The article explains major transitional issues arising from the shift from the Income-tax Act, 1961 to the Income-tax Act, 2025. It highlights CBDT FAQs, Section 536 implications, appeal procedures, notices, search cases, refund adjustments, and compliance changes.
The ruling confirms that in matters of undisclosed foreign assets, the Black Money Act prevails over general tax provisions. This ensures stricter enforcement.
This article explains how courts have moved beyond quashing illegal tax orders to imposing personal costs, contempt sanctions, and even imprisonment on erring officers.
Understand India’s capital gains tax evolution, including legislative history, special tax rates, and the Section 87A rebate, with recent amendments and ongoing issues.
New Income Tax Bill 2025, replacing the 1961 act, focuses on simplification and clarity. Learn about the key changes and retained provisions
Summary: Section 194T, introduced by the Finance (No.2) Act 2024, mandates a 10% tax deduction at source (TDS) on payments like salary, remuneration, bonus, commission, or interest exceeding ₹20,000 annually made by firms to their partners. The TDS applies at the earlier of crediting the sum to the partner’s account or making the payment. Firms […]
Learn how to respond to Show Cause Notices under GST Section 73-74 effectively. Understand the legal provisions, assessment types, and crucial do’s and don’ts in this detailed guide.
Explore the provisions of TDS U/S 194Q and its applicability to Kachha Arahitias in selling crops on behalf of farmers. Understand the objections raised by CPC and the relevant circulars issued by CBDT.
Explore provisions under the Income Tax Act related to PAN surrender or cancellation, covering scenarios like duplicate PAN, death, business discontinuation, and dissolution of firms. Understand the absence of a specific procedure for surrendering or canceling PAN, implications under Section 272B, and questions regarding the responsibility for canceling PAN after business discontinuation or firm dissolution.
Explore the complexities surrounding the validity of re-assessment proceedings under Section 147/148A of the Income Tax Act, focusing on the impact of the Taxation & Other Laws (Relaxations & Amendments of Certain Provisions) Act, 2020 (TOLA) and the amendment through the Finance Act, 2021.
