Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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