ITAT Delhi Clarifies: Once Form 10-IE Is Filed, New Tax Regime Option Continues Unless Withdrawn   Relief for Taxpayers Opting for Section 115BAC The transition from the old tax regime to the new tax regime has generated numerous disputes, particularly regarding procedural requirements and the filing of Form 10-IE. In a taxpayer-friendly ruling, the Delhi…

Demonetisation Tax Shock Gets a Reality Check: Rajasthan HC Rules 60% Tax Under Section 115BBE Not Applicable for AY 2017-18     Rajasthan High Court Holds Enhanced Tax Rate Cannot Be Applied Retrospectively One of the most litigated consequences of the 2016 demonetisation exercise has been the tax treatment of unexplained cash deposits. While the…

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…