Gold, Gold Everywhere—But What Happens to Your Tax When You Exchange It?   In India, gold is not merely a metal. It is an emotion. It is a wedding tradition, a family heirloom, an emergency fund and, sometimes, a financial plan disguised as a necklace! A daughter gets married, and suddenly the old jewellery stored…

Section 54F: Buying a House from Your Spouse Can Still Qualify for Exemption   Mumbai ITAT says a genuine, fully paid transaction cannot be branded a colourable device merely because the buyer and seller are spouses Can you claim exemption under Section 54F if you purchase a residential house from your own spouse? The answer,…

“The issue is not merely of convenience but of audit quality” – Representation for Early Extension of the Tax Audit Report filing Due Date Extension by THE TAX TALK   BY EMAIL / SPEED POST To, Respected Smt. Nirmala Sitharaman ji Finance Minister Government of India North Block, New Delhi – 110001. Email: nsitharaman@nic.in Subject:…

Section 147A: Supreme Court Steps In — What Does It Mean for Reassessment Proceedings?     The controversy surrounding the jurisdiction of the Assessing Officer to issue reassessment notices under Sections 148 and 148A of the Income-tax Act, 1961, has now reached the Supreme Court in a significant manner. The Punjab & Haryana High Court,…

Section 277: When a False Tax Statement Becomes a Criminal Offence False verification, mens rea, prosecution, compounding – and the major change under Section 482 of the Income-tax Act, 2025 A mistake in an income-tax return may result in additional tax, interest or penalty. But a knowingly false statement can go much further – it…