In an important ruling by the Income Tax Appellate Tribunal (ITAT), Mumbai, the case of Surendra Kumar Rajmani Mishra vs. Income Tax Officer (I.T.A. No. 112/Mum/2024, Assessment Year 2012-13), sheds light on the complexities involved in tax assessments, particularly when large sums of money are allegedly linked to individuals with limited business activity. This case …
The Central Board of Direct Taxes (CBDT) has issued Notification No. 36/2025 dated 22nd April 2025, bringing important changes to the scope of Tax Collected at Source (TCS) under the Income-tax Act, 1961. With these changes, TCS will now apply not only to high-value motor vehicles but also to a broader range of luxury goods …
Continue reading “TCS on Luxury Goods Above Rs.10 Lakh: CBDT Notification 36/2025 Explained”
The Central Board of Direct Taxes (CBDT) has issued Notification No. 38/2025 dated 23rd April 2025, introducing important clarifications regarding the allowability of business expenditures under the Income-tax Act, 1961. This notification focuses on amendments made to Section 37, particularly relating to expenses incurred for purposes that are offenses or prohibited by law. Understanding these …
