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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
INTRODUCTION The Finance Minister Ms. Nirmala Sitharaman during her maiden budget, presented on 1st February, 2020, declared an amnesty scheme namely ‘Vivad Se Vishwas – A Dispute Resolution Scheme 2020′ (hereinafter referred to as “the Proposed Scheme”). The Proposed Scheme aims to settle the unresolved issues pertaining to Direct Tax regime, i.e. Income Tax Act, […]
Central Government in order to widen and deepen the tax net by bringing participants of e-commerce within the ambit of tax, through the Union Budget 2020-21 has proposed to insert a new section ‘194O – Payment of certain sums by e-commerce operator to e-commerce participant’ with effect from Assessment Year beginning from April 1, 2020.
Elimination of dividend distribution tax and returning to the classical system of dividend taxation was the one of the key highlights of this Union Budget 2020. We will discuss the proposed scheme of the taxation and impact thereon forthwith: The Need: The old system had created a hurdle and DDT was considered as extra cost […]
♠ Section 115BAC is introduced to provide an option to individuals or HUFs to pay tax at reduced slab rates subject to foregoing of certain exemptions / deductions and satisfaction of certain conditions. ♠The option shall be exercised for every financial year where the individual or the HUF has no business income and in other […]
HIGHLIGHTS OF FINANCE BILL, 2020 APPLICABLE TO ASSESSMENT YEAR 2021-22 (FINANCIAL YEAR 2020-21) (HOWEVER SOME AMENDMENTS ARE PROPOSED TO BE EFFECTIVE FROM 1.4.2020/ DIFFERENT DATES NOTIFIED AND SOME ARE APPLICABLE TO ASSESSMENT YEAR 2020-21 ALSO) 1. TAX RATES A. TAX RATES APPLICABLE TO INDIVIDUAL AND HINDU UNDIVIDED FAMILY (HUF) a) Option – I (OLD SCHEME) […]
Aspirational India, Economic Development and Caring Society are the three themes based on which our Hon’ble Finance Minister Nirmala Sitharaman deliver Union Budget 2020 on February 01, 2020. In this article we will be discussing key proposals which FM has proposed for achieving the target of $ 5 trillion economy. Below mentioned are the proposals: […]
ICAI Analysis of Tax Proposals made by Union Budget 2020 related to International Taxation HIGHLIGHTS OF THE UNION BUDGET-2020-21 Tax proposals- International Taxation 1. Exemption in respect of certain income of wholly owned subsidiary of Abu Dhabi Investment Authority and Sovereign Wealth Fund [Section 10(23FE)] Exemption proposed to be provided to income of a specified […]
Budget 2020- Section 115BAC and Tax Deduction at Source Under Section 192 of Income Tax Act, 1961 Finance Bill 2020-21 introduced a New Section 115BAC, as per this Section, an assessee has an option to tax his Total Income as per the rates prescribed under Section 115 BAC subject to his forgoing of tax concessions […]
The Hon’ble Finance Minister, Ms. Nirmala Sitharaman, presented the Union Budget on 1 February 2020, introducing measures aimed at, inter-alia, reducing litigation, improving effectiveness of tax administration, providing tax certainty and simplifying compliance with the overall objective of enhancing the ease of doing business in India. This article focuses on key proposals relating to Indian […]
The new corporate tax regime introduced vide Taxation Laws (Amendment) Act, 2019 expressed the government’s desire to provide relief to the corporate sector and industry bodies at large. Market participants were hopeful that Budget 2020 will address their woes of Dividend Distribution Tax (DDT) as well. The legislative intent behind the introduction of DDT was […]
