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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Finance Minister presented the Union Budget 2020 in parliament on 01-02-2020. The budget proposed a new tax regime for the individuals and HUF’s. Under this regime , an option has been given to individuals and HUF to pay tax at lower rates, subject to fulfillment of certain condition wherein one of the condition is that […]
Article analyses Proposed Changes in income tax rates for Individuals & HUF (Section 115BAC) proposed by Budget 2020-21 which will be applicable from Financial Year 2020-21
in budget 2020, for widening the scope of section 206C following transactions has also been brought under the ambit of TCS provisions: On foreign remittance through LRS of RBI (Liberalised Remittance Scheme), On selling of overseas tour package, TCS on sale of goods over a limit where TDS has been not been deducted by buyer under any other provision of the Income Tax Act
DGFT portal to enable States/ UTs to develop all districts as Export Hub Eleven States/ UTs have notified constitution of SLEPC Budget 2020-21 announcement to fulfil vision of PM to convert each District into an Export Hub In order to implement the vision of the Prime Minister of India, Narendra Modi to convert each district […]
In the backdrop of the economic slowdown, the Hon’ble Finance Minister has presented the 2020 Union Budget. However, the budget does not live up to the expectations of the various stakeholders. The largesse shown to the corporate sector, by the Taxation Laws (Amendment) Act, 2019, has not been followed up with any concession to individual taxpayers, which could have given a fillip to the consumer spending and a much need boost to the economy. It has been seen not only in India, but globally, that the individual, honest citizens tend to lose out against the power and the nexus of the corporate sector.
1. Start-ups – The existing provisions of section 80-IAC of the Act provide for a deduction of an amount equal to one hundred per cent of the profits and gains derived from an eligible business by an eligible start-up for three consecutive assessment years out of seven years, at the option of the assessee, subject […]
NEW TAX REGIME [SECTION 115BAC] – In Finance Bill, 2020 a new section 115BAC has been inserted to provide concessional slab rate of tax for individuals and HUFs. Further, this section is optional and option has to be exercised on or before the due date of filing return. However, to avail the benefit of concessional […]
Proposed New Tax Regime for Resident Co-operative societies by Budget 2020 A Co-Operative Societies can pay tax @ 22% (effective tax rate is 25.17%) under section 115BAD only if it fulfils the following conditions: a) The total income of the company has been computed without claiming specified deduction, exemption or incentives; b) The option to […]
In yet another bold move after the Ordinance announcements, the Finance Bill, 2020, inter alia, proposes to abolish dividend distribution tax (DDT), thereby, boosting investible funds and higher dividend payouts by corporates. Currently, DDT is payable by domestic companies at the effective rate of 20.56% on the dividends proposed to be paid to shareholders. These […]
Key Highlights of Transfer Pricing Proposal in Union Budget 2020-21: > As per amended provisions, Form 3CEB filing date is 31st October 2020 for FY 2019-20. > Dispute Resolution Panel forum is now not limited to Transfer Pricing disputes only but also allowed to non residents for all disputes. > Provisions of interest limitation (Section […]
