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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
SYNOPSIS of UNION BUDGET 2020-21 Please find below the synopsis of Union Budget 2020-21 Direct Taxation: Personal Taxation: 1. A new slab rate has been announced in the Budget for Individuals which is as under Income Group Slab 0-2,50,000 Nil 2,50,000-5,00,000 5% 5,00,000-7,50,000 10% 7,50,000-10,00,000 15% 10,00,000-12,50,000 20% 12,50,000-15,00,000 25% >15,00,000 30% However, the assesse […]
Budget 2020 : Dividend Distribution Tax (DDT) vis a vis Company Incorporation by Unorganized Sector MSME’s in India are the largest job providers in the country but however most of them are unorganised or rarely they take corporate outlook. In order to attract fresh investments in manufacturing sector and to promote growth and investment , […]
The budget was expected to be a path breaking one, being the first budget of the new decade. However, as has been the case with earlier budgets, it is bound to fall short of middle class expectations, who will be required to make their choices very prudent so as not to indulge in too much […]
Comparison table showing section wise changes proposed in Finance Bill in Goods and Services Tax – By GST & Indirect Taxes Committee of Institute of Chartered Accountants of India (ICAI). Also Read- Significant Direct Tax Proposals In Finance Bill, 2020- ICAI Analysis Budget 2020- Tax proposals- International Taxation- Analysis Section Existing Finance Bill Explaining in […]
Proposed amendment to CGST Act, 2017 & IGST Act, 2017 [Clause 116 to 129 of Finance Bill, 2020] [These sections shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint] Hon’ble FM Speech A simplified return shall be implemented from the 1st April, 2020 Refund process has been simplified […]
Union Budget, 2020 exhibits the unrelenting effort of the NDA Government to curb the tax abuse by the person exploiting their nonresident tax status, despite of being citizens of India. The Finance Bill, 2020 brings in anti-abuse measure for the taxpayers who deliberately prearrange their stay in India with an intent to avoid their categorization as Indian residents, thereby avoiding the tax in India.
The first Union Budget of the new decade (second one of Prime Minister Shri Narendra Modi led Government, in the Second Innings) presented by the Finance Minister Smt. Nirmala Sitharaman on 1st February 2020; took most by surprise; with some of the radical Income tax reforms and belying some expectations.
It is, therefore, proposed to introduce The Direct Tax Vivad se Vishwas Bill, 2020 for dispute resolution related to direct taxes, which, inter alia, provides for the following, namely: (a) The provisions of the Bill shall be applicable to appeals filed by taxpayers or the Government, which are pending with the Commissioner (Appeals), Income tax Appellate Tribunal, High Court or Supreme Court as on the 31st day of January, 2020 irrespective of whether demand in such cases is pending or has been paid;
Budget 2020- Providing an option to the assessee for not availing deduction under section 35AD. Section 35AD of the Act, relating to deduction in respect of expenditure on specified business, provides for 100 per cent. deduction on capital expenditure (other than expenditure on land, goodwill and financial assets) incurred by the assessee on certain specified […]
Allowing carry forward of losses or depreciation in certain amalgamations. Section 72AA of the Act provides for carry forward of accumulated losses and unabsorbed depreciation allowance in the case of amalgamation of banking company with any other banking institution under a scheme sanctioned and brought into force by the Central Government under sub-section (7) of […]
