Where both Sec 43B and Sec 40A(7) contain non-obstante clause, Sec 40A(7) would prevail: Madras HC

FINALLY, NEW FINANCIAL STATEMENT FORMATS EFFECTIVE TODAY

LEGAL OWNERSHIP ALONE DOES NOT DETERMINE TAXABILITY ON CAPITAL GAINS IF THE ASSESSEE LACKS BENEFICIAL OWNERSHIP.

Revised Limit for Micro, Small, and Medium Enterprises (MSMEs), effective from April 01, 2025.

GST: Selected wrong year while making a payment through Form DRC-03?

VIA Representation for extension of time limit for TDS correction statements pertaining to Financial Year 2007-08 to 2018-19.

Step-Sibling is a ‘Relatives’ Under Section 56(2)(vii) – Tax Exemption available: ITAT

An overview of recent cases by Bombay High Court on Bogus Purchase vs. Addition under section 69C

No reopening permissible if there is no failure on the part of the assessee disclose the full and true facts during assessment proceeding: SC in Mangalam Publication vs. CIT

Reopening for Change of opinion which is not permissible: Bombay HC

Key Income Tax Changes applicable from 1st April 2025

New Compliance for companies purchasing good/service from MSME

Key Amendments to Tax Audit Report (Form 3CD) – Effective from April 1, 2025 (FY 24/25):

Estimated rate of Gross Profit should be arrived at taking into due consideration the specific circumstances prevailing in the Assessee’s case: ITAT  

Bombay High court dismissed writ petition as petitioner has already availed an alternate remedy – Imposed costs of Rs. 1 Lakh.

Additional Deduction of 90% of an Employee’s Salary as an additional Deduction!

Madras High Court: Voluntary Payment in Form GST DRC-03 to be Treated as Pre-Deposit for Appeals!

35 Amendment proposed while moving the Finance Bill 2025 in the Lok Sabha: An overview of key amendment