GST suspension triggered by GSTR-1 and GSTR-3B mismatch was upheld, emphasizing strict reconciliation requirements. Timely correction and response are crucial to avoid cancellation.
Explains how to file 1040NR with treaty benefits and ITIN application. Key takeaway: Incorrect ITIN details can lead to rejection and penalties.
Explains who must file Form 5472 and how it reports foreign-owned LLC transactions. Key takeaway: Non-filing can trigger a $25,000 penalty.
Courts hold that one-time alimony is a capital receipt arising from extinguishment of rights and not taxable. The ruling clarifies limits on taxing matrimonial settlements.
The Budget 2026 proposes shifting buyback taxation from dividend to capital gains. Promoters will face an additional tax to prevent tax arbitrage in corporate payout decisions.
The updated TDS provisions reorganize multiple earlier sections into a simplified framework covering salary, resident payments, non-resident payments, and gaming transactions.
The revised FDI policy formally defines “beneficial owner” using anti-money laundering standards, bringing clarity to investment approval requirements for investors linked to neighbouring countries.
The regulator suggests making nomination the default option in single-holder accounts, requiring investors to actively opt out to simplify succession and reduce unclaimed assets.
The new tax law formally embeds faceless assessments into the statute, replacing the earlier scheme-based system and making electronic tax scrutiny the default process.
The Tribunal held that capital gains arising from property transferred to a spouse without consideration must be taxed in the transferor’s hands under Section 64(1)(iv). Reassessment was invalid as the income had already been taxed in the husband’s return.
