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Income Tax : The article explains how the Finance Acts, 2025 and 2026 have reshaped the Updated Return regime under Section 139(8A). It highlig...
Income Tax : The Supreme Court has remitted reassessment cases for fresh consideration after the retrospective insertion of Section 147A, leavi...
Income Tax : Learn the most frequent errors taxpayers make while filing Income Tax Returns for AY 2026-27 and how avoiding them can prevent not...
Income Tax : The article explains how the interaction of Section 87A, marginal relief, and Health & Education Cess can leave taxpayers earning ...
Income Tax : Learn who can apply for an advance ruling, applicable fees, withdrawal rules, and its binding effect under the Income-tax Act. The...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The ITAT Ahmedabad admitted additional evidence relating to foreign remittances and restored the matter to the DRP for fresh adjud...
Income Tax : The ITAT Ahmedabad held that unexplained investment under Section 69 can be taxed only in the year the investment is actually made...
Income Tax : The ITAT Mumbai deleted a transfer pricing adjustment of ₹61.22 crore after finding the facts identical to an earlier assessment...
Income Tax : ITAT ruled that determining the arm's length price of management service fees at Nil without following a prescribed transfer prici...
Income Tax : The Court rejected the challenge to the search conducted under Section 132 and upheld the legality of the search proceedings. It, ...
Income Tax : CBDT has approved a scientific research institution under the Income-tax Act, 2025 for tax years 2026-27 to 2030-31. The notificat...
Income Tax : CBDT has approved the University of Hyderabad for scientific research under Section 45 of the Income-tax Act, 2025. The approval i...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Changes in Capital Gain taxation for immovable properties: (a) Holding period reduce for computation of long term capital gain from three years to two years (b) Base year for counting the cost of property shifted from 1.4.1981 to 1.4.2001 for all classes of assets including immovable property.
Under the existing provision of section 47(vic), the transfer of shares of an Indian company by a demerged foreign company to a resulting foreign company is not regarded as transfer.
The existing provision of section 1 94LA of the Act, inter-alia, provides that any person paying compensation shall deduct tax at source at the rate of ten per cent. on the compensation or enhanced compensation or consideration on account of compulsory acquisition of any immovable property (other than agricultural land) under any law for the time being in force subject to certain conditions specified therein.
1) Capital Gain in respect of Land & Building – Periodicity for long term Capital Gain is 3 years ,now it is reduced to 2 years.- Base year shifted form 01.04.1981 to 01.04.2001 for all assets including Immovable property, this will surely reduce the Capital Gain tax.
It is also proposed to insert new section 271DA in the Act to provide for levy of penalty on a person who receives a sum in contravention of the provisions of the proposed section 269ST. The penalty is proposed to be a sum equal to the amount of such receipt. The said penalty shall however not be levied if the person proves that there were good and sufficient reasons for such contravention. It is also proposed that any such penalty shall be levied by the Joint Commissioner.
This may affect very severely to jewelers, builders, purchase of agricultural produce. Unless, some categories are specifically exempted by Government by Notification. One important point being ‘one event or one occasion’ is covered. Thus, for marriage function, if payment is made in parts also to e.g. Caterer, exceeding Rs 3 lacs, it would get covered by this provision.
Amendment in Sec.54EC: Investment in long term bonds for claiming exemption under Sec.54EC: Currently, investment in bonds issued by the National Highways Authority of India or by the Rural Electrification Corporation Limited is eligible for exemption under this section.
Under the existing provisions, income by way of dividend in excess of Rs. 10 lakhs is chargeable to tax at the rate of 10% on gross basis in case of a resident individual, HUF or firm.
This Article is Exhaustive analysis of Amendment in Income Tax Act, 1961 proposed to be carried out by Finance Act 2017 or Union Budget 2017 in a Tabular Format. Article explain in simple Language Relevant Clause of Finance Bill 2017 as Presented in Lok Sabha, Nature of Amendment, Date of Applicability of Amendment and a […]
It is proposed to amend section 197A so as to make them eligible for filing self-declaration in Form.No.15G/15H for non-deduction of tax at source in respect insurance commission referred to in section 194D.
