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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
With a view to boost investors’ confidence in the Indian market and put India in a competitive position in terms of taxing rights as compared to other countries in APAC region, the Government of India proposed to abolish Dividend Distribution Tax (also known as DDT) with effect from 01 April 2020.
Direct Tax Vivad Se Vishwas Scheme as passed by Loksabha on 04-03-2020 is accompanied by 55 FAQs isuued on the same day. The purpose is to remove doubts and facilitate speedy implementation. The clarifications issued under FAQs have been categorized into following heads 1. Clarifications on Cases eligible for Scheme 2. Cases Not eligible under […]
Whether a Seafarer who is a citizen of India and who does not pay tax anywhere will be taxed in India by virtue of the provision explained below? Budget 2020 has added the following provision in section 6 of Income Tax Act, 1961 that, An individual, being a citizen of India, shall be deemed to […]
The Finance Minister presented her Second Budget on 1st February, 2020. This budget was presented in the backdrop of economic slowdown. The Indian economy which was supposed to grow at the rate of 6.8% during 2019-2020 has been projected to come down to growth rate of 5.0%.
Direct Tax, Vivad se Vishwas scheme covers the case where the writ petition has been filed by the taxpayer before appellate forum i.e. High Court or Supreme Court.
As dividend become proposed to be taxable, litigation u/s 14A (Expenses incurred in relation to exempt income) now will be reduced. However, deduction of interest as proposed u/s 57 may lead to kind of litigation as was there u/s 14A.
As we know that employers use to contribute to the retirement benefit schemes of employees to enable them to maintain a quality life after retirement. Generally these contribution by employer can be in any one or in combination of following three forms: 1. Contribution to PF (Provident Fund) of the employees (Recognised PF, Unrecognised PF […]
A. Updates Related to GST for the Month of February 2020. Finance Bill, 2020 Budget 2020 – Important changes proposed by the Finance Bill 2020 in GST regime: Budget 2020 was presented by the Finance Minister in the lower House of the Indian Parliament on 1st of February 2020. The Finance Bill, 2020 in this regard […]
A. Summary of Income Tax Notifications and Circulars for February 2020 1. Notification No. 11/2020 dated 13/02/2020– CBDT notifies (Rule 114AAA) prescribing that PAN will become inoperative if a person, who has been allotted PAN as on the 1st day of July, 2017 and is required to intimate his Aadhaar number under section 139AA(2), has […]
Residency Rule √ Generally residential status can be of two types: 1. Resident ⇒ ROR ⇒ NROR 2. Non resident Note: Condition of ROR and RNOR applies only to Individual and HUF Residential Status of an individual *NOTE: Here PIO =Person of Indian Origin PY = Previous Year ROR = Resident and Ordinary Resident […]
