Can a Charitable Trust File Form 121 If Income Is Below ₹3 Lakh? A Grey Area in TDS Law That Needs Clarity   The Income Tax law is often praised for simplification, but at times, simplification brings with it a fresh layer of complexity. One such emerging issue under the new tax regime for Tax Year…

103 CAs penalised. 85 debarred. Penalties up to ₹10 crore. A strong and consistent message to audit profession from NFRA since 2022.   And almost every single order has the same pattern. A thread every CA must read. 1.  First, what is NFRA? The National Financial Reporting Authority is India’s independent audit regulator under Section…

80G Registration Denied Due to “Religious Objects”? ITAT Clarifies the Law Every Trust Must Know   One of the most common-and frustrating-reasons for rejection of Section 80G registration today is this: “Your trust deed contains religious objects, hence 80G cannot be granted.” This approach is not only widespread-it is also legally incorrect. A recent ITAT ruling…

Penalty u/s 271(1)(c) Cannot Be Levied for Mere Disallowance: ITAT Rajkot Clarifies the Law | Key Ruling in Pardes Dehydration Co HUF vs ITO   Penalty notices under Section 271(1)(c) are often issued almost mechanically whenever an addition or disallowance is made in assessment. But a recent ITAT Rajkot ruling has once again reaffirmed a…

Old vs New Tax Regime (AY 2026-27): What You Actually Lose-and What You Still Keep   Every tax season, one confusion refuses to go away: “New tax regime means no deductions at all.” That’s not entirely correct-but it’s not completely wrong either. The truth lies somewhere in between. The new regime removes most deductions, but…