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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Finance Bill 2021 proposes to introduce a new section, 194Q. Section 194Q of the Income-tax Act, 1961 (‘Act’) would be effective from 1 July 2021. Section 194Q provides for Deduction of tax at source (‘TDS’) on payment of for purchase of goods.
ULIP is a Unit Linked Insurance Policy. Until 31.1.21,all amount received with respect to ULIP on maturity/death/withdrawal is totally exempt u/s 10(10)(D). But in Budget 2021-22, an amendment has been introduced. So following points need to be considered w.e.f.1.2.21: 1. W.e.f.1.2.21 if any person takes a ULIP wherein the total premium for the policy is […]
Article discusses Proposed Amendment in GST (CGST & IGST) vide Union Budget 2021. CGST Act, 2017 1. Insertion of clause (aa) to Section 7(1): Sec. 7(1)(aa) is sought to be inserted so as to ensure levy of tax on activities or transactions involving the supply of goods or services by any person, other than an […]
Budget 2021- Payment by employer of employee contribution to a fund on or before due date Clause (24) of section 2 of the Act provides an inclusive definition of the income. Sub-clause (x) to the said clause provide that income to include any sum received by the assessee from his employees as contribution to any […]
On 1st February 2021, the Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 in parliament. This year’s budget rests on 6- Health and Wellbeing, Physical and Financial Capital and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D, and Minimum Government Maximum Governance. In this budget, several amendments related to direct […]
Budget 2021-22 has proposed various measures to reduce regulatory compliance burden which will improve ease of doing business for industry and ease of living for citizens.
This write uptakes note of changes proposed with regard to some of the TDS /TCS provisions applicable from 1st July, 2021. In the Union Budget 2021 there has been made a proposal to charge higher TDS and TCS on non-filers of income tax return (ITR). This is done to put off the practice of not filing […]
Secretary (DPIIT), Dr. Guruprasad Mohapatra todaysaid that the Union Budget 2021 is aimed at restoring growth in the aftermath of heavy economic losses suffered by the country due to Covid-19 pandemic by enhancing the investment ecosystem in the country.
Budget 2021 incentivizes the incorporation of One Person Companies (OPCs) by amending the Companies (Incorporation) Rules to allow OPCs to grow without any restrictions on paid up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non-Resident Indians (NRIs) to incorporate OPCs in India.
THE IDEA OF BAD BANK BY WAY OF ASSET RECONSTRUCTION COMPANY (ARC) Governor of Reserve Bank of India Shaktikanta Das during the question-and-answer session at the 39th Palkhivala Memorial Lecture said, ‘If there is a proposal to set up a bad bank, the RBI will look at it’. The Union Budget presented on 1st February […]
