Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : The article explains how the Finance Act, 2026 replaced the deemed dividend framework with capital gains taxation. The change allo...
Income Tax : Taxpayers now get three extra months to correct mistakes in originally filed income tax returns. The revised return mechanism rema...
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...
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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Modification of residency provisions In order to bring prevent tax abuse the Finance Act, 2020 modified the Residency Provision. According to the un-amended Section 6, an individual is said to be resident in India in any previous year, if he— (a) is in India in that year for a period or periods amounting in all […]
Article mainly explains Amendments vide Finance Act, 2020 relating to Residential Status, Amendment Removing Dividend Distribution Tax and Impact thereof, Incorporation of MLI and Introduction of Equalization Levy on E-Com Operators.
Amidst the COVID-19 outbreak and lockdown in various states, the Finance Bill 2020 ( Bill) introduced vide Union Budget 2020-21 was passed by both Houses of Parliament, with certain amendments. On 27 March 2020, the Bill has received President’s assent. Read-President Assents Finance Act, 2020 Key amendments by Finance Act , 2020 in Comparison to […]
It is proposed to amend this section 80D to include any payment made by an assessee on account of preventive health check-up of self, spouse, dependant children or parents(s) during the previous year as eligible for deduction within the overall limits prescribed in the section. However, the proposed deduction on account of expenditure on preventive health check-up (for self, spouse, dependant children and parents) shall not exceed in the aggregate Rs.5,000.
I have has made an attempt to prepare an UTILITY covering a CHECK LIST and a detailed CALCULATION for working an amount payable/refundable on opting for the recent amnesty scheme ‘VIVAD SE VISHWAS’ pronounced by the Government. Accordingly to me, this utility works as a ready rackoner and a complete calculator. The same is attached […]
President Assents Finance Act, 2020 on 27th March 2020. Finance bill 2020 was presented in Lok Sabha on 01.11.2020 and get passed in Lok Sabha on 23.03.2020. After passing of bill from Lok Sabha the bill was presented in the Rajya Sabha on the same day, which returned the same without consideration, which effectively means […]
Union Budget 2020: New TCS Provisions & Practical Issues related to Section 206C(1H) of the Income tax Act, 1961 The recent Union Budget 2020 is with regard to Tax Collection at Source (TCS) which is embedded in section 206C of the Income Tax Act-1961, has proposed to widen the TCS net with following 3 additional […]
Section 115BAC – Concessional tax regime for individual and HUF- applicable also for PROFESSIONAL The Finance Bill, 2020 has proposed concessional tax regime for individual and HUF by inserting Section 115BAC to the Income-tax Act, 1961. This provision provides an option for payment of taxes at the reduced rates. However, the benefit of reduced tax […]
Direct Tax Vivad se Vishwas Act, 2020 is An Act to provide for resolution of disputed tax and for matters connected therewith or incidental thereto. During the Union Budget, 2020 presentation, the ‘Vivad se Vishwas’ Scheme was announced to provide taxpayers a lucrative opportunity to settle direct tax disputes by waiving interest and penalty on […]
Following is the list of Amendments which were proposed in Finance Bill 2020 after its Introduction in Lok Sabha on 01st February 2020. These amendments were passed by Lok Sabha on 23.03.2020 without any discussion due to shortened Parliament Session considering Corona Virus threat. LOK SABHA —– FINANCE BILL, 2020 [As introduced in Lok Sabha] […]
