Income Tax Alert - Here Are 5 High-Value Transactions That May Come Under Scrutiny

Selling property in India? You're probably worried about the capital gains tax bill that comes with it. Here's some good news—both the old and new tax regimes offer you ways to save big on taxes if you reinvest your sale money in a residential house. Let me break down Section 54F (from the old Income Tax Act 1961) and Section 86 (from the new Income Tax Bill 2025) in simple words, so you can understand which rules apply to you and how to make the most of them. What's the Big...

Delhi Court Sentences Woman to 6 months Jail for not filing the return of income (ITR) discussed.  Accordingly, the accused is held guilty of not filing the return of income for the assessment year 2014-15 under Section 276CC of The Act. Accordingly, the accused is convicted for an offence punishable under Section 276CC of the Act," the court said in the judgement.  "The convict is awarded a sentence of simple imprisonment for six months with a fine of Rs 5,000 and in default to unde...

Corporates, Non-corporates or government department all are procuring major part of services or goods from the MSMEs. There are provision under the Micro, Small, and Medium Enterprises Development (MSMED) Act, to ensure that businesses make payments to MSMEs within a specified time frame, and failure to which can impact the deduction claims for such payments. To facilitate timely payments to micro, small, and medium enterprises (MSMEs) and address the challenges faced by these businesses in rec...

In the Income tax act, the words “Turnover”, “Gross receipts” and Sales are used at many places. In the common business parlance, the terms sales and turnover are used interchangeably. However, as per Income Tax law, guidelines are available on the question of what constitutes turnover. Understanding the concepts of these words is necessary for the purpose of the tax audit.   An audit is mandatory for corporate assessees, irrespective of the amount of turnover. In ...

Very Important Income Tax Update regarding Micro and Small Enterprises     Section 43B-any amount remains unpaid on year end to creditors, being micro/small entity, beyond 45 days or less, as agreed or 15 days if no agmt, shall be added to taxable Income resulting in huge additional tax liability. Keeping such creditors unpaid is risky.   If payment for purchases made from *Micro and Small units* remains outstanding on 31st March, there may be huge tax liability.  Therefore...