VDIS Declaration Does Not Bar Income Tax Scrutiny, Rules Madhya Pradesh High Court
Madhya Pradesh High Court rules VDIS immunity covers source of income, not accuracy of disclosure. Income tax scrutiny allowed for discrepancies.
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Madhya Pradesh High Court rules VDIS immunity covers source of income, not accuracy of disclosure. Income tax scrutiny allowed for discrepancies.
Income Tax Act 2025 brings 120% penalties and jail risk from April 2026. Experts urge Budget 2026 reforms on faceless appeals and taxpayer protection.
Foreign consulting income earned by Indian residents is taxable in India even if not remitted. FEMA governs remittance, while Income Tax Act defines tax liability.
ITAT Ahmedabad deletes penalties under Sections 271D and 271E, holding that genuine cash transactions between co-operative societies and members are protected if reasonable cause …
Calcutta High Court rules that dropping an issue during scrutiny is not a “change of opinion.” Reassessment under Sections 147/148 is valid if based on new and tangible material, …