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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Finance Bill 2020 has introduced new section, Section 115BAC where employee can pay tax on their total income at the rate specified in the Table from the assessment year 1st April, 2021. Table Sr. No. Total Income Rate (1) (2) (3) 1. Upto Rs.2.50 lacs Nil 2. From 2.50 lacs to 5 lacs 5% 3. […]
Finance Bill, 2020 has proposed certain amendments in section 254 of the Income Tax Act, 1961. These amendments need your separate attention; therefore, we are sending a representation describing the hardships to you for your kind consideration.
Union Budget 2020-21 has undoubtedly paved the way for start ups to retain and recruit the human talent by issuing ESOP in the initial years when most of them face liquidity crunch. The Union budget 2020-21 speech states in the words of honourable finance minister Nirmala Sitharaman, “I propose to ease the burden of taxation […]
♠ Presently, a large number of Income-tax appeals are pending at various levels of adjudication namely, Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), High Courts, and Supreme Court. These appeals have been filed by taxpayers as well the Department. ♠ Due to the fact that every year more appeals are filed than are disposed, the […]
Central Government is putting all efforts to curb use of cash which is focused on un-accounted transactions. As we all know, not all transactions that are transacted in cash hold the colour of un-accounted money, the contrary is that all the un-accounted transactions takes place in cash.
Finance Bill, 2020 has been presented on 1st Feb, 2020 in the Parliament. Provisions of Finance Bill, 2020 relating to direct tax seek to amend the Income-Tax Act, 1961. The various proposals for amendments are placed before parliament. Let’s have a look what is there as income tax aspects for every person. Analysis of Budget 2020 1. […]
TCS has to be collected in the following scenario w .e.f. 01 .04.2020. 1. If the sales, turnover or gross receipts of the person selling goods is more than Rs. 10 crores during the financial year 2019 2020. 2. The seller sells goods of value Rs. 50 lakhs or more either in single transaction of in aggregate during the financial year 2020 2021. 3.Th e-seller is not liable to collect tax on sale of goods under any other sub section (1), (1F) or (1G) of the value of goods sold by him. Mentioned in the annexure 1 herewith) 4. Th e-buyer is not liable to deduct any TDS for the given sale transaction.
Tax Collected at Sources (TCS) on Tour Operator √ Do you know that Budget 2020 casted additional burden on Tour operator to collect additional Tax from the person who buys “Overseas tour program” package from Tour Operator from 01st April,2020. √ Whether all person will be required to collect TCS or only specified person? > […]
Finance Minister presented the Finance Bill, 2020 in the Lok Sabha on 1 February 2020, accompanied by the longest ever budget speech. On an overall basis, the government’s focus appeared to provide ease of living and to promote investments in to India.
The Government of India (GoI) is leaving no stone unturned to make India an attractive destination for Foreign Direct Investments (FDI), which will be a significant contributor to the country’s journey of becoming a US$ 5 Trillion economy by year 2025. Few months back, the GoI had taken the historic decision to reduce headline corporate […]
