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Income Tax

Practical guides to returns, tax audit, assessments and notices.

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Income Tax

485 articles
Section 269ST Cash Limit of ₹2 Lakh, Single Event Transactions, Section 271DA Penalty & Form 3CD

Section 269ST Cash Transaction Limits: ₹2 Lakh Ceiling, Exceptions & Section 271DA Defense Guide

Exhaustive practitioner guide to Section 269ST cash transaction restrictions and Section 271DA penalty defense. Analyzes the ₹2,00,000 threshold across single-day, single-transaction, and single-event prongs, statutory exemptions under Circular 22/2017, proving reasonable cause under Section 273B, Tax Audit Form 3CD Clause 31 reporting, and cash compliance workflows with assureTax.

By Team assureOffice
Equalisation Levy 2% Sunset, Significant Economic Presence (SEP), Section 9(1)(i) & Form 15CA/CB

Equalisation Levy & Significant Economic Presence (SEP): Section 9(1)(i), Sunset & 15CA/CB Guide

Exhaustive practitioner guide to digital economy taxation in India. Analyzes the sunset of the 2% Equalisation Levy under Finance (No. 2) Act 2024, the activation of Significant Economic Presence (SEP) under Section 9(1)(i) Explanation 2A (₹2 Cr revenue / 3 Lakh users), DTAA Permanent Establishment carve-outs, Form 15CA/15CB withholding under Section 195, and digital tax defense with assureTax.

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Section 92CE Secondary Adjustments, Rule 10CB Repatriation, 18% Additional Tax & Form 3CD Clause 30A

Section 92CE Secondary Adjustments under Transfer Pricing: Rule 10CB Repatriation & 18% Tax Guide

Comprehensive transfer pricing masterclass on Section 92CE secondary adjustments and Rule 10CB excess money repatriation. Details the 90-day repatriation timeline, notional interest computation under Rule 10CB (SBI MCLR/SOFR spreads), 18% additional tax option under Section 92CE(2A), Form 3CD Clause 30A audit reporting, and cross-border transfer pricing defense with assureTP.

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Section 115BAA & 115BAB Corporate Tax, Form 10-IC & 10-ID, MAT Exemption & Deductions Forfeiture

Section 115BAA & Section 115BAB Concessional Corporate Tax: Form 10-IC, MAT & Deduction Forfeiture Guide

Exhaustive masterclass on Section 115BAA (22%) and Section 115BAB (15%) concessional corporate tax regimes. Details Form 10-IC and Form 10-ID filing rules within Section 139(1) deadlines, mandatory forfeiture of deductions (Section 10AA, additional depreciation, Chapter VI-A), lapsing of brought forward losses, permanent MAT exemption under Section 115JB(5A), Section 80M dividend deductions, and tax modeling with assureTax.

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Section 194R TDS on Business Benefits, CBDT Guidelines, Valuation Rules & Section 271C Defense

Section 194R TDS on Benefits & Perquisites: CBDT Guidelines, Valuation Rules & Defense Guide

Comprehensive masterclass on Section 194R TDS on benefits and perquisites arising from business or profession. Analyzes the 10% withholding threshold (₹20,000), CBDT Circulars 12/2022 & 18/2022, cash vs kind mechanics, dealer incentives, free samples, travel conferences, social media influencers, capital asset exemptions, Form 26Q reporting, and withholding automation using assureTax.

By Team assureOffice
Section 44AD Business Presumptive Scheme, Section 44AE Goods Carriages, 5-Year Lock-In Opt-Out

Section 44AD vs Section 44AE Presumptive Taxation: ₹3 Cr Turnover Limit, 6%/8% Profits, Vehicle Slabs & 5-Year Lock-In Guide

Comprehensive technical masterclass on presumptive taxation under Section 44AD for small businesses and Section 44AE for goods carriage transporters under the Income-tax Act, 1961. Analyzes the enhanced ₹3 Crore turnover ceiling under Finance Act 2023, the 6% digital vs 8% cash profit split, heavy vehicle monthly tonnage rates, the dreaded 5-year lock-in opt-out penalty under Section 44AD(4), Section 44AB(e) tax audit triggers, and tax filing automation using assureTax and assureITR.

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Section 9B & Section 45(4) Firm Reconstitution, Rule 8AB Attribution & Capital Asset Taxation

Section 9B & Section 45(4) Reconstitution of Firms: Rule 8AB Guide

Deep-dive practitioner guide to Section 9B and Section 45(4) of the Income-tax Act, 1961 governing the taxation of partnership firm and LLP reconstitutions, dissolutions, and partner retirements. Explains fair market value deemed consideration, capital asset attribution under Rule 8AB, calculating partner balance adjustments, indexation mechanics, tax audit disclosures, judicial precedents, and firm restructuring compliance workflows with assureTax and assureFinancials.

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Section 263 PCIT Revision, Twin Conditions (Erroneous & Prejudicial), Lack of Inquiry & ITAT Relief

Section 263 Revision of Orders Prejudicial to Revenue: ITAT Defense Guide

Comprehensive direct tax litigation guide to Section 263 revisionary proceedings by the Principal Commissioner of Income Tax (PCIT). Analyzes the mandatory twin conditions (order must be erroneous AND prejudicial to revenue), Explanation 2 deemed erroneous scenarios, Supreme Court jurisprudence on lack of inquiry vs inadequate inquiry, two-year statutory limitation under Section 263(2), drafting SCN replies, and appellate defense before the ITAT using assureTax and assureNotice.

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Section 54EC ₹50 Lakh Ceiling, 5-Year Lock-In, Land/Building Exemption & REC/PFC/NHAI/IRFC Bonds

Section 54EC Capital Gain Bonds: ₹50 Lakh Limit & 5-Year Lock-In Guide

Comprehensive practitioner guide to Section 54EC capital gain tax exemptions on real estate transfers: the statutory ₹50 Lakh financial year investment ceiling, the 6-month investment window from transfer date, the 5-year lock-in period, eligible institutional issuers (REC, PFC, NHAI, IRFC), prohibition on loans or advances against bonds, Section 50C stamp duty value interplay, and Schedule CG reporting with assureTax.

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Section 50AA Specified Mutual Funds, Market Linked Debentures, STCG Deeming Fiction & NAV Taxation

Section 50AA Taxation: Debt Mutual Funds & Market Linked Debentures Guide

Comprehensive practitioner guide to Section 50AA of the Income-tax Act, 1961 enacted by Finance Act 2023. Analyzes the loss of indexation benefits on debt mutual funds where equity does not exceed 35%, the statutory deeming fiction of short-term capital gains (STCG) taxed at individual/corporate slab rates, grandfathering of units acquired before April 1, 2023, taxation of Market Linked Debentures (MLDs), Form ITR-2/3/6 Schedule CG reporting, and tax modeling using assureTax.

By Team assureOffice
Section 271AAD 100% Penalty for False Entries, Omission in Books, Fake Invoices & Appellate Defense

Section 271AAD Penalty for False Entries & Omissions in Books Guide

Exhaustive practitioner guide to Section 271AAD of the Income-tax Act, 1961 enacted by Finance Act 2020. Analyzes the 100% penalty on false or omitted entries in books, liability on facilitators, the statutory definition of false entry (forged invoices, non-existent supplies, fictitious transactions), burden of proof on the revenue, independent inquiry requirements, interplay with GST proceedings, and appellate defense using assureTax and assureNotice.

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Section 194T 10% TDS on Partner Remuneration, ₹20,000 Threshold, Section 40(b) & Form 26Q Filing

Section 194T TDS on Payments to Partners: 10% Withholding on Salary & Interest Guide

Exhaustive practitioner guide to newly enacted Section 194T TDS on payments to partners by firms and LLPs introduced by Finance (No. 2) Act 2024, effective April 1, 2025. Analyzes the 10% withholding rate on salary, bonus, commission, remuneration, and interest, the ₹20,000 aggregate annual threshold, interplay with Section 40(b) book profit limits, timing of deduction (credit vs payment), Form 26Q reporting, and compliance automation using assureTax.

By Team assureOffice