income Tax Act. Learn about the eligibility and conditions for submitting the Updated Return and avoid tax uncertainties.
Section 194Q: TDS on purchase of goods: -Applicable to the Buyer whose Turnover/Gross Receipts in the preceeding Financial year exceeds 10Cr. and aggregate amount of purchases from such particular buyer exceeds Rs.50L. -TDS is required to be deducted @1% on the amount exceeding Rs.50L (The threshold limit of Rs.50L is to be reckoned from the […]
Changes under Income Tax – Union Budget 2021: 1. No Changes in Income Tax Slab rates. 2. Income Tax Return need not be filed by Senior citizens provided that: He is Resident of India and of the age 75 years or more during the previous year He has only Pension and/or Interest Income He shall […]
