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.
This explains the structured process for appointing audit firms, highlighting strict eligibility conditions and evaluation methods. It clarifies that only qualified, experienced firms meeting all criteria are considered, ensuring transparency and quality in audit selection.
Learn the key technical and operational hurdles in TDS/TCS compliance, including FVU errors and defaults. The article highlights practical solutions for error-free filing.
ITAT Mumbai deleted Section 69 addition for alleged on-money as no direct evidence linked assessee. Pen drive data lacked Section 65B proof and cross-exam was denied, rendering addition unsustainable.
The Tribunal held that the AO exceeded the scope of limited scrutiny by invoking Section 68 without prior approval. The assessment was quashed as legally unsustainable, and the addition was deleted.
The Tribunal held that total investment in the new property must be considered for exemption, not just payments within one year. It allowed full capital gains exemption as conditions were substantially met.
The update discusses GST rulings on ITC and refunds, income tax relief interpretations, and insolvency reforms. It also covers discussion papers proposing major structural changes. The takeaway is that judicial clarity and regulatory reforms are strengthening governance.
The law prohibits all real-money online games regardless of skill, marking a major shift from earlier legal precedents and reshaping the gaming industry landscape.
The issue involves technical failures in the Professional Tax portal preventing payments. A request has been made to fix glitches and extend the due date to avoid penalties.
The representation highlights ambiguity in whether the ₹2.5 crore ITC threshold should be annual or cumulative. It emphasizes that lack of clarity may delay genuine cancellation requests and create hardship for small taxpayers.
