TDS must be applied separately for resident and NRI co-owners in joint property sales. Proper co-owner-wise calculation prevents default, interest, and legal notices.
Each spouse must disclose jointly held foreign accounts and securities in Schedule FA, even if only one spouse reports the income. Proper classification as “Beneficiary” for the non-funding spouse avoids penalties and inconsistencies.
Indian ROR taxpayers must disclose all foreign assets and interests in Schedule FA, even if non-taxable abroad. Non-compliance can trigger strict penalties under the Black Money Act, though a ₹20 lakh carve-out now applies.
The Supreme Court ruled that payments under non-compete agreements are revenue expenditures if they protect business without creating new assets. Companies can claim such fees as ordinary business expenses under Section 37(1).
This explains when manufacturing companies must undergo cost audit based on turnover thresholds. The key takeaway is that exceeding ₹100 crore overall turnover and ₹35 crore product revenue triggers compliance.
This explains how AI allows auditors to examine entire transaction populations instead of samples. The key takeaway is improved audit accuracy and risk coverage.
This explains why educational institutions are fully covered under FCRA when receiving foreign funds. The key takeaway is that academic status does not exempt institutions from compliance.
This analysis explains how repeated amendments widened the reach of PMLA and strengthened enforcement agencies. The key takeaway is that the Act now impacts a broad range of individuals and professionals.
This clarification explains how recovery proceedings are stayed when a taxpayer submits an undertaking and pays the mandatory pre-deposit. The key takeaway is protection from recovery until the GST Appellate Tribunal becomes operational.
The law does not require uploading geo-tagged photographs when adding an additional place of business under GST. The key takeaway is that such demands are procedural, not statutory.
