TAT Mumbai held that additions under Sections 68 and 69C could not be sustained where the Revenue failed to establish any connection between the assessee and alleged price-rigging operators. The Tribunal found that the transactions were supported by demat records, banking documents, and stock exchange evidence. The LTCG exemption under Section 10(38) was restored.
The article argues that recurring demands for ITR deadline extensions arise from delayed AIS updates, late utility releases, and technical glitches. The key takeaway is that systemic reforms, not last-minute extensions, are needed to improve tax compliance.
Apply for concurrent audit assignments at Punjab & Sind Bank for the year 2025-26. Criteria include FCA partner, RBI panel selection, and more. Last date: 04/06/2025. Apply now!
The Supreme Court examined whether personal insolvency proceedings under the IBC could halt cheque dishonour cases under Section 138 of the NI Act. The Court held that such prosecutions are criminal in nature and continue despite insolvency moratorium protections.
The article explains RBI’s decision to reduce the export proceeds realization period from 15 months to 9 months and its impact on GST refunds, export incentives, and exporter compliance obligations.
Senior citizens aged 75+ with only pension and bank interest income need not file ITR if a specified bank computes income and deducts tax under Section 194P.
Eligible individuals, non-corporate taxpayers, and senior citizens can avoid TDS on specified incomes by furnishing Form 15G or Form 15H when prescribed conditions are met. The rules also mandate UIN allotment, quarterly reporting, and seven-year record retention by the payer.
Resident individuals, eligible non-corporate taxpayers, and senior citizens can avoid TDS on specified incomes by furnishing Form 15G or Form 15H where prescribed conditions are satisfied. The rules also require quarterly reporting, UIN allotment, and seven-year preservation of declarations by the payer.
Equalisation Levy, initially imposed on online advertisements and later extended to e-commerce transactions, ceases to apply from AY 2026-27 due to the sunset clause introduced by the Finance (No. 2) Act, 2024. The amendment ends the 2% levy on e-commerce supplies and services for consideration received on or after 1 August 2024.
The Income Tax Act, 2025 expressly includes maternal as well as paternal lineal ascendants and descendants in the definition of relative. The key takeaway is that gifts from maternal grandparents and similar relatives now clearly qualify for tax exemption.
