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.
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.
The form ensures taxability of payments to non-residents is properly determined. Filing is required before remittance. The takeaway is pre-condition for lawful foreign payments.
Exchanges must deposit complete tax before filing the statement. Partial payment renders filing invalid. The takeaway is complete tax compliance is a prerequisite.
