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The amended Finance Bill 2026 abolishes the Tax Recovery Officer’s power to arrest and detain taxpayers for recovery of dues. The move is positioned as a taxpayer-friendly reform aimed at reducing coercive recovery measures.
ITAT Bangalore restored the Section 54F claim after noting that medical issues and portal difficulties prevented timely filing of evidence. The AO was directed to re-examine all supporting documents before passing any adverse order.
The issue is understanding complex NPS rules, tax benefits, and recent updates. The framework clarifies withdrawal flexibility, tax treatment, and eligibility.
The court held that recovery cannot proceed against a legal heir without determining liability under Section 93, reinforcing due process requirements.
The Court held that once a GST assessment order attains finality, recovery under Section 79 can proceed without issuing prior notice to the taxpayer. It clarified that recovery actions can directly target bank accounts when dues remain unpaid. T
The issue was whether ITC is available on GST paid for leasehold rights used to build a plant. The ruling held ITC is blocked as the expense is linked to construction of immovable property, with capitalisation being the key factor.
The Court held that indirect share transfers deriving value from Indian assets are taxable. Treaty benefits were denied due to tax avoidance structure.
The law consolidates earlier TCS provisions under a new section without changing rates. The key takeaway is the need to update compliance references from April 2026.
The depreciation provisions applicable from Tax Year 2026-27 have undergone a significant structural change. With the enactment of the new Income-tax Act, 2025, all depreciation provisions previously governed under Section 32 of the Income-tax Act, 1961 have been consolidated and re-enacted under Section 34 of the new Act. The rates, however, remain largely unchanged, ensuring […]
The new law restructures TDS provisions with new section numbers and codes. Businesses must update systems despite no change in rates or thresholds.
