Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Contingency expenses, exempt-income disallowance, and royalty benchmarking: unsupported adjustments were deleted under consistent accounting and trans...
The GoI's MoF through CBDT issued Income-tax (twelfth Amendment) Rules, 2025, effective 1st April 2025, amending Income-tax Rules, 1962. Key modifications include updating Rule 12 and Rule 11B, specifically revising income tax return forms ITR-1 and ITR-4. The amendments introduce new provisions for filing returns, particularly for individuals and Hindu undivided families, with specific conditions for reporting capital gains under section 112A and business income computed under sections 44AD, 44ADA, and 44AE. The changes aim to streamline tax return filing processes and provide clarity on reporting requirements for specific income categories. The notification ensures no adverse impact on taxpayers and facilitates more precise income tax documentation.
The GoI's MoF through CBDT issued Income-tax (twelfth Amendment) Rules, 2025, effective 1st April 2025, amending Income-tax Rules, 1962. Key modifications include updating Rule 12 and Rule 11B, specifically revising income tax return forms ITR-1 and ITR-4. The amendments introduce new provisions for filing returns, particularly for individuals and Hindu undivided families, with specific conditions for reporting capital gains under section 112A and business income computed under sections 44AD, 44ADA, and 44AE. The changes aim to streamline tax return filing processes and provide clarity on reporting requirements for specific income categories. The notification ensures no adverse impact on taxpayers and facilitates more precise income tax documentation.
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TaxTMI 
TaxTMI 
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