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Income Tax : Transporters can avoid TDS deduction by submitting a declaration confirming ownership of not more than ten goods vehicles. The key...
Income Tax : Highlights that selecting the incorrect portal tab can lead to data mismatches and filing errors. Emphasizes the need to use the c...
Income Tax : Explains how commission-driven incentives in banks lead to mis-selling of financial products. Highlights the need for structural r...
Income Tax : ITAT held that additions based solely on third-party search material without independent evidence or cross-examination are invalid...
Income Tax : A new digital framework is suggested to replace manual Form 121 processes and streamline TDS exemption declarations. The proposal ...
Income Tax : The tax department clarified that no search or restriction was carried out against the individual. It termed the allegations basel...
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 Tribunal supported the CIT(A)s decision to allow a new claim under Section 10A, noting that appellate proceedings are a contin...
Income Tax : The Court held that adjusting a refund against a disputed demand during the subsistence of a stay order is illegal and arbitrary, ...
Income Tax : The Tribunal held that deduction cannot be rejected merely due to absence of supporting evidence without examining merits. It rema...
Income Tax : The Tribunal held that a penalty notice lacking clarity on whether it relates to concealment or inaccurate particulars is invalid....
Income Tax : The Tribunal held that BLT cannot be used for transfer pricing adjustments on AMP expenses. It ruled that no adjustment was warran...
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...
Form 4 is mandatory for reporting income from assets located in India under the new tax law. It ensures accurate computation and aids tax authorities in verification.
The form requires detailed reporting of investments across multiple tax years. This ensures proper tracking of fund deployment. It strengthens regulatory oversight and reduces misuse risks.
Form 2 filing is compulsory to obtain government notification for Zero Coupon Bonds. Without compliance, issuers risk losing critical tax benefits.
A ll about Income Tax Form No. 1- Monthly Statement to be furnished by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of
Assessments, appeals, rectifications, and search-related proceedings for earlier years remain governed by the old law. This avoids retrospective application of new provisions. It ensures fairness and consistency in adjudication.
The new law preserves existing residency tests and tax benefits for NRIs. It ensures continuity without altering core provisions.
Losses computed under the earlier law can be carried forward under the new Act. However, eligibility depends strictly on compliance with original provisions. Ineligible or belated losses cannot be revived.
The new law retains the same appellate hierarchy and procedures. Taxpayers can expect consistency without disruption in appeal mechanisms.
The new Act retains existing TDS rates and thresholds while reorganising provisions. It prioritises simplification and clarity without altering tax liability. This ensures continuity in tax treatment despite legislative reform.
The framework mandates show-cause notice, taxpayer response, and approval before reopening assessments. It strengthens procedural fairness while ensuring proper scrutiny of escaped income.
