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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
The Union Budget for financial year 2021-22 has been laid in Parliament on 1st February, 2021 by the Finance Minister. The Budget revolves around three themes i.e., inspirational India, economic development and caring society. The Budget made a statement that of all the structural reforms, the Goods and Services Tax (GST) has been the most […]
Goods and Service Tax ‘GST’ is a trust-based taxation regime wherein a taxpayer have to self-assess his tax liability, tax payment, and returns. Thus, to ensure the correctness of assessment by the assessee GST audit is compulsory. GST audit involves an examination of records, returns, and other documents maintained by the assessee. To ascertain that self-assessed GST […]
Rates of Income Tax for Financial year (FY) 2020-21 i.e. Assessment Year (AY) 2021-22 and FY 2021-22 (AY 2022-23) applicable to various categories of persons viz. Individuals, Firms, companies etc. Introduction This article summarizes Tax Rates, Surcharge, Health & Education Cess, Special rates, and rebate/relief applicable to various categories of Persons viz. Individuals (Resident & […]
Changes under Income Tax – Union Budget 2021: 1. No Changes in Income Tax Slab rates. 2. Income Tax Return need not be filed by Senior citizens provided that: He is Resident of India and of the age 75 years or more during the previous year He has only Pension and/or Interest Income He shall […]
In a significant announcement for strengthening School Education as envisioned under National Education Policy 2020, Union Budget 2021-22 announced that more than 15,000 schools will be qualitatively strengthened to include all components of the National Education Policy 2020.
Budget 2021 from the indirect tax standpoint made various announcements primarily focusing on the two major aspects i.e. penalize fraudulent transaction and reduce the compliance burden. Of the many amendments proposed under GST, three main amendments that needs serious deliberation by taxpayers are a) The rationalization of the annual GST compliance; b) The amendment to […]
The Finance Minister rolled out the Budget in the back drop of the very difficult scenario of the pandemic and also the sliding economy of the last year. Overall the Budget has been a balancing act keeping in mind the thrust required and also taking into account the economic indicators spelt out by the Economic […]
The GST is now almost 4 years old, has its own highs and lows in terms of practicality. With the intent of easing compliances, the GST council has brought up several measures to streamline and simplify the compliances in the past. Such measures include the nil return through SMS, QRMP (Quarterly returns and monthly payment scheme) for small taxpayers, e-invoicing, validation of input statement in GST portal, pre filled GST returns and introducing staggered filing of returns.
In the Budget speech 2021-22, it has been announced that ‘debtfinancing of InvITs and REITs by Foreign Portfolio Investors will be enabled by making suitable amendments in the relevant legislations.
Is charging TCS on Invoice for Sale of Goods u/s 206C(1H) correct? Or non-compliance of statue? What will be the effect of overriding section 194Q or Section 206CB? Section 206C(1H) has been made effective from October 1, 2020 which states that TCS @0.1% (0.075% for Fy 2019-20) shall be collected by a Seller having turnover […]
