Tax auditors must now report all purchases and sales of unquoted shares under Clause 47 of Form 26. The key takeaway is increased scrutiny of transactions involving differences between FMV and transaction value.
Clause 43 in Tax Audit Form No. 26 requires auditors to verify remittances reported in Part-D of Form 145. Incorrect classification of non-taxable foreign payments may invite tax department inquiries and litigation.
A dormant company faced massive compliance costs due to years of non-filing. The case highlights that inactivity does not eliminate statutory obligations.
The Income Tax Rules 2026 introduce a completely revamped form numbering system across all compliance categories. The reform consolidates multiple forms and simplifies filing, making it essential for taxpayers and professionals to update systems and processes.
The new tax framework retains existing rates but introduces wide-ranging reforms in MAT, penalties, disclosures, and filing procedures.
Courts have ruled that transfer of leasehold rights is not a supply of services. The key takeaway is that such transactions fall outside GST.
Filing tax returns without expert help may cause costly errors. Learn why DIY tax filing tools and AI advice often fall short in ensuring compliance.
Learn to effectively handle faceless income tax scrutiny assessments. This guide covers notice receipt, timely response submission with proper documentation, detailed expense and loan reporting, and responding to show-cause notices for a smooth assessment process.
Indian tax residents must report foreign assets and income in their ITRs, regardless of value. Non-disclosure can lead to severe penalties under the Income Tax Act and Black Money Act, including significant fines and imprisonment, due to international Automatic Exchange of Information (AEOI) agreements
Understand the implications of belated income tax return filing, including loss of refund interest, late fees, interest on unpaid tax, and disallowance of losses and deductions.
