Payments made to transporters for the carriage of goods are generally subject to tax deduction at source (TDS) under the Income-tax Act, 2025.
The Hon’ble Supreme Court in the case of The Deputy Director upheld the judgment by the Hon’ble Madras High Court in the case of Murali Krishna Chakrala which held that the Petitioner, a Chartered Accountant, who issued Form 15CB certificates to client entities without knowledge of forged documents or fraudulent intent, is not a conspirator and is discharged from prosecution under the Prevention of Money Laundering Act, 2002 (“PMLA”). The Court allowed his discharge while giving liberty to the prosecution to examine him as a witness.
Your tax refund claim can raise a red flag leading to tax notices and even jail in case of under-reporting of income; here’s how to avoid it
CA Harshil Sheth, an author of Income Tax Ready Referencer shares his view on upcoming New Income tax Law 2025.
The Indian Partnership Act, 1932, governs partnerships in India and similarly, The Limited Liability Partnership Act, 2008, governs LLPs in India. A valid partnership under both the Acts has been recognized by the Income Tax Act, 1961 and has also been granted a separate legal status in the Act.
On 25th March 2025, Lok Sabha passed the Finance Bill 2025 (now Finance Act,2025). While most of the proposals made in the Finance Bill are same, but certain modifications have been made to the few provisions relating to the block assessment, omission of equalisation levy and giving overriding powers to Section 44BBD over Section 115A as well as changes are there in Section 44DA.
The taxation issues for directors significantly differs from that applicable to professionals or non-executive directors who are earning income under “Profits and Gains from Business and Profession” and executive directors who are earning income under salary
The New Income Tax Bill, 2025 set to take effect from April 1, 2026, represents a comprehensive overhaul of the existing tax framework. It consists of 536 clauses, 16 schedules, and 23 chapters, introducing significant changes to streamline and modernize tax administration. Key shifts include the introduction of a “tax year” concept, retention of the old tax regime with existing deductions, and the establishment of a new tax regime with updated rates. The bill delegates more powers…
Author CA Aman Rajput, presented the TDS rate chart for FY 2024-25; AY 2025-26 in the table below.
