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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Key Highlights of Union Budget 2022 – Changes under the Income Tax Law Following amendments have been proposed under Income Tax Laws in the Finance Bill, 2022 vide Clause 2 to 84 which shall be effective from April 01, 2022 as per Clause 1(2)(a) of the Finance Bill, 2022: 1. Levy of surcharge @ 12% in […]
Article contains update on Income Tax provisions in Union Budget 2022 related to Updation of ITR filed, Taxation of Virtual Digital Assets, AMT and Surcharge Rates reduced for Co-operative Societies, NPS deduction to State government employees, Tax Relief to the Persons with Disability, Tax Incentive Period for Start-ups Extended and LTCG to be subject to surcharge […]
Firstly, Recipient can avail input tax credit with respect to supply only if such credit has not been restricted in GSTR-2B. What it means – Ineligible credit not allowed to be taken. Secondly, Time limit for availment of input tax credit by a registered person in respect of any invoice or debit notes pertaining to a financial year upto 31st November of the following financial year. In simple words, 40 days additional time to avail itc as earlier we can claim upto 20th October of following financial year.
Finance Minister Nirmala Sitharaman presented her fourth Budget today. This is Narendra Modi government’s tenth Budget, and the second paperless budget in view of the ongoing Covid-19 pandemic situation. India’s economic growth in FY22 to be at 9.2 per cent, highest among all large economies, said FM in her address. Highlights of Budget 2022 speech: Public Issue […]
From last year budget there has been a new tendency being apparent in the taxation front very little to mention it is obviously direct tax since the GST matters are mostly in the hands of GST council rather than in domain of budget. In last year budget there had been numerous changes in the direct […]
♦ Time-Limit To Avail ITC U/S 16(4) Extended Till 30Th November Of Next Year From 30Th September. ♦ Section 41 Of The CGST Act Is Being Substituted So As To Do Away With The Concept Of “Claim” Of ITC On A “Provisional” Basis. ♦ Section 47 Of The CGST Act Is Being Amended So As […]
Circular No. 3/2022-Customs No. CBIC-190354/262/2021-TRU Section-CBEC Government of India Ministry of Finance Department of Revenue (Tax Research Unit) ***** Room No. 156, North Block New Delhi, dated the 1st of February, 2022 To, All Principal Chief Commissioners/ Chief Commissioners of Customs/Customs (Preventive), All Principal Chief Commissioners/ Chief Commissioners of Customs & Central Tax, All Principal […]
We have tried to cover major amendments brought in by Finance Act, 2022 in the GST Law. Further, we have divided the same as summary part and detailed part so that reader can read as per his comfort. 1. Insertion of Section 16(2)(ba) and substitution of a new Section 38: Summary: Input tax credit with […]
The Prime Minister stressed that welfare of the poor is one of the most important aspect of this Budget. The Budget aims to ensure pucca house, toilet, tap water and gas connection for every poor household. At the same time focus is on modern Internet connectivity also.
ये बजट 100 साल की भयंकर आपदा के बीच, विकास का नया विश्वास लेकर आया है। ये बजट, अर्थव्यवस्था को मजबूती देने के साथ ही सामान्य मानवी के लिए, अनेक नए अवसर बनाएगा। ये बजट More Infrastructure, More Investment, More Growth, और More Jobs की नई संभावनाओं से भरा हुआ है। और एक नया क्षेत्र और खुला है। और वो हो Green Jobs का। ये बजट तत्कालीन आवश्यकताओं का […]
