Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Income Tax: The proposed amendment to section 198 aims to widen the tax base and address tax avoidance by deeming all sums deducted as tax in India and abroad, for which credit is allowed against payable tax in India, as income received for computing the total income of an assessee. This addresses the issue of under-reporting total income by excluding foreign taxes withheld while claiming credit for the same, resulting in double deduction. The amendment takes effect from April 1, 2025.
Income Tax: The proposed amendment to section 198 aims to widen the tax base and address tax avoidance by deeming all sums deducted as tax in India and abroad, for which credit is allowed against payable tax in India, as income received for computing the total income of an assessee. This addresses the issue of under-reporting total income by excluding foreign taxes withheld while claiming credit for the same, resulting in double deduction. The amendment takes effect from April 1, 2025.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
