Penny-stock additions require transaction-specific evidence; general investigation material alone cannot establish undisclosed income or accommodation...
Transfer pricing comparability prioritises reliable external CUPs and foreign-currency LIBOR benchmarks for exports, borrowings and delayed receivable...
Section 153C satisfaction and seized electronic records sustained unexplained-investment addition, subject to proportionate ownership-share verificati...
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.
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