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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Budget 2021 Highlights Finance Minister (FM) Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Here are the key Highlights from Budget 2021: ♦ Relief to senior citizen: for 75 years and above: Having only pension and interest income: exemption from filing ITR: Paying banks will do TDS […]
Any activity with respect to goods and services for cash between an organization like Club and its members is constituted as a supply. Also, an Explanation has been inserted to hold that the ‘Organisation’ and its members are two distinct persons under GST.
Government inserted new TDS Section 194Q which will be effective from 01-July-2021, which say Any person, being a buyer who is responsible for paying any sum to any resident (hereafter in this section referred to as the seller) for purchase of any goods of the value or aggregate of such value exceeding fifty lakh rupees in any previous year, shall, at the time of credit of such sum to the account of the seller or at the time of payment thereof by any mode, whichever is earlier, deduct an amount equal to 0.1 per cent. of such sum exceeding fifty lakh rupees as income-tax.
Notes on Clauses to Finance Bill 2021 Clause 2 read with the First Schedule to the Bill, seeks to specify the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2021-2022. Further, it lays down the rates at which tax is to be deducted at source during […]
Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis.
Finance minister Nirmala Sitharaman provided a major boost to healthcare and infrastructure in Union Budget 2021. However, there was no change in Income Tax slabs this year. FM Nirmala Sitharaman has announced FDI limit in insurance increase to be increased to 74% from now existing 49%. The govt will also launch a Securities Market Code […]
UNION BUDGET 2021 HIGHLIGHTS The analysis of Budget is divided into 2 major categories: (a) Direct Tax (b) MCA, Companies Act, LLP Act. The following are the Key Highlights from the Union Budget 2021, as presented by the Hon’ble Finance Minister. Direct Taxes Vivad Se Viswas Scheme Last Date of filing extended to 28th February, […]
Finance Minister (FM) Nirmala Sitharaman has presented the Union Budget 2021 of India on the 1st of February, 2021. Here are the key Highlights from Budget 2021: Our Hon’ble Union Finance Minister nsitharaman has started presenting the Budget2021. Our FM starts the budget2021 announcement by mentioning the challenges during the pandemic and the vision of […]
The following are the major proposals of the Budget 2021, as announced by FM Nirmala Sitharaman: Relief to senior citizen: The budget proposes exemption of income tax for senior citizen having only pension and interest income. Citizens of age 75 years and above who have only Pension and Interest income – Need not file Income […]
Govt has issued following notifications related to Excise and Custom duty to give effect to Provisions of Union Budget 2021- –Notification Nos. 02/2021-Customs to 15/2021-Customs -Notification Nos. 09/2021-Customs (N.T.) to 12/2021-Customs -Notification Nos. 05/2021-Customs (ADD) to 07/2021-Customs (ADD) -Notification Nos. 01/2021-Customs (ADD) to 02/2021-Customs (CVD) -Notification No. 01/2021-Central Excise to 07/2021-Central Excise A. Explanatory Memoranda […]
