Clarifies when transport services qualify as GTA and how GST applies. The key takeaway is that issuing a consignment note determines tax treatment.
The amendment explicitly includes manpower supply services under contractual provisions, making 1–2% TDS applicable instead of 10%. This resolves long-standing confusion and reduces compliance risks.
Exporters can monetise accumulated ITC on capital goods by opting for export with payment of IGST. This route enables full credit utilisation and improves cash flow.
Supplies to EOUs qualify as deemed exports, but failure to follow Circular 14/14/2017-GST can result in refund denial. Proper documentation is crucial to unlock GST benefits.
The Budget proposes PAN-based compliance, digital certificates, and lower LRS TCS rates. At the same time, stricter monitoring rules widen the compliance net.
This analysis explains capital asset definition, computation rules, and exemptions under the Income-tax Act. Landmark Supreme Court rulings clarify when capital gains can and cannot be taxed.
The new law replaces “Previous Year” and “Assessment Year” with one unified “Tax Year.” This simplifies return filing and reduces confusion for taxpayers.
The Tribunal held that tax demand cannot be confirmed solely due to return mismatch without examining reconciliation and books. The case was remanded for fresh verification under Section 73.
Tax authorities may examine large or unusual digital transactions that don’t match declared income. Proper documentation and accurate reporting can prevent unnecessary notices.
Sections 5 and 6 determine whether global or only Indian income is taxable. Residential classification directly defines the scope of tax exposure.
