The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and removing redundancies without changing core policies.
Courts are divided on whether GST notices can cover multiple financial years in one proceeding. The key takeaway is that the final ruling will define whether limitation safeguards can be bypassed through consolidation.
The issue was whether third-party diaries using code “DD” can justify 153C action. ITAT held that without clear identification and corroboration, such evidence is insufficient and proceedings are invalid.
Taxpayers were unable to file appeals when demand orders reflected zero liability despite disputes. The advisory clarifies that rectification must be sought to enable appeals and protect statutory rights.
Major rulings and notifications clarified tax treatment, compliance timelines, and financial regulations. The updates emphasize efficiency and stricter regulatory oversight.
Section 194T mandates TDS on partner payments with a strict April 30 deadline for March deductions. Missing it can lead to interest and expense disallowance.
The Tribunal held that additions cannot be sustained without incriminating material directly connecting the assessee to alleged cash payments. Reliance solely on third-party data was found insufficient. The ruling reinforces the need for concrete evidence in tax additions.
Supreme Court affirmed that insolvency proceedings under IBC do not bar prosecution under Section 138 of NI Act. It held that criminal liability of directors continues independently. Ruling clarifies that both laws operate in separate spheres.
ITR-4 Sugam: End of Blind Presumptive Compliance?” The Central Board of Direct Taxes (CBDT) has introduced a significant compliance change in the newly released ITR-4 (Sugam) for Financial Year 2025-26. The amendment potentially marks a major compliance shift under the presumptive taxation scheme.” Taxpayers opting for the presumptive taxation scheme under Sections 44AD, 44ADA and […]
The new law introduces audit requirements for businesses declaring profits below presumptive rates. It removes the earlier flexibility of avoiding audit without opting for presumptive taxation.
