Appeals and Revisions Frequently asked questions 1. What are the key provisions contained in the Chapter on Appeals, Revision and Dispute Resolution Committee (DRC) under the Income Tax Act, 2025? Ans. The Chapter on Appeals, Revision and Alternate Dispute Resolution under the Income Tax Act, 2025 comprehensively consolidates the entire remedial framework of the Act.… Read More »
Objective and scope of the New Act Frequently asked questions 1. What is the primary objective of replacing the Income Tax Act, 1961 with the Income Tax Act, 2025? Ans. The Income Tax Act, 2025 has been enacted to provide a streamlined, simplified, and modern tax code with reduced compliance burden, consolidated provisions, and clear… Read More »
Pre-2002 Self-Generated Trademark Transfers are Tax-Free as Cost of Acquisition is Unascertainable. I. The Sarabhai Zydus Case: Transfer of Trademarks The Dispute: The assessee transferred 22 veterinary brand names to a joint venture for ₹29.10 crores. The Revenue tried to tax this under three different heads: Capital Gains (with Nil cost), Business Income (Section 28(iv)),… Read More »
Registration cannot be denied to new trusts solely because activities have not commenced or involve member conferences. The Dispute: Charity vs. Mutual Benefit The Conflict: A trust formed in July 2024 applied for registration in March 2025. The Commissioner (Exemptions) rejected the application, arguing: Limited Scope: The trust’s activities seemed confined to its members. Membership… Read More »
How to File Form 145 Income Tax for Payment to NRI Form 145 1. Overview Form 145 is a new form that replaces the old Form 15CA for sending money outside India. It needs to be filled by anyone who wants to make a foreign payment, and it must be submitted before the money is sent.… Read More »
Form 34 Income Tax Rules 2026 pdf download and Key points Form 34 Income Tax Rules 2026 pdf download and Key points FORM NO. 34 [See rule 68] Report for deduction in respect of additional employee cost under section 146 of the Act Under the Income-tax Rules, 2026, Form No. 34 replaces the erstwhile Form… Read More »