Latest Articles
FAQs on Maintenance of books of accounts under Income Tax Act, 1961
Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...
FAQs on Section 80TTA and Section 80TTB deduction
Income Tax : Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income c...
ESOP Buyback in Unlisted Companies: Two-Tax Problem Employees Aren’t Prepared For
Income Tax : The article explains how ESOP taxation in unlisted companies occurs at both exercise and buyback stages. It highlights perquisite ...
Can Enforcement Officers Issue GST DRC-01 Under Section 67?
Goods and Services Tax : This article examines whether Enforcement Officers can legally issue DRC-01 under Section 67 of the GST law. It explains why tax d...
How to Shift a Company’s Registered Office from One State to Another?
Company Law : This guide explains the complete legal procedure for shifting a company's registered office across states under the Companies Act,...
Latest News
PFRDA Launches AI Pension Sahayak to Revolutionize Grievance Redressal
Corporate Law : PFRDA has introduced the AI-powered Pension Sahayak portal, replacing the earlier CGMS with a multilingual, voice-enabled grievanc...
CCPA Fines Food Brands ₹1 Lakh Each for Misleading “100%” Product Claims
Corporate Law : CCPA imposed ₹1 lakh penalties on two food companies for using misleading 100% claims that did not match the actual composition ...
IRDAI Proposes Insurance Intermediary Reforms to Align with SBSR Act 2025
Corporate Law : IRDAI has proposed comprehensive amendments to insurance intermediary regulations to implement the SBSR Act, 2025. The proposals s...
GSTAT Bar Seeks Extension of GST Appeal Deadline to 31 December 2026
Goods and Services Tax : The GSTAT Bar Association has urged CBIC to extend the GST Tribunal appeal deadline due to persistent technical glitches on the GS...
FAQs on IFSCA (AML, Counter-Terrorist Financing & KYC) Guidelines, 2022
Finance : The FAQs clarify the implementation of the IFSCA AML/CFT/KYC Guidelines, covering customer due diligence, reporting obligations, g...
Latest Judiciary
ITAT Quashes Assessment as Final Order Was Passed Beyond Section 144C(13) Time Limit
Income Tax : Tribunal held that final assessment order was time-barred because it was passed after mandatory period prescribed under Section 14...
Service Tax Demand Quashed for Reliance Solely on Form 26AS Without Independent Verification
Service Tax : The Gauhati High Court held that a service tax demand based only on Form 26AS, without examining the nature of services or taxabil...
ITAT Quashes ₹85 Crore TP Adjustment as TPO Order Lacked Digital Signature
Income Tax : The ITAT held that a transfer pricing order issued without authentication or a digital signature is invalid in law. Consequently, ...
Opening Cash Balance Cannot Be Treated Unexplained Solely for Non-Disclosure
Income Tax : The ITAT held that an opening cash balance cannot be treated as unexplained merely because the previous year's income tax return r...
Interest Disallowance Remanded as AO Made Addition Without Proper Verification: ITAT Ranchi
Income Tax : The ITAT held that the Assessing Officer disallowed interest expenditure without adequately verifying the records or confronting t...
Latest Notifications
RBI Keeps Repo Rate Unchanged at 5.25% Due to Global Uncertainty
Fema / RBI : The Monetary Policy Committee unanimously retained the repo rate at 5.25% and maintained a neutral stance, citing geopolitical ten...
MCA Extends time period for validity of name reservation and resubmission
Corporate Law : The MCA has introduced temporary relief measures extending name reservation validity and e-form resubmission deadlines affected by...
Anti-Dumping Duty on Chinese PET Resin Extended Due to Continued Dumping and Injury
Custom Duty : The notification continues anti-dumping duty on PET resin originating in or exported from China after authorities found that remov...
India Imposes Anti-Dumping Duty on Sulphenamides Accelerators
Custom Duty : The notification imposes anti-dumping duty after DGTR concluded that imports from the subject countries undercut domestic prices a...
RBI Issues New KCC Directions to Expand Credit Access for Farmers & Allied Activities
Fema / RBI : RBI has issued comprehensive Kisan Credit Card Directions for Rural Co-operative Banks effective from 1 January 2027. The framewor...
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FAQs
This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and income thresholds. It also outlines the consequences of non-compliance and the prescribed record-keeping requirements.
Learn the difference between Sections 80TTA and 80TTB, including eligibility, deduction limits, and the types of interest income covered. Understand which provision applies to you and when these deductions cannot be claimed.
The FAQs explain the revised CBDT guidelines on compounding offences under the Income-tax Act effective from 17 October 2024. They cover eligibility, application procedure, compounding charges, repeat applications, and payment rules.
Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions under Sections 54 to 54GB. The guide also explains the Capital Gains Account Scheme and key compliance requirements.
This FAQ serves as a reference for the Income-tax Act provisions relating to cash receipts, loans, repayments, and electronic payment compliance. It also highlights the statutory thresholds, exceptions, and penalties for various defaults.
