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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Agriculture Infrastructure & Development Cess- Implementation Challenges In last budget proposals, Clause 115(1) of the Finance Bill,2021 has introduced Agriculture Infrastructure and Development Cess (in short ‘AIDC’) on the goods specified in the first schedule to Customs Tariff Act, 1975 on being imported into India. Further, in clause wise explanation in the Memorandum, it has […]
As the budget 2021 unveiled, it came up with the proposals to boost the economy and certain important proposed amendments. One of the proposed amendments was ‘No more Depreciation on Goodwill’.
Brief Introduction: > TDS section 194Q has been introduced in Budget 2021 and will get applicable from 1st July, 2021 > TCS section 206C(1H) has been effected from 1st October, 2020 > Let us see both the sections in detail. DISCUSSION PARTICULARS SECTION 194Q SECTION 206C(1H) Purpose Tax to be deducted Tax to be collected […]
A. ONE PERSON COMPANY 1. Who can Incorporate OPC : Current Provisions OPC can only be incorporated by a natural person who is an Indian citizen and resident in India Proposed by Union Budget 2021-22 Now OPC can also be incorporated by Non- Resident Indian (NRI). 2. Who will be considered as resident in India […]
Union budget 2021-2022 introduce foremost impact on companies act by amendment in definition of small company and setting up or incorporation rules of one person company in India. CHANGE IN DEFINITION OF SMALL COMPANY Existing definition: – small company means a company, other than a public company which fulfil following conditions: – (I) Paid up […]
The Union Budget 2021-22 has brought out numerous enablers and catalysts which the AYUSH Sector can tap, and taken together, they place the Sector on a sustainable path of growth, according to a panel of experts who interpreted the Budget for the AYUSH Sector recently.
As the day progresses we professionals are going through lot of GST amendments, circulars, notifications etc .and yet we are finding it how to make it good and simple tax for our clients .In this budget, the main focus of government was to collect tax overruling all previous supreme court judgments or high courts judgements. […]
CHANGE IN PROVISION OF GOODS AND SERVICE TAX 1. A new clause proposed to inserted for availment of Input tax Credit (ITC). The input tax credit on invoice or debit note can be availed only if supplier furnish in statement of outward supplies i.e. GSTR 1. 2. Mandatory requirement of getting annual accounts audited and […]
Capping of interest on PF to disincentivise, demotivate & discourage savings & investment in PF The Finance Bill 2021 has introduced capping of tax free interest on PF above the contribution of 2.5 lacs in a financial year. In simple words it implies that if an assessee contributes more than Rs. 2.5 lakh in any […]
It is stated that proviso to sub-section (1) of Section 50 of the Central Goods and Service Tax, 2017 (CGST Act, 2017) is sought to be amended to substitute retrospectively with effect from the 1’st July, 2017, vide Clause 103 of Finance Bill, 2021, so as so as to charge interest on net cash liability […]
