29 Apr, 2025
Tax Appeal Dismissed: Why Timely Action Matters When it comes to challenging tax assessments, timing is not just important—it’s everything. Recently, a High Court dismissed a tax appeal because it was filed beyond the permitted limitation period. This case is a strong reminder for all taxpayers: miss a deadline, lose your right. Let’s break it […]
Read More29 Apr, 2025
Tax Evasion Arrest: What the DSC Ruling Teaches Indian Taxpayers When it comes to tax matters, procedural compliance can be the thin line between lawful action and an illegal arrest. In a recent key ruling, the Delhi Sessions Court (DSC) upheld the arrest of a petitioner accused of tax evasion, setting an important legal precedent […]
Read More28 Apr, 2025
Introduction: What Does Valid Reassessment Proceedings Mean? Valid reassessment proceedings refer to the lawful reopening of an already completed income tax assessment. Recently, a High Court upheld the reassessment initiated by the Assessing Officer (AO), confirming that the reopening aligned with existing statutory provisions. This brings clarity for Indian taxpayers and businesses navigating reassessment notices. […]
Read More28 Apr, 2025
Revised Return After Compensation: Your Rights Under Income Tax Law Filing your income tax return (ITR) accurately is crucial. But what if you receive legitimate compensation after filing your original return? Can you submit a revised return to update your income details? Yes — and tax authorities must accept it if your claim is genuine. […]
Read More28 Apr, 2025
Introduction: Standardize April 1st ITR release – that’s the strong request from the Karnataka State Chartered Accountants Association (KSCAA) to CBDT. With return filing becoming tighter each year, timely release of forms and utilities is critical for smooth compliance. Why KSCAA Wants April 1st as the ITR Release Standard The KSCAA has formally urged the […]
Read More28 Apr, 2025
When a Firm Sells Land: What’s Taxed and What’s Not? When a firm sells land, confusion often arises — does the firm pay tax, or do the partners?A recent ITAT (Income Tax Appellate Tribunal) decision brings much-needed clarity. In simple terms: This distinction can significantly change your tax liability. Key Legal Principles You Must Know […]
Read More28 Apr, 2025
EPFO Form 13 Update: What Indian Taxpayers Must Know In a major compliance shift, the Employees’ Provident Fund Organisation (EPFO) has updated Form 13 to separately capture taxable and non-taxable PF components. This change, aligned with Income Tax Rule 9D, ensures accurate TDS deductions on PF interest — a critical update for employees transferring PF […]
Read More28 Apr, 2025
India’s Direct Tax Collection: A Milestone Crossed India’s direct tax collection for FY 2024-25 has officially hit ₹22.26 lakh crore, meeting the government’s ambitious target. This record achievement, confirmed by CBDT, signals a resilient economy and steady taxpayer compliance despite global uncertainties. Let’s break down what this means for taxpayers, consultants, and India’s fiscal roadmap. […]
Read More28 Apr, 2025
Renting property in India? If you wrongly deducted 5% TDS instead of 2% in FY 2024-25, you’re not alone. What is the TDS Rate on Rent for FY 2024-25? The applicable TDS rates depend on who is paying and how much rent is being paid: Tenant Type Monthly Rent TDS Rate Section Individual/HUF (not in […]
Read More28 Apr, 2025
Foreign Company Can Offset PE Losses Against Technical Service Income: ITAT Ruling Explained When a foreign company has a Permanent Establishment (PE) in India, questions often arise about how its Indian losses and foreign earnings interact under tax laws. Recently, the Income Tax Appellate Tribunal (ITAT) has ruled that foreign companies can offset losses of […]
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