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Income Tax : Key mistakes taxpayers should avoid when choosing between old and new tax regimes for FY 2026-27, including deductions, deadlines,...
Income Tax : ITAT Kolkata remands case on disallowance of subcontractor expenses, stressing need for evidence, due diligence, and verification ...
Income Tax : The new law introduces a structured framework for NPO registration, income application, and taxation. It simplifies compliance but...
Income Tax : Form 41 is now compulsory for non-residents claiming DTAA benefits, replacing Form 10F. The update mandates online filing and ensu...
Income Tax : Notices are increasingly triggered by AIS/TIS mismatches and automated systems. Accurate reporting and reconciliation are key to a...
Income Tax : The issue concerns massive backlog in ITAT caused by unfilled positions and delayed appointments. The intervention highlights that...
Income Tax : The audit found widespread incorrect claims of deductions for bad debts and reserves. It highlights the need for stricter verifica...
Income Tax : This webinar breaks down the major structural and conceptual changes introduced in the new Income Tax Act, 2025. It helps professi...
Income Tax : A representation seeks doubling the SMC threshold due to inflation and higher dispute values. The key takeaway is that increasing ...
Income Tax : The government replaced the six-decade-old law with the Income-tax Act, 2025. The reform aims to simplify compliance through clear...
Income Tax : Interest earned on funds kept in bank during business setup, when those funds were directly linked to the project, was a capital r...
Income Tax : Karnataka High Court upholds condonation of delay u/s 119(2)(b) in IMA scam recovery case, clarifies respondent as successor/repre...
Income Tax : Karnataka High Court quashes reassessment as Sec 148A(b) notice issued to deceased is void ab initio; all proceedings set aside, l...
Income Tax : Karnataka High Court sets aside ₹45 lakh Sec 69 addition, remands to ITAT to consider fresh evidence on property transaction and...
Income Tax : Karnataka High Court flags catch-22 in TDS prosecution of ex-MD post-liquidation; directs Official Liquidator to act on representa...
Income Tax : A corrigendum fixes multiple drafting and referencing mistakes in income tax rules. The update ensures clarity without altering su...
Income Tax : The new tax regime introduces Form 121 as a single declaration replacing Forms 15G and 15H. It simplifies TDS exemption compliance...
Income Tax : CBDT clarified the presentation of error categories in Form U. The update ensures clearer reporting of incorrect income heads and ...
Income Tax : The corrigendum corrects technical errors in multiple ITR schedules, including CG and CYLA. It ensures accurate reporting and smoo...
Income Tax : CBDT corrected multiple clerical and structural errors across income tax return schedules. The changes ensure accurate reporting a...
As the actor Shilpa Shetty was a brand ambassador for IPL team Rajasthan Royals, she was bound to render certain services without any charge to subsidiary company JIPL owned by holding company of her husband and assessee did not receive any consideration for the services rendered to JICPL, in the absence of any ‘price’, the provision of services could not be considered as an ‘international transaction under sec. 92(1).
The issue under consideration is whether the addition u/s 68 on account of share capital and share premium by treating the same as unexplained cash credit is justified in law?
Though assessee had not become owner of property in question because there was no registered sale deed executed by vendor, however, becoming the owner of the property in question was not required for the purpose of section 54/54F and, therefore, no deduction could be denied to assessee.
Requirement of section 54 in the second limb is that capital gain should be used in construction of residential house and nothing more. Assessee in the instant case was the owner of super-structure constructed by utilizing capital gain and it was clear from the lease deed by which land over which construction had been put up was given on lease to assessee, therefore, deduction under sections 54 could not be disallowed.
Changes in TDS provision via Finance bill,2019 as passed by Lok Sabha and Interim Budget, 2019 1. Sec 194M (new section): TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF (Applicable w.e.f. 01/09/2019) Insertion of New Section after Sec 194LD: (1) Any person, being an individual or a Hindu undivided family […]
1. Trust Registration Overview: ♦ Public trust is most convenient way of starting a non-governmental organisation (NGO). ♦ Main objectives of trust are eradicating poverty, offering medical support, and promoting art, science and literature. ♦ Trusts are irrevocable i.e. they cannot be terminated without permission of court. 2. Trust Registration – Detailed Process: An initial […]
♣ Secondary Adjustment has been inserted vide section 92CE by the Finance Act, 2017, in order to align TP provisions with OECD TP Guidelines and “international best practices”. ♣ Secondary adjustment means an adjustment in the books of accounts of the taxpayer and its associated enterprise (‘AE’) to reflect that the actual allocation of profits […]
A note said to be written by Shri. V G Siddhartha (VGS) of CCD is doing the rounds. Among others it was mentioned in the note about the attachment of Coffee day shares by the Income Tax department. The authenticity of the note is not known and the signature does not tally with Shri VGS’s signature as available in his annual reports
MCA has issued Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019. Provisions of the Law: 1. WEB Service- DIR-3 KYC: Web based e-form DIR-3 KYC shall be used by the DIN holder who has submitted DIR-3 KYC e-form in the previous financial year and no update is required in his details. 2. E-form DIR-3 […]
The issue under consideration is if Assessee remained absent on more than one occasions and appeal decided on merits then whether it will be called as Ex-parte order?
