When Banks Lose Your Property Documents in a loan case Background of the Case : Loan & Security Arrangement Manoj Madhusudhanan took a home loan of INR 1.86 crore from ICICI Bank. As is standard practice, he deposited original title/property documents with the bank. This creates an equitable mortgage (by deposit of title deeds under the …
Whether electricity qualifies as “goods” for applying TDS under Section 194Q. Is Electricity “Goods”? Electricity is not defined in the Income-tax Act. However, it is treated as goods under the following: Sale of Goods Act GST Law (movable property) Customs Tariff Meaning of “Goods”: Not defined in the Income Tax Act. Other laws (Sale of …
All about Chartered Accountant Certificate u/s 201(1)/Rule 31ACB – Form No. 149 (Earlier 26A) Section 201(1) of the Income Tax Act provides that a deductor who fails to deduct or deposit Tax Deducted at Source is treated as an “assessee in default.” However, relief is provided where the payee (deductee) has already paid tax on …
Applicability of TDS on Honorarium (Non-Resident Guest Lecturer) The Income Tax Act does not define “honorarium”; as per the general dictionary meaning, an honorarium is a small, voluntary payment made as a token of appreciation, typically for services that are not rendered under a formal employment or contractual obligation. “Honorarium” is a vague and non-technical …
In today’s evolving financial ecosystem, fraud risks are becoming increasingly sophisticated, particularly in areas involving government-sponsored schemes and dormant bank accounts. A recent advisory issued by the Fraud Risk Management Cell, supported by observations from the National Bank for Agriculture and Rural Development (NABARD), highlights critical gaps in audit mechanisms and outlines essential steps for strengthening …
Compulsory disclosure of taxpayer Bank Balances in ITR‑4 CBDT has introduced a significant compliance requirement via Notification No. 45/2026 dated 30 March 2026. Earlier ITR fillings were required; only bank account details (account number, IFSC, and bank name) were required, and bank balance disclosure was optional. However, now (AY 2026–27 onwards) bank balances must be …
CBDT Introduces New Procedure for PAN Correction In a parallel development under the new income tax framework, the Central Board of Direct Taxes has issued an important order prescribing a revised procedure for the correction of PAN data. The Directorate of Income Tax (Systems), exercising powers under Rule 158(12) of the Income Tax Rules, 2026, …
Overview of China’s Tax System vs. India’s Tax System Overall Structure Framework India: Federal dual-tax model, Center + state powers, and Multi-layer compliance ecosystem China: Centralized unitary system, uniform enforcement, and Simplified framework Both countries divide taxes into the following: Direct Taxes: Income-based (Corporate Income Tax & Individual Income Tax) Indirect Taxes: Transaction-based (Goods and Services …
Key Tax Deducted at Source Compliance Issues under Section 194T Section 194T significantly increases compliance rigor by imposing gross-based, real-time Tax Deducted at Source obligations, creating structural mismatches with income computation provisions and requiring robust internal controls to mitigate litigation and financial exposure. Mandatory Tax Deducted at Source 10% on payments by a partnership firm …
Income Tax Return Due Dates for FY 2025‑26 (AY 2026‑27) Timely filing of an income tax return ensures avoidance of late fees, interest, and loss of carry‑forward benefits and helps maintain a clean tax compliance record. The following are category‑wise income‑tax return filing deadlines: Individuals / Hindu Undivided Family – No Business or Profession Income …