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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Interpretation of Finance Bill 2021 Indirect tax Central Goods and Service Tax Extract 99. In the Central Goods and Services Tax Act, 2017 (hereinafter referred as the Central Goods and Services Tax Act), in section 7, in sub-section (1), after clause (a), the following clause shall be inserted and shall be deemed to have been […]
1. Capping of PF contribution limit to 2.50 lacs Instances have come to the notice where some employees are contributing huge amounts to these funds and entire interest accrued/received on such contributions is exempt from tax under clause (11) and clause (12) of section 10 of the Act. This exemption without any threshold benefits only […]
Considering we are still battling the Corona virus, it is no surprise that this year’s budget focused on improving healthcare and infrastructure. Health allocation jumped 137% for 2021-22 compared with allocated budget in 2020-21.
An assessment of today’s budget might want to start by listing the myriad challenges that the finance minister faced. Mercifully, the economy seems on the mend and the nominal GDP growth of 14.4 per cent assumed in the budget for 2021-22 looks impressive. However, some the fizz in the number comes from the extraordinarily low denominator of 2020-21 due to the 7.7 per cent contraction in real GDP.
♦ INTRODUCTION: Hon’ble Finance Minister Smt. Nirmala Sitharaman ji has placed her third consecutive budget after taking charge of Finance Ministry. This Budget will be the first of this new decade 2021-2030. This time, due to COVID-19, budget printing was not undertaken and therefore it is declared that, this Budget is “Digital Budget”. ♦ BUDGET […]
The budget presented on Ist Feb 2021 has brought apparently some good news for the assesses but adverse news for the professionals like CMAs and CAs on GST front with regard to discontinuance of GST audit as the professionals had put in lot of labour to streamline the GST mechanisms in the organisations during GST […]
Budget 2021- Seeks to prescribe effective rate of Agriculture Infrastructure and Development Cess for specified goods. – Notification No. 11/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 11/2021-Customs New Delhi, the 1st February, 2021. G.S.R.69(E).– In exercise of the powers conferred by sub-section (1) of section 25 […]
Budget 2021- Project Imports (Amendment) Regulations, 2021– Notification No. 10/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 10/2021-Customs New Delhi, the 1st February, 2021 G.S.R. 68(E).- In exercise of the powers conferred by section 157 of the Customs Act, 1962 (52 of 1962), the Central Board of […]
Budget 2021– Seeks to further amend No. 42/96 – Customs, dated the 23rd July, 1996 so as to make suitable amendments to the list of specified projects under heading 9801 of the First Schedule to the Customs Tariff Act (CTA). – Notification No. 9/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT […]
Budget 2021– Seeks to further amend notification No. 153/94-Customs dated 13th July, 1994 so as to include temporary imports of costumes and props for film-making, in the goods exempted by the said notification– Notification No. 8/2021-Customs Dated 1st February, 2021. GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 08/2021-Customs New Delhi, the […]
