Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : The article explains how the Finance Act, 2026 replaced the deemed dividend framework with capital gains taxation. The change allo...
Income Tax : Taxpayers now get three extra months to correct mistakes in originally filed income tax returns. The revised return mechanism rema...
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...
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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Budgets are announced by states and center to provide an idea as to from the money will come and where the money will go so far as government functioning is concerned. The budget is also an indicator with regard to the government’s vision as to where resources should be utilized for overall development of the […]
The Gems and Jewellery industry contributes to 7.5% to India’s Gross Domestic Product (GDP) and 14% to India’s total merchandise exports. The gem and jewellery sector is likely to employ 8.23 million persons by 2022, from 5 million in 2020. Based on its potential for growth, employment generation and value addition, the Government declared gems […]
With every budget comes expectations and hope. Hope for better tomorrow and prosperous future. Budget is a document for future but it has a interesting past too ,so let go through some interesting facts about budget. 1. The first Indian budget was presented by James Wilson on 18th February 1869 , however first budget for […]
The Union Budget is expected to focus on employment generation, increase in limits for basic tax exemption, standard deduction, medical expenses, rationalization of tax rates and certain social security investments. Some of the changes expected on the personal taxation front are as under: 1. Providing for enhanced limit of Standard Deduction for salaried individuals Currently, […]
There have been Buzz words and viral posts before the budget that income tax will be replaced by the expenditure tax, a new conception of direct tax in line with the prevailing social security taxes in the gulf nations notably in Saudi Arabia and UAE, where income tax in conventional mode not in vogue particularly […]
The Union Finance Minister Nirmala Sitharaman is all set to present the crucial Union Budget 2022 on 1st February, 2022. According to Article 112 of the Constitution of India, 1949, Budget is a declaration of the government’s estimated receipts and expenditure for that particular year. It is almost imperative that the budget will focus on […]
Expectation from budget – This would be the Fourth budget presented by Ms. Nirmala Sitharaman and second budget since covid has emrged. This Budget would be special as this would be seen as a Pre-poll budget of significant states like UP and Punjab along with Goa Manipur and Uttarakhand. Where central government may try to […]
The Union Budget 2022-23 is to be presented by the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman on 1st February, 2022 in Paperless form.
It is an anomaly that Individuals & HUFs are being subjected to Income Tax at the highest rates. Majority of the Corporate Sector is paying Income Tax of 25.17% including cess & surcharges. The LLPs & Partnership entities pay 31.2% Income Tax including cess. But, with the introduction of Super Rich Tax in Budget 2019, […]
Finance Act, 2021 has inserted specific section 89A in the Income-tax Act, 1961 to provide relief to NRI taxpayers who have an issue with respect to their accrued incomes in their foreign retirement accounts due to mismatch in taxation period.
