Finance : Secondary SGB buyers must now pay 12.5% LTCG tax, unlike primary holders. The change reshapes returns and investment strategies in...
Income Tax : Establishes that higher tax burdens on promoters under the new regime require companies to reassess payout strategies. The takeawa...
Finance : The Supreme Court has allowed taxpayers to challenge retrospective amendments validating JAO reassessment actions. It stayed ongoi...
Income Tax : The issue arose from taxing buybacks as dividends, causing higher tax burden and unusable capital losses. The reform restores capi...
Income Tax : The Supreme Court has admitted a case to resolve conflicting interpretations of due dates for PF/ESI contributions. The ruling wil...
Income Tax : The amendments focus on reassessment timelines, electronic communication, and procedural clarity. The changes aim to reduce litiga...
Income Tax : The Government introduced reforms to simplify tax dispute resolution, including broader immunity provisions and expanded scope for...
Income Tax : A focused session breaks down recent Budget amendments affecting NRI taxation. It highlights how changes impact income, investment...
CA, CS, CMA : Budget 2026 prioritises easing compliance, reducing penalties, and cutting litigation rather than raising tax rates. The reforms a...
Custom Duty : New baggage rules and processing regulations are notified, replacing earlier frameworks and aligning customs procedures for passen...
Goods and Services Tax : Discover the key amendments in the Finance (No. 2) Bill, 2024, affecting CGST, IGST, UTGST, and Cess Act, including tax exemptions...
Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...
Income Tax : U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has ...
Income Tax : CBDT updated DIN rules to align with new provisions introduced under the Finance Act, 2026. The circular mandates DIN for most tax...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026. The rescission is ...
Excise Duty : The government has extended key excise provisions and introduced a specific duty structure for CNG blended with biogas. The key ta...
Excise Duty : The government has reduced the effective National Calamity Contingent Duty on specified tobacco products. The key takeaway is a ca...
UNION BUDGET 2022 – KEY DIRECT TAX PROPOSALS – ROADMAP FOR FUTURE The Union Budget 2022 was presented on 1st February, 2022. This Budget seeks to lay the foundation and give a blueprint to steer the economy over the Amrit Kaal of the next 25 years. It continues to build on the vision drawn in […]
All About Cryptocurrency Taxation Introduced in Budget 2022 A new section 2(47A) is proposed to be inserted by Finance Bill’2022, which defines virtual digital assets to mean any information or code or number or token (not being Indian currency or any foreign currency) generated through cryptography which provides a digital representation of value exchanged with […]
In the Finance Bill, 2022, government has inserted a new section in The Income Tax Act, 1961, Section 194R applicable w.e.f 01st July, 2022 with an objective of bringing into a tax, all those benefits or perquisites which a person receives during the course of business or profession but do not discloses the same in […]
The Hon’ble Union Finance Minister Nirmala Sitharaman has presented the Union Budget 2022-23 of India on the 1st of February, 2022 with an aim to boost growth amid continued disruption from Covid-19 and rising inflation. The Hon’ble Finance Minister mentioned that the country is expected to grow at 9.27 per cent in the coming year […]
A new section 140B has been proposed to provide for the tax required to be paid for opting to file a return under the proposed provisions i.e., sub-section (8A) of section 139 of the Act. These amendments will take effect from 1st April 2022. In case of an assessee who has not furnished return of […]
What is Virtual Digital Asset? Finance Bill, 2022 has inserted a new clause 47A to define virtual digital asset. As per the new clause, a virtual digital asset include any information or code or number or token generated through cryptographic means or otherwise, by whatever name called, providing a digital representation of value which is […]
Crypto has become a parallel currency, allowing transfer of value held in digital wallet, from one person to another, without going through a central authority or bank and to allow the digital asset, as consideration for purchase of goods and services. This maxim, is most relevant to the context we discuss herein, as we understand the implications of GST on supply of such digital assets.
The Budget for infrastructure, connectivity and vision but lacks growth-invigorating proposals. A budget with big hopes for streamlining the GST Law, GST Rate balancing but received only Retrospective amendments. Budget for scrapping self-assessment for availing Input Tax Credit (ITC), ending constitutional right under self-assessment to assess GST. Lets have a look at the Amendments in […]
Analysis of changes in GST provisions in Budget 2022 and suggestions & Recommendations Sr No. Changes in Budget Analysis Recommendation Reason 1 Section 16(2)(ba) introduced as “ the detail of input tax credit on said supply communicated to such registered person under section 38 has not been restricted. 16(2) (ba) imposes an additional condition against […]
Section 139(8A) states that whether any person (Trust, AOP/BOI, Company etc.) furnished return of Income or not for relevant assessment year, person may furnish an updated return of Income within period of 24 months from end of relevant assessment year.
