Demonetisation Cash Deposits Cannot Be Taxed Twice: Delhi ITAT Gives Major Relief to Traders   Mere Increase in Cash Sales During Demonetisation Is Not Enough for Addition Under Section 68 The demonetisation period continues to generate tax disputes even years after the withdrawal of ₹500 and ₹1,000 currency notes. One of the most common allegations…

No Return Filed, Yet ITAT Grants Relief: Principle of Consistency Defeats Revenue’s Bid to Tax Entire Bank Deposits   When the Tax Department Itself Adopted a Method Earlier, Can It Suddenly Change Its Stand? The principle of consistency is one of the most important yet often overlooked doctrines in tax law. While each assessment year…

Can Non-Specified Professionals Use Section 44AD? A Hidden Loophole or Legislative Gap in Presumptive Taxation?   The presumptive taxation scheme under the Income Tax Act was introduced to simplify tax compliance for small taxpayers. While Section 44AD applies to eligible businesses and Section 44ADA applies to specified professionals, an interesting interpretational issue has remained unresolved…

Advance Tax: The Tax EMI You Can’t Afford to Miss Today, 15th June, marks the first advance tax installment falling due under the new Income Tax Act, 2025. While many taxpayers are still settling into the new tax year, the tax law has already reached its first checkpoint. Missing this deadline may not immediately invite a…

Foreign Travel Under the New Income Tax Act, 2025: Is Form 156 Mandatory Before Every Overseas Trip?   The new Income Tax Act, 2025, effective from 1 April 2026, introduces a significant compliance requirement for individuals travelling abroad. One of the notable changes is the replacement of the old Form 30C with a new Departure…