In recent times, the reduction in time limits for filing belated or revised income tax returns provides taxpayers a short timeframe to rectify the inadvertent…


Reassessment Controversy – put to an end!
The Finance Act 2021 revamped the reassessment process effective 1 April 2021. In early FY 2021-22 the tax authorities had issued more than 90000 notices…

Extending Trade Credit to an associated enterprise can not be equated to the loan facility; Mumbai Tax Tribunal
Tech Mahindra Limited (taxpayer) is an Indian multinational information technology services and consulting company1. Part of the Mahindra Group, the company is headquartered in India.

Bombay High Court quashes reassessment notices as null and void. States that explanations to Taxation and Other Laws (TOLA) notification
The provisions to reopen the assessment contained in the Act have undergone a huge change. As per this newly introduced provision, before issuing a notice…

Education Cess not allowed as deduction with retrospective effect
Section 40(a)(ii) of the Income Tax Act, 1961 (‘Act’) provides for disallowance of any rate or tax levied on profits or gains of any business…

Tax Litigation Management – New Way to Reduce Litigation on Repetitive Matters
India has a multi layered dispute resolution mechanism. Over the years, tax appeals pending for disposal are ever...

Supplementary clarifications on TDS/TCS on goods/e-commerce transactions
Tax withholding/collection has always been an area of contention between the taxpayers and the tax deductors/collectors.

AY 2021-22: Revised Extended Tax Return Filing Timelines
Pursuant to the launch of E-Filing Portal 2.0, technical glitches have been faced by the taxpayers.

Persons notified for signing Income Tax Returns and to act as Authorized Representative
With the enactment of the Insolvency and Bankruptcy Code, 2016 (IBC), insolvency professionals viz: resolution professional, an interim resolution professional...
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