"Dr. Dilip V. Satbhai is the senior partner of Messrs D. V. Satbhai & Co. Chartered Accountants having registered office located at Karve Road, Pune. The senior partner of the firm was the Chairman,Vice-chairman, Secretary and Treasurer of the Pune Branch of the Western India Regional Council of the Institute of Chartered Accountants of India for various years. He was also a co-opted member on various committees of Central and Western India Regional Council of The institute of chartered accountants of India New Delhi in the past for several years, New Delhi and Mumbai. In the year before last year he was selected as the faculty member of the Institute of Chartered Accountants of India to deliver lectures on GST on all India basis under FIP and was appointed as the Convener of the Pune GST study group, a local think tank for studying the GST law and help the needy tax payers. WIRC has nominated him as a member of a subgroup of indirect tax committee of the Western India Regional council in the same year. He was the member of Internal Audit standards Board of the institute of chartered accountants of India, New Delhi. He was also appointed as member of a study group for Government accounting and financial planning for local bodies in India. He was the member of finance committee of the Maratha Chamber of commerce and industries. He has written several articles on matters of interest on Direct and indirect Tax Laws, Economics, Commerce and Investments consultancy and Labour laws."
The proposed amendment to the Income-tax Act confirms that compensation received under the RFCTLARR Act will be exempt from income tax. The change aims to remove uncertainty and provide relief to landowners.
The Central Government, in the Union Budget 2026, has proposed an important amendment concerning employee welfare funds. The objective of this change is to rationalize the provisions relating to the allowability of deduction under the Income-tax Act for employee contributions deducted from salaries towards welfare funds such as the Employees’ Provident Fund (EPF), Employees’ State Insurance (ESI), and similar statutory funds.
A significant change proposed in the current Union Budget relates to the disallowance of deduction of interest expenditure incurred on borrowings used for earning dividend income or income from units of mutual funds. The proposal seeks to amend Section 93(2) of the Income-tax Act, 2025, and is intended to come into effect from 1 April 2026.
Budget 2026 introduces electronic system for lower or nil TDS certificates from 1 April 2026, impacting cash flow, MSMEs and compliance duties.
Budget 2026 replaces certain procedural penalties with fixed fees, aiming to reduce tax litigation and enhance compliance certainty through automated levy mechanisms.
The amendment explicitly includes manpower supply services under contractual provisions, making 1–2% TDS applicable instead of 10%. This resolves long-standing confusion and reduces compliance risks.
The Budget introduces key GST reforms covering post-supply discounts, refunds, intermediary services, and advance ruling appeals. The changes aim to reduce litigation and improve business liquidity.
The issue was prolonged misuse of correction statements due to no statutory deadline. The law now enforces strict timelines, making accurate original filing mandatory.
At present, India’s income tax system is entirely based on individual taxation, wherein each taxpayer is entitled to a separate basic exemption limit and individual deductions. Even after marriage, there is no fundamental change in this structure. Husband and wife are treated as separate taxpayers, required to file their income tax returns independently and pay […]
Exemption from Audit for Companies with Turnover up to ₹1 Crore: Benefits May Exist, but the Risks Are Far Greater It has been reported that the Ministry of Corporate Affairs is considering a proposal to amend Section 139 of the Companies Act, 2013, to exempt companies with an annual turnover of up to ₹1 crore from […]
