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… Read More
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… Read More
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… Read More
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… Read More
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… Read More
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… Read More
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… Read More
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,… Read More
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… Read More
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… Read More