Explains Section 44AD applicability for non-specified professions, eligibility, limits, and tax audit rules under Sections 44AB and 44AA.
Section 63 of Income Tax Act 2025 sets audit limits, forms, due dates, and penalties for non-compliance in business and profession cases.
Allahabad HC held no offence arises if a married man lives with an adult woman in a consensual live-in relationship; grants protection to couple.
From April 2026, 8 cities qualify for 50% HRA exemption. New rules impact calculations, compliance, and disclosures for salaried taxpayers.
The notification requires payers to generate UINs and file quarterly details of declarations even where no tax is deducted. It enhances transparency and ensures better monitoring of tax exemptions.
This update highlights all major compliance due dates for April 2026 under Income Tax and GST laws. It helps taxpayers stay on track with filings, payments, and reporting obligations to avoid penalties.
The issue concerns procedural requirements for filing GST appeals. The instructions mandate document submission and pre-deposit, ensuring proper compliance and avoiding defects.
The Tribunal held that ESOP costs are employee compensation and qualify as revenue expenditure. Disallowance treating them as capital expenditure was deleted.
The issue involved taxability of subsidies received from BCCI. The Tribunal held that such payments are grants-in-aid and not consideration for services. The takeaway is that grants for promotion of sports are not taxable.
India reduced excise duty on petrol and diesel to offset rising global crude prices due to geopolitical tensions. The move aimed to protect consumers and control inflation by limiting fuel price increases.
