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Comprehensive Guide to Taxation of Virtual Digital Assets (VDAs) in India: A Detailed Analysis
In recent years, digital assets such as cryptocurrencies and Non-Fungible Tokens (NFTs) have shifted from niche interests to mainstream investment choices for Indian assessees. Understanding the intri...
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Chhattisgarh High Court: No Coercive Measures in Fake ITC Investigations When Assessees Cooperate
Background and Key Ruling(i) Overview of the Court’s DecisionThe Chhattisgarh High Court, in the matter of Harsh Wadhwani & Anr. v. Additional Director General Directorate General of GST Intelligence,...
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How the Indian Government Already Knows Your Income Before You Submit Your Income Tax Return
Introduction: The Reality of Pre-Filed Financial DataAssessees often believe that only after they file their Income Tax Return (ITR) does the Income Tax Department become aware of their income details...
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Major Income Tax Updates Introduced by the Finance Act, 2025
OverviewThe Finance Act, 2025 marks a transformative phase in India’s income tax system, focusing on greater simplicity, reduced litigation, and alignment with the nation’s evolving economic landscape...
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Key Changes in Income Tax Under the Finance Act, 2025: Enhanced Reliefs and Simplified Compliance
Introduction: Transforming Tax Relief for Individuals and MSMEsWith the passage of the Finance Act, 2025, significant reforms have been incorporated into India’s income tax framework. The legislative...
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GST Treatment of Personal, Corporate, and Bank Guarantees: A Comprehensive Analysis
1. Introduction to Guarantees in Financial TransactionsGuarantees serve as key instruments in lending and commercial dealings by providing assurance to creditors regarding the fulfillment of obligatio...
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Income Tax Act, 2025: A Contemporary Legal Framework for Taxation in India
OverviewThe Income Tax Act, 2025 ushers in a transformative era for Indian taxation, supplanting the long-standing Income Tax Act, 1961. Effective from April 1, 2026, this legislation is crafted to re...
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Analysis of Taxation on Right Issue Allotments under Section 56(2)(vii)(c): Lessons from ITAT Hyderabad
OverviewIssuance of shares via right issues—whereby current shareholders are given the option to purchase additional shares proportional to their holdings—is a common fundraising strategy for Indian c...
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LANDMARK RULINGS IN INTERNATIONAL TAXATION
A Comprehensive Analysis by TaxCorp Total SolutionNovember 2025 TABLE OF CONTENTS Permanent Establishment MattersBusiness Income AttributionAviation & Maritime OperationsInterest Income TaxationRoyalt...
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ITR Disclosure for Joint Foreign Trading Accounts: Beneficial Ownership and Reporting Protocols
Introduction: Joint Foreign Trading Accounts & Beneficial Ownership Principles(i) Overview of Joint Holdings in Foreign Trading AccountsMany Indian resident assessees now maintain joint foreign tradin...
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Understanding Joint Foreign Trading Accounts and Beneficial Ownership
1. Introduction i) OverviewIndian residents are increasingly opening joint foreign trading accounts, especially to invest in overseas markets like the US. Often, a spouse is added as a joint holder fo...
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Permanent Account Number (PAN): A Comprehensive Overview
Introduction to PANWhat is a Permanent Account Number?PAN, or Permanent Account Number, is a unique ten-character alphanumeric identifier issued by the Indian Income Tax Department. This number is ess...
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Comprehensive Overview of the Annual Information Statement (AIS) for Income Tax Reporting in India
Introduction to AIS and Its Legal FrameworkThe Annual Information Statement (AIS) represents a consolidated annual summary of an assessee’s financial and tax-related transactions for a particular fina...
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TDS Deduction for Senior Citizens Aged 75 Years and Above under Section 194P
Introduction to Section 194P: TDS Relief for Senior CitizensSection 194P of the Income-tax Act, 1961, provides significant relief to resident senior citizens aged 75 years or more by exempting them fr...
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Restrictions on Late Withdrawals and Fresh Claims through Time-Barred Revised Returns: Supreme Court Guidance
Judicial Standpoint on Late Claims and Fresh Claims in Income Tax Returnsi) Supreme Court Precedents and Their Implications(a) The Supreme Court has firmly reiterated in Goetze (India) Ltd. v. CIT [20...
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Infosys Share Buyback 2025: Tax Implications for Long-Term Shareholders
1. Overview of Infosys Share Buyback Announcementi. Background of the BuybackInfosys, on 12th September 2025, initiated its largest-ever buyback proposal to repurchase 10,000 shares, equating to rough...
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Key Insights from the Telangana High Court Decision on GAAR
OverviewJohn Maynard Keynes’ famous observation that “the avoidance of taxes is the only intellectual pursuit that still carries any reward” succinctly expresses the persistent tension between legitim...
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Presumptive Taxation Scheme in India: Overview, Eligibility, and Key Considerations
Introduction to Presumptive Taxation Schemes(i) Concept and Legislative BackgroundThe Income Tax Act, 1961, under various provisions such as sections 44AD, 44ADA, and 44AE, introduces presumptive taxa...
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Frequently Asked Questions on Taxation of Income from House Property
1. Overview of House Property Income TaxationRental proceeds are taxed under the head "Income from House Property" exclusively in the hands of the legal owner or deemed owner of the property, as speci...
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Understanding Salary Income: Key Issues and Clarifications
Overview of Salary Income under Indian Tax Laws(i) Definition and Scope of Salary IncomeSection 17 of the Income-tax Act, 1961, outlines what constitutes salary income. In essence, salary includes any...