Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Political contribution deductions require recipient party compliance with contribution-reporting conditions; banking-channel donations alone do not qu...
Aggregation under TNMM prevents selective testing of intra-group services without comparable uncontrolled transactions, while appellate additional cla...
Protective assessment cannot duplicate identical receipts under competing characterisations; remote services did not establish a taxable permanent est...
Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
The CBDT issued a notification amending Income-tax Rules, 1962, specifically Form 27EQ, to expand Tax Collection at Source (TCS) provisions under section 206C. The amendment introduces new categories for TCS collection, including sales of luxury and specialized items such as wrist watches, art pieces, collectibles, yachts, sunglasses, bags, shoes, sportswear, home theatre systems, and horses for racing. Each category is assigned a specific code (MA through MJ) for reporting purposes. The amendment becomes effective from the date of publication in the Official Gazette, enhancing tax collection mechanisms for high-value and niche product transactions.
The CBDT issued a notification amending Income-tax Rules, 1962, specifically Form 27EQ, to expand Tax Collection at Source (TCS) provisions under section 206C. The amendment introduces new categories for TCS collection, including sales of luxury and specialized items such as wrist watches, art pieces, collectibles, yachts, sunglasses, bags, shoes, sportswear, home theatre systems, and horses for racing. Each category is assigned a specific code (MA through MJ) for reporting purposes. The amendment becomes effective from the date of publication in the Official Gazette, enhancing tax collection mechanisms for high-value and niche product transactions.
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