The new tax regime introduces a uniform 12.5% long-term capital gains rate. The guide explains updated rules, exemptions, and planning strategies.
Explains salary taxation under Income-tax Act 2025 from April 2026, covering sections, perquisites, deductions, TDS changes and new forms.
The Tribunal held that mismatch alone does not prove fraud under Section 74. The key takeaway is that penal provisions cannot be invoked without evidence of intent to evade tax.
Explains new income-tax cash limits on expenses, receipts, and loans. Highlights that exceeding thresholds can lead to disallowance and penalties equal to the cash amount.
Authorities cannot impose full penalty when tax is already paid via DRC-03. Non-payment of interest or penalty does not revive discharged tax liability.
Section 8 clarifies how GST applies to bundled supplies by distinguishing between composite and mixed supplies. The classification directly impacts tax rates, making correct identification crucial for compliance.
Courts have ruled that Section 125 applies only where no specific penalty exists under GST law. Using it alongside other penalty provisions amounts to double penalisation and is legally unsustainable.
The law clearly prohibits penalties for minor breaches, yet officers continue imposing heavy fines on small taxpayers. Courts have repeatedly intervened, emphasizing proportionality and fairness in penalty imposition.
The new law replaces the 1961 Act to address excessive complexity and scattered provisions built over decades. It simplifies language, removes redundancies, and improves structure while keeping tax rates unchanged.
This explains why GST cannot be levied unless a transaction qualifies as supply under Section 7. It highlights judicial reasoning that proper classification and statutory tests must be applied before tax demand.
