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Belated ITR Filing for Assessment Year 2025: Penalties, Interest, and Consequences of Missing the Due Date
Understanding Belated Income Tax Return Filing for AY 2025(i) Meaning of Belated ITR Filing(a) For individuals whose accounts are not subject to audit, the statutory due date for filing the Income Tax...
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Examining Risk Factor Disclosures in Draft Red Herring Prospectus (DRHP): Understanding a Company’s Potential Challenges
OverviewWhen an entity prepares to launch its initial public offering (IPO), it is required to present comprehensive information to the market through a document termed the Draft Red Herring Prospectu...
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Binding Consequences of Supreme Court SLP Dismissals in Taxation Cases
OverviewIndian tax disputes frequently progress to the Supreme Court (SC) via Special Leave Petitions (SLPs) under Article 136 of the Constitution. The SC may dispose of these SLPs in several ways: si...
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The Role of Insight Portal Data in Section 148A Proceedings
Section 148A of the Income Tax Act requires that before issuing a notice for income escaping assessment, the Assessing Officer (AO) must be satisfied on a prima facie basis that such income exists, re...
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Landmark Judicial Rulings Shaping Income Tax Law
1. Overview and ContextOver the past twenty years, the Indian tax landscape has seen significant interplay between the judiciary, legislative bodies, and tax authorities. Key judicial decisions have i...
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Evolution of India’s Income Tax Regime: Legal Developments, Policy Shifts, and Their Impact
1. OverviewIndia’s income tax framework has undergone a significant transition—evolving from a complex, paper-based system with numerous amendments and localized procedures, to a streamlined, technolo...
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Disallowance of PF/ESI Deduction for Late Deposit and Exception for National Holiday: Analysis of Delhi High Court Ruling in Woodland (Aero Club) Pvt. Ltd. v. ACIT
IntroductionThe Delhi High Court, in the case of Woodland (Aero Club) Pvt. Ltd. v. Assistant Commissioner of Income Tax (ITA 267/2023, AY 2019-20, dated 08.09.2025), addressed the controversy regardin...
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Analysis of Section 153D Approval: Judicial Scrutiny and Controversies
Overview of Section 153D Approval IssuesSection 153D of the Income Tax Act, 1961, mandates that prior approval from the Joint Commissioner or Additional Commissioner is essential before passing assess...
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Income Tax Search Operations: A Comprehensive Procedural Guide
Introduction: The Legal Landscape for Income Tax SearchesSearch and seizure actions under Section 132 of the Income-tax Act, 1961, represent one of the most powerful investigative tools available to t...
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Distinction Between Tax Avoidance and Tax Evasion: A Comprehensive Analysis
1. Background and Evolution of Taxation in IndiaTaxation has long served as the backbone of public finance, enabling governments to fund public welfare and regulatory systems. Historically, citizens c...
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Concessional Taxation of Capital Gains – Who Gains the Most?
1. Overview(i) BackgroundThe Income-tax Act, 1961 provides preferential tax rates for certain forms of capital gains. Although these reduced rates are intended to encourage investment and provide reli...
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Reconciling Section 144C Timelines with Section 153(1): Legislative Purpose Versus Literal Interpretation
Introduction: The Conflict Between Legislative Purpose and Strict Statutory ReadingThe Supreme Court in Asstt. CIT v. Shelf Drilling Ron Tappmeyer Ltd. ([2005] 177 taxmann.com 262, known as the "Roca...
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Comprehensive Guide to Section 8 Company Registration and Obtaining 12A & 80G Approvals for NGOs in India
Introduction: Establishing an NGO in India Setting up a Non-Governmental Organisation (NGO) in India is a meaningful way to contribute to society. Before launching, it is essential to understand the l...
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SBI Interest Rates for Perquisite Valuation under Income Tax Rules
Overview of Perquisite Valuation for Employer-Provided Loans(i) Concept and Applicability(a) When an employer provides a loan to an employee for personal requirements such as marriage, education, or m...
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Income Tax Act 2025: Ushering in a New Era and Retiring the 1961 Statute
Introduction: A Monumental Shift in Indian TaxationThe Indian tax regime witnessed its most substantial overhaul in over sixty years with the enactment of the Income Tax Act, 2025. Presidential assent...
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Angel Taxation and Indian Start-Ups
Navigating the Legal LandscapeEmergence of Start-Ups and Tax Challenges in IndiaIndia’s economy has experienced dynamic transformation with the rise of start-ups as significant drivers of innovation a...
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Approach to Tax Audit for Traders under Section 44AB: Assessment Year 2025–26
Comprehensive Approach to Tax Audit for Traders under Section 44AB: Assessment Year 2025–261. Initiating the Audit Engagementi) Formalizing the Audit Assignment (a) Secure a duly executed appointment...
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From Business Income to House Property:Taxation of Rental Receipts
From Business Income to House Property: Navigating the Taxation of Rental ReceiptsOverview: The Changing Landscape of Rental Income TaxationThe classification of rental income under Indian tax law has...
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Prospects of Extension for ITR and Audit Report Filing Deadlines
i) Mounting Compliance Pressure as Statutory Deadlines ApproachWith the due dates for filing Income Tax Returns (ITR), Tax Audit Reports (TAR), trust audits, and other statutory compliances drawing ne...
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Assessment Set Aside by ITAT Due to Lack of Jurisdictional Order
2. Case Backgroundi) Company Details and Filing of Return(a) Karan Motors Pvt. Ltd., a manufacturer specializing in spare parts, cylinder heads, and engine blocks for a range of automotive and industr...