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TDS on Virtual Digital Assets: Legal Framework Explained
Introduction The emergence of Virtual Digital Assets (VDAs) represents one of the most significant developments in the global financial landscape over the past decade. These assets
Gujarat High Court on Reassessment Notices: Defining Validity and Protecting Taxpayer Rights
Introduction In a significant ruling that has implications for taxpayers and the Income Tax Department alike, the High Court of Gujarat at Ahmedabad, in its decision on reassessmen
Unveiling the Shadow Economy: Understanding Undisclosed Sources of Income and Its Tax Implications
Introduction: Undisclosed Sources of Income in the Indian Tax System In the complex world of taxation, one of the most challenging aspects for tax authorities is dealing with undis
Section 194A: TDS on Interest Other Than ‘Interest On Securities’
Introduction The Indian Income Tax Act, of 1961, incorporates various provisions to regulate and streamline tax deductions at source (TDS). Section 194A specifically deals with TDS
Capital Gains under Income Tax Act, 1961: Understanding the Fourth Head of Income in Detail
Introduction Under the Income Tax Act, 1961, the computation of income is categorized into five heads, with Capital Gains being one of them. Capital Gains entail profits or gains d
Can Income Tax Dept. Set-Off or Realize Secured Assets During Interregnum Period, Expiry of CIRP Period, and Initiation of Liquidation?
Introduction In a significant judgment, the National Company Law Appellate Tribunal (NCLAT) addressed the issue of whether the Income Tax Department can set-off tax dues with refun
Treatment of Book Adjustments as Payments? Understanding GST Eligibility
Introduction In the contemporary business landscape, characterized by seamless movement of goods and services across states and borders, transactions between associated enterprises
Income Tax Assessments and Raids: Ensuring Fairness – A Detailed Examination
Introduction The fairness and impartiality of Income tax assessments and raids conducted by the Income Tax Department are essential pillars of a just tax regime. These processes, w
GST Enforcement Practices: Misuse and the Urgent Call for Reform and Fair Practice
Introduction The Goods and Services Tax (GST) was introduced to simplify the tax framework and foster ease of doing business by unifying the tax structure across India. However, th
Fairness in Tax Assessments: Encouraging Transparency in GST Regulations for Businesses – A Case Study
Introduction The case law, W.P.No.9624 of 2024, heard in the High Court of Judicature at Madras, sheds light on the complexities of taxation under the GST regime and underscores th
