Income Tax

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...

1. Evolution of Tax Residency Certificate FrameworkThe Tax Residency Certificate (TRC) represents a crucial document establishing an assessee's tax residence status in a foreign jurisdiction, serving...

Overview of Hindu Undivided Family (HUF) under Income Tax Lawi) Defining a HUF and Its CompositionA Hindu Undivided Family (HUF) is regarded as a distinct taxable unit under the Income Tax Act, 1961....

Overview of Salary and Wage Taxation in FY 2025–26The financial year 2025–26 introduces notable adjustments in the manner salary income is taxed for individuals in India. The Union Budget 2025 has rev...

1.1. Introduction to the Judicial PrecedentA significant judgment by the Punjab & Haryana High Court in the case of Munjal BCU Centre of Innovation and Entrepreneurship v. Commissioner of Income Tax (...

IntroductionThe recently enacted Income-tax Act, 2025 introduces fresh interpretations of key terms, notably “income” under section 2(49) and “transfer” under section 2(109). Both definitions are arti...

Overview of Legal Provisions and Mandatory Renewal(i) Statutory Requirement for Registration RenewalCharitable trusts and institutions holding Section 12AB registration are required by law to initiate...

Overview of Advance Income TaxAdvance income tax, as stipulated in Sections 207 to 211 of the Income Tax Act, 1961 and mirrored in Clauses 401 to 408 of the Income Tax Bill, 2025, obliges assessees to...

1. Background and Legislative IntentIndia’s online gaming industry has witnessed exponential growth, amassing over 400 million participants spanning e-sports, casual gaming, and skill-based competitio...

Introduction: The CAM Charges Dilemma in TDSThe application of Tax Deduction at Source (TDS) on Common Area Maintenance (CAM) charges has been a contentious subject under the Income Tax Act, 1961. The...

Introduction: Major Shifts in Tax Filing with the New RegimeThe introduction of the new tax regime in 2020 fundamentally altered how assessees approach their income tax computation. While the traditio...

Overview: Scope and ApplicabilityThis article provides a detailed understanding of how income earned in a minor’s name is treated under the Income-tax Act, 1961, especially in relation to Tax Deducted...

This comprehensive analysis empowers assessees to navigate InvIT investments with complete clarity regarding their tax obligations and benefits.1. InvIT Framework: Foundation of Infrastructure Investm...

India's equity markets continue to witness robust activity as companies increasingly seek public capital through initial public offerings. While this trend presents significant opportunities for capit...

Introduction to Amended Perquisite Exemption LimitsRecent notifications, particularly Notification No. 133/2025-Income Tax dated 18 August 2025, have brought substantial changes to the Income-tax Rule...

1. Overview Form 3CD, stipulated under Rule 6G(2) of the Income-tax Rules, 1962, is a comprehensive statement of particulars that accompanies the Tax Audit Report (Form 3CA/3CB), required as per Secti...

OverviewThis article examines how intra-spousal transfers, particularly those structured as gifts, interact with Indian tax laws, drawing insights from the Bangalore Income Tax Appellate Tribunal (ITA...

1. IntroductionThe Income-Tax Act, 2025, which obtained the President’s assent on August 21, 2025, represents a monumental transformation of India’s direct tax landscape. Superseding the earlier Incom...

Introduction and Factual Matrix(i) Context of Search and SeizureOn 20th November 2009, a search operation under Section 132 of the Income Tax Act was conducted involving Trishul Developers, subsequent...

Overview: Importance of Filing Income Tax Return Before Due DateThe extended deadline for filing Income Tax Returns (ITR) for the Assessment Year 2025-26 for Individuals and Hindu Undivided Families (...