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CAclubindia is an interactive platform for Tax, Accounting and Finance Professionals, Taxpayers and Students. With a member base of more than 3 million.
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MAT & AMT Under Income Tax Act 2025: Rates, Applicability and Credit Rules
11+ hour, 22+ min ago (991+ words) The Income-tax Act, 2025 has retained the framework of Minimum Alternate Tax (MAT) for companies and Alternate Minimum Tax (AMT) for non-corporate taxpayers, while introducing important changes in the treatment of tax credits. The provisions are contained in Section 206 of the…...
Income Tax Refund on Excess Recovery: Refund, Interest, Adjustment & Recovery Rules
11+ hour, 49+ min ago (1631+ words) These situations raise important practical questions: When is the excess amount required to be refunded? Is interest payable on such excess recovery? Can the Department adjust the refund against another demand? Can the refund be withheld? And in what circumstances…...
Master Playbook: Handling Wrongful Credit Note Rejections in IMS
3+ day, 11+ hour ago (543+ words) When a buyer accidentally rejects a valid Credit Note (CN), the system automatically cancels your tax reduction and claws back the GST amount by adding it to your output tax liability. To fix this and make your returns match, your…...
ICAI Handbook on NRI Residential Status: Key Tax & FEMA Rules Explained
4+ day, 11+ hour ago (1303+ words) Determining whether an individual is a resident or non-resident for Indian tax purposes has become increasingly important as more Indians work, invest and maintain financial interests across countries. A person may spend part of the year in India, work overseas,…...
Pre Deposit in Penalty Only Orders: High Court & GSTATs Clarify Applicability
4+ day, 11+ hour ago (66+ words) In this case, an Order in Original dated 16.12.2025 imposed penalties without any accompanying tax demand. The department insisted on a 10% deposit of penalty as a condition precedent for appeal. This ruling provides clarity on the scope of pre-deposit requirements: Subrahmanyam…...
Query – Interest on Capital Received by Partner from Firm - ITR Filing - Income Tax
6+ day, 2+ hour ago (322+ words) A partner has received interest on capital from the partnership firm. At the same time, the partner has paid interest on a loan, which was borrowed and subsequently diverted/invested in the partnership firm. In earlier years, the net interest…...
NCLT Chennai Dismisses EY's Rs 3.11 Crore GST Fee Plea, Says ICAI May Examine Arrangement
1+ week, 11+ hour ago (858+ words) 2 Days Webinar on Next Gen Tax Audit Practice using AI CLAUDE AI MASTERY COURSE Practical Course on Income Tax Audit(Recorded Course) Claude AI for Financial Statement Preparation The National Company Law Tribunal (NCLT), Chennai Bench, has dismissed an insolvency…...
From Ineligible ITC to Intent to Evade: The Missing Link Under Section 74
1+ week, 2+ day ago (339+ words) 2 Days Webinar on Next Gen Tax Audit Practice using AI CLAUDE AI MASTERY COURSE Practical Course on Income Tax Audit(Recorded Course) The Tribunal referred to CBIC Instruction No. 05/2023-GST dated 13.12.2023, which clarifies that Section 74(1) should be invoked only where…...
GST Notices on the Rise: Key Issues, Common Mismatches and Major Compliance Areas Taxpayers Must Review
1+ week, 5+ day ago (1644+ words) 2 Days Webinar on Next Gen Tax Audit Practice using AI Practical Course on Income Tax Audit(Recorded Course) CLAUDE AI MASTERY COURSE In this article, I have discussed the practical applicability, calculation methodology, reporting requirements, and key precautions relating to…...
CESTAT New Delhi: Sub-Contractor Separately Liable for Service Tax Regardless of Main Contractor's Discharge - Service Tax
1+ week, 6+ day ago (34+ words) CLAUDE AI MASTERY COURSE Practical Course on Income Tax Audit(Recorded Course) 2 Days Webinar on Next Gen Tax Audit Practice using AI Citation: Service Tax Appeal No. 51015 of 2021 View More Judgments »...