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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Points to be considered related to Vivad Se Vishwas Bill 1. Aim: To provide resolution of disputed tax and for matters connected therewith or incidental thereto. 2. Who can file an declaration under Vivad Se Vishwas Scheme: Appellant will be any person or Income tax authority or both who has filed an appeal before appellate […]
The Union Budget and Finance Bill 2020 has proposed major changes for charitable trusts and institutions like renewal of 12AA and 80G registration, furnishing a quarterly statement of donor wise donations, issue of a certificate to all the donors, etc. All such proposed changes are explained below: Section 10(23C): Every approved fund or trust or […]
Impact of budget 2020 on Charitable trust U/S-12AA 1. Re-validation of Existing registrations -The process will be online and the new online form will particularly focus on whether the charitable activities of the trust or institution are genuine. -Once the online forms are ready there will be a window of three months within which application […]
The new income tax slab provided is optional in nature. i.e a taxpayer can choose from any of the two slab options as beneficial to them. Opting for new slab maybe beneficial for a select group of people depending on your total income.
FORMS TO BE FILED BY COMPANIES TO AVAIL LOWER RATE OF INCOME TAX The Central Board of Direct Taxes (CBDT) has notified Forms 10-IC and 10-ID vide Notification No. 10/2020 dated 12-02-2020 for existing companies that want to avail lower Income tax rate and new manufacturing firms incorporated after October 1, 2019, respectively. The effective […]
UNION BUDGET 2020 HIGHLIGHTS The analysis of Budget is divided into 2 major categories: (a) Direct Tax (b) Indirect tax with major focus on the Amendment proposed for the Direct Tax. The budget was very high on hopes for individual taxpayers as the hopes for tax relief was very high. The major themes for this […]
Section 206C of the income tax Act has been proposed to be amended by Finance Bill 2020. Section 206C deals with TCS (Tax Collected at Source). Budget 2020 has proposed to insert Sub-Section 1G and 1H to Section 206C to expand the Scope of TCS to TCS on foreign remittance through Liberalised Remittance Scheme (LRS) […]
It is an issue that whether these concessional tax rates will be available in cases where the Income Tax return is filed belatedly under Section 139(4) or for the first time u/s. 148, 142(1) etc. In this article an attempt has been made to discuss the above issue along with in depth analysis on various other aspects of these new sections.
Tax Planning Tips for Pensioners and senior citizens for Assessment Year 2021-2022 If you want to get pension from April 2020, you have to give an anticipatory statement in Treasury or bank in March 2020. Therefore, as a pensioner you need a basic idea about the new finance bill of Feb 2020. Through this article, […]
In Finance Bill, 2020 (Bill) , one of the Biggest move of the government was abolishing the DDT charged u/s 115-O of the Income Tax Act , 1961 (the Act). However government has inserted/ amended certain sections to make the Dividend income taxable in the hands of receiver by removing Section 10(34) of the Act. […]
