March 31 is the most consequential date on every Indian startup's compliance calendar. Miss a deadline, and you're looking at penalties, interest, and questions from investors during due diligence. This checklist covers the 10 most…
The Overhaul No One Can Afford to Ignore On April 1, 2026, the Income Tax Act, 2025 officially replaces the Income Tax Act, 1961. This is not a routine amendment. The Draft Income-tax Rules, 2026…
Two Deadlines, One Date, Zero Extensions March 31, 2026 marks the convergence of two critical regulatory deadlines that affect millions of Indian directors and tax deductors. Missing either one creates permanent compliance gaps with no…
With just 13 days remaining until March 31, 2026, every GST-registered business in India faces a critical compliance window. Missing any of these six actions could result in ITC losses, export disruptions, or penalty exposure.…
The Regulatory Shift: Crypto Is Now Officially on the Tax Radar For years, crypto-asset taxation in India existed in a grey zone. The 2022 introduction of Section 115BBH and TDS under Section 194S was the…
What is lower tax deduction certificate (TDS)? 1. Under Section 197 of the Income Tax Act, 1961 the assessee can apply for a lower rate of tax to be deducted at source / no tax…
Sec 54 of Income Tax Act - Date of possession of new property is to be considered in the case of constructed property: ITAT Mumbai Sunil Amritlal Shah & Rita Sunil Shah (ITA No.4069 &…
Transit rent paid by the developer is not a revenue receipt and so not taxable: Bombay HC Sarfaraz S. Furniturewalla vs. Afshan Sharfali Ashok Kumar & Ors. (WP No: 4958 OF 2024) Facts: 1. The…
Legal precedents on Ad- Hoc Disallowances: A. Examples of ad hoc disallowances made by the Assessing Officer: 1. Disallowances of 10 % of miscellaneous expenses merely because no break up / supporting voucher of miscellaneous…
Additions cannot be made based on profit assumptions: Punjab & Haryana HC M/s Shree Digvijaya Woollen Mills Ltd., Amristar Vs Commissioner of Income-Tax (ITR-3- 2010)(O&M) Facts: 1. The taxpayer discarded a copper wire cable of…
