Direct Tax
Articles & Guides
Expert insights on Direct Tax from practising Chartered Accountants — plain language, actionable advice.
Benami Transactions and Prohibition Under Income Tax Act 2025: Complete Guide
Benami transactions under Benami Act 1988 and ITA 2025 — definition, confiscation without compensation, 25% penalty, 7-year imprisonment, exceptions (HUF, fiduciary, genuine gifts).
Succession Planning and Inheritance Tax Under Income Tax Act 2025: Complete Guide
Succession planning and inheritance under ITA 2025 — no estate duty in India, inherited property exempt, capital gains on sale uses original cost, HUF succession, private trust, life insurance exempt.
Co-operative Society Taxation Under Income Tax Act 2025: Section 179 & Rates Guide
Co-operative society taxation under ITA 2025 — 15% concessional rate for new manufacturing co-ops, Section 179 (80P) deductions, normal 30% rate, AMT, dairy/credit/agricultural co-ops.
Dispute Resolution Under Income Tax Act 2025: Appeal Mechanism Guide
Income tax dispute resolution under ITA 2025 — CIT(A) first appeal Section 322, ITAT second appeal, High Court substantial question of law, DRC small taxpayers, Vivad se Vishwas.
Black Money Act and Foreign Asset Disclosure Under Income Tax Act 2025
Black Money Act 2015 and ITA 2025 — 30% flat tax, 90% penalty on undisclosed foreign assets, Schedule FA disclosure mandatory, FATCA/CRS automatic reporting, voluntary disclosure.
Income Tax Prosecution Under Income Tax Act 2025: Chapter XXII Guide
Prosecution provisions under Chapter XXII of ITA 2025 — wilful failure to file ITR (3 months-2 years), tax evasion (6 months-7 years), TDS non-deposit, compounding of offences.
Income Tax Search and Seizure Under Income Tax Act 2025: Section 247 Guide
Search and seizure under Section 247 of ITA 2025 — authorisation, grounds, taxpayer rights, seizure of assets and documents, post-search assessment 6 years, penalty 30%-60%.
Income Tax Survey Under Income Tax Act 2025: Section 253 Guide
Income tax survey under Section 253 of ITA 2025 — no warrant needed, inspect books/stock/cash, cannot seize assets, statements admissible, survey vs search difference, Section 254 trusts.
Income Tax Refund Under Income Tax Act 2025: Section 295 Guide
Income tax refund under Section 295 of ITA 2025 — how refund arises, claiming via ITR, interest on delayed refund 0.5%/month (Section 296), refund adjustment Section 297, common delays.
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