The proposed amendments to the provisions under Chapter XIV-B (sections 158B to 158BI) of the Income Tax Act focus on enhancing the efficiency, clarity, and scope of block assessments in cases of search and requisition under Section 132 and Section 132A. These amendments seek to modernize and streamline the block assessment process, including provisions related […]
Finance Bill 2025 amends tax laws for trusts, start-ups, and business trusts, ensuring simplified compliance, extended benefits, and fair taxation.
While employers may assess LTA claims based on declarations provided by employees, they are not obligated to collect proof such as tickets, boarding passes, or travel invoices. However, depending on internal policies, employers retain the right to demand such proof for internal audit or compliance purposes.
Learn how to compute the perquisite value of rent-free accommodation under Section 17 of the Income Tax Act, including recent rule changes and effective dates.
Shri Shyam Industries Private Limited Vs Prosperity Steels Limited (NCLT Kolkata) In the case of Shri Shyam Industries Private Limited –vs.- Propserity Steels Ltd. [CP (IB) No. 998/KB/2018, Kol dated 18-02-2021], the Resolution Applicant sought various reliefs and concessions. In response to the same, NCLT has held as under: – With respect to waiver of […]
Explore how Section 170 of Income Tax Act applies to post-amalgamation assessments, with key judicial decisions and implications for tax authorities and businesses.
Explore the implications of TDS on expense reimbursements post-Section 194R implementation and understand the invoicing criteria.
