-
Advance Tax in India: Due Dates, Computation Methods & Exemptions
Understanding the Concept of Advance TaxAdvance tax refers to the system where assessees are required to pay income tax in periodic installments during the financial year, rather than remitting the en...
-
Evolving MSME Compliance in India: Perspectives and Practical Challenges for Stakeholders
Introduction: The MSME Sector in India's EconomyThe Micro, Small, and Medium Enterprises (MSME) sector forms a crucial component of India's economic infrastructure, contributing nearly 30% to the nati...
-
Recent Landmark ITAT Decisions: Reassessment, Section 80G, DTAA Interpretation, Transfer Pricing, and Section 68 Cash Credits
Reassessment Proceedings Under Section 148: Ajay Singh vs. ACIT Circle 28(1), ITA No. 1934/Del/2023 (Order dated 7 February 2025)Nature of Controversy (i) The crux of the matter involved the legality...
-
Tax Implications on Provident Fund for Salaried Individuals Post-Retirement
Taxation of Provident Fund Receipts for Salaried Individuals at RetirementOverview of Exemption under Section 10(11) of the Income Tax Act, 1961(i) Scope of ExemptionSection 10(11) of the Income Tax A...
-
Revisiting the Fundamentals: Tribunal Clarifies Lower Authorities’ Misinterpretation on Section 54B Exemption
1. OverviewOccasionally, judgments and orders issued by judicial forums require us to revisit foundational principles to grasp the rationale behind their decisions. Such a situation arose upon reviewi...
-
Renewal of Registration under Section 12A and Section 80G: Guidelines and Practical Considerations
Overview of Section 12A and 80G Registration RenewalCharitable and religious organizations in India can avail themselves of tax exemptions and benefits under the Income Tax Act, 1961, particularly via...
-
Determining the Annual Value of Self-Occupied Property under the Income Tax Act, 1961
Comprehensive Guide to Annual Value of Self-Occupied House Property under the Income Tax Act, 1961Overview: Taxability of House Property Incomei) Scope and ApplicabilityIncome from house property is t...
-
Interpretation of Surcharge Applicability on Private Discretionary Trusts: Insights from ITAT Special Bench Ruling
Background and OverviewThe Income-tax Act, 1961, includes several provisions that, while appearing straightforward at first, reveal deeper complexities upon more thorough examination. Judicial pronoun...
-
Tax Exemption for Withdrawals from National Savings Scheme (NSS) Accounts
Introduction to the ExemptionUnder Notification No. 27/2025- Income Tax dated April 4, 2025, significant tax relief has been introduced for withdrawals from National Savings Scheme (NSS) accounts, as...
-
Strategies for Small Businesses to Maximize Tax Advantages under the Income Tax Act, 1961
Selecting an Appropriate Business Structurei) Impact on Taxation:(a) The choice of business entity—be it a sole proprietorship, partnership firm, Limited Liability Partnership (LLP), or private limite...
-
Implications of Extended ITR Filing Due Date on Interest Payable for Income Tax Refunds
Overview of Due Date Extension for ITR Filing(i) Background and RationaleThe Central Board of Direct Taxes (CBDT), through its press release dated 27 May 2025, has officially extended the deadline for...
-
June 2025 Compliance Calendar: Essential Tax and Regulatory Deadlines
The month of June 2025 brings a host of critical due dates for various tax and regulatory filings, spanning Income Tax, GST, Employee Provident Fund (EPF), Employee State Insurance (ESI), Professional...
-
Taxation of Cryptocurrencies in India: A Comprehensive Overview
Understanding Cryptocurrencies(i) Definition and FeaturesCryptocurrency is a form of digital or virtual asset that secures transactions using cryptographic techniques. Unlike conventional money, crypt...
-
Tax Implications on Sale of Old Gold in India
1. OverviewThis article clarifies which gold-related items are taxable, provides practical examples, and explains the impact of the holding period on the applicable tax rate.2. Core Taxation Provision...
-
Obligation to Pay Advance Tax: Who Must Comply and Key Timelines
Overview of Advance Tax LiabilitySection 207(1) of the Income Tax Act, 1961 mandates that advance tax must be paid by every assessee during the relevant financial year on the estimated total income th...
-
NRI Taxation: Clarifying Myths Surrounding Income Tax Obligations in India
NRI Taxation in India and the Importance of Income Tax Return FilingClarification on Recent Changes in Income Tax Provisions(i) Misconceptions Regarding Tax Exemption for NRIsThere is a widespread mis...
-
Explaining the Concept of Deduction Under Section 48(i) of the Income-tax Act by Madras High Court
OverviewThe Indian legislative framework imposes income tax on gains from the transfer of capital assets, allowing for specific deductions, such as those under section 54 and related provisions. Prima...
-
Application of TDS on Rental Payments for Residential and Commercial Premises
1. Tax Deduction at Source on Rent for Residential/Commercial Properties:Income tax laws mandate the deduction of Tax at Source (TDS) on rental payments made for both residential and commercial proper...
-
Cash Deposits for Businesses Under Presumptive Taxation
Cash Deposits and Presumptive Taxation: Key Principles and Legal FrameworkOverview of Presumptive Taxation SchemesPresumptive taxation under the Indian Income-tax Act is designed to simplify tax compl...
-
The Vanishing Essence of Natural Justice in Faceless Tax Assessments
The Principle of Audi Alterum Partem in Taxation"Audi Alterum Partem", encapsulated in Article 14 of the Indian Constitution, is a cardinal tenet of justice ensuring no one is judged without an opport...