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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
The Direct Tax Vivad se Vishwas Act, 2020 – Request for three months extension without any extra charge of disputed tax, Interest or Penalty.
As highlighted in Budget 2020, it proposes to allow deduction of interest expenses to the extent of 20% of dividend income. Author in this article is focusing on significant aspect which is whether 20% deduction is on net taxable dividend (after deduction u/s 80M) or on gross dividend income. Proposal for sec 57 in Finance […]
Is taxing dividend costlier for foreign dividend ? Recently Budget 2020 has proposed to tax dividend income in the hand of shareholders and have given the benefit u/s 80M to avoid cascading effect. (Cascading effect is when tax is levied on a same income at every step i.e dividend transferred from Co A to Co […]
DGIT(S)-ADG(S)-3/e-Filing Notification/FoR1/VSVS/2020/ Government of India Ministry of Finance Central Board of Direct Tax Directorate of Income Tax (Systems), New Delhi Notification No. 12 of 2020 New Delhi, the 19th March, 2020 Subject- Procedure for making declaration in Form-1 under sub-rule (1) of Rule 3 and furnishing undertaking in Form-2 under sub-rule (2) of Rule 3 under […]
The ‘Vivad se Vishwas’ Scheme aims at dispute resolution in order to reduce pending litigation, generate revenue for the Government and benefit taxpayers. Over the years, the pendency of appeals filed by taxpayers as well as Government has increased due to the fact that the number of appeals that are filed is much higher than the number of appeals that are disposed.
Notification of ‘designated authority under ‘the Direct Tax Vivad Se Vishwas Act, 2020’- Which provides to the ‘declarant’ a mechanism to resolve disputes under the Income-tax Act, 1961
Principal CIT Delhi, notifies specified jurisdictional PCIT/CIT having their headquarters at specified places to be the ‘designated authorities’ under Direct Tax Vivad Se Vishwas Act, 2020
Principal Chief Commissioner of Income Tax, (UP), East, Lucknow hereby notify that the following jurisdictional Principal Commissioner of Income Tax/ Commissioner of Income Tax as specified in column (2), having their headquarters at the place specified in the corresponding entries in column (4) shall be the ‘designated authorities’ under the Direct Tax Vivad Se Vishwas Act, 2020
After Assent by President of of Direct Tax Vivad se Vishwas Act, 2020, CBDT notifies Direct Tax Vivad Se Vishwas Rules 2020 alongwith Relevant Forms which includes Form 1 to Form 5. vide Notification No. 18/2020-Income Tax Dated 18th Mach, 2020. Also Read- Corrigendum to Form-3 of Direct Tax Vivad se Vishwas Rules, 2020 MINISTRY […]
Agricultural income is exempt from Income Tax under section 10(1) of the Income Tax Act, 1961. However, its included, for rate purposes, in computing the Income Tax Liability if following two conditions are cumulatively satisfied: Net Agricultural income exceeds INR 5,000/- for P.Y. 2014-15, and Total income, excluding net Agricultural income, exceeds INR 2,50,000/-.
