Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
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The Income Tax Bill 2025 introduces substantial modifications to residential status provisions compared to the Income-tax Act 1961. Key changes include restructuring into 14 sub-sections, enhanced clarity in determining individual residency through refined 182-day and 60-day rules, and specific provisions for high-income individuals with Rs. 15 lakh threshold. The bill maintains dual criteria for company residency (Indian incorporation or POEM) while expanding POEM definition. NOR status criteria are broadened with additional categories for high-income individuals and deemed residents. The revised framework aligns with international standards, emphasizing substance over form and addressing global mobility concerns. These amendments aim to reduce interpretational disputes while providing clearer guidance for status determination across taxpayer categories.
The Income Tax Bill 2025 introduces substantial modifications to residential status provisions compared to the Income-tax Act 1961. Key changes include restructuring into 14 sub-sections, enhanced clarity in determining individual residency through refined 182-day and 60-day rules, and specific provisions for high-income individuals with Rs. 15 lakh threshold. The bill maintains dual criteria for company residency (Indian incorporation or POEM) while expanding POEM definition. NOR status criteria are broadened with additional categories for high-income individuals and deemed residents. The revised framework aligns with international standards, emphasizing substance over form and addressing global mobility concerns. These amendments aim to reduce interpretational disputes while providing clearer guidance for status determination across taxpayer categories.
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