Section 234C’s Hidden Cushion: The Lesser-Known 12% and 36% Advance Tax Rule When discussing advance tax, most taxpayers and even many tax professionals instinctively recall the familiar payment schedule . 15% by 15 June ·45% by 15 September ·75% by 15 December ·100% by 15 March These percentages are so deeply ingrained in tax practice…

Foreign Assets, Reassessment & Non-Residents: ITAT Special Bench Clarifies the 16-Year Rule The reassessment provisions under the Income Tax Act have always been a fertile ground for litigation. One recurring question has been whether the extended limitation period available for reopening assessments involving foreign assets applies equally to non-residents. In a landmark ruling, the Mumbai…

Presumptive Taxation vs. Stamp Duty Valuation: ITAT Draws the Line Against Double Taxation The Income Tax Act contains several deeming provisions. Individually, they serve a specific purpose. However, when two deeming provisions intersect, disputes often arise regarding their simultaneous application. One such controversy concerns the interaction between Section 44AD, which provides for presumptive taxation of…

Presumptive Taxation vs. Stamp Duty Valuation: ITAT Draws the Line Against Double Taxation     The Income Tax Act contains several deeming provisions. Individually, they serve a specific purpose. However, when two deeming provisions intersect, disputes often arise regarding their simultaneous application. One such controversy concerns the interaction between Section 44AD, which provides for presumptive…

No GST Expense Claimed? Then No Section 43B Disallowance, Rules ITAT     Unpaid GST Shown as Liability Cannot Be Added Back If It Was Never Claimed as a Deduction Section 43B is one of the most frequently invoked provisions in income-tax assessments. It requires certain statutory liabilities, including GST, to be actually paid before…