Monthly Archives: September 2025

A mandatory transfer to a Special Reserve under the RBI Act is considered an appropriation of profit and must be added back while calculating book profit for MAT purposes. Issue Is the amount transferred by a company to a Special Reserve, as mandated by Section 45IC of the RBI Act, 1934, an allowable deduction from… Read More »

A proven typographical error in accounts can’t be the basis for denying an exemption. Issue Can a tax exemption under Section 10A of the Income-tax Act, 1961, be denied based on an incorrect description of income in the financial accounts, if the assessee provides substantial documentary evidence to prove it was a typographical error and… Read More »

No TDS is required on a commission paid for services rendered entirely outside India by a non-resident agent who has no Permanent Establishment (PE) in the country. Issue Is an Indian company required to deduct tax at source (TDS) under Section 195 of the Income-tax Act, 1961, on commission payments made to a non-resident agent… Read More »

Ministry of Finance CBDT extends ‘specified date’ for filing of various reports of audit for the Assessment Year 2025-26 from 30th September, 2025 to 31st October, 2025 Posted On: 25 SEP 2025 5:08PM by PIB Delhi The ‘specified date’ of furnishing of the report of audit under any provision of the Income-tax Act, 1961, for… Read More »

IMPORTANT INCOME TAX CASE LAWS 24.09.2025 Section Case Law Title Brief Summary Citation Relevant Act Section 10(1) Principal Commissioner of Income-tax v. Nuziveedu Seeds Ltd. Income from the production and sale of hybrid seeds, where the assessee engaged farmers and exercised control and supervision over the cultivation process, was rightly treated as agricultural income and… Read More »