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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Seeks to further amend notification No. 148/1994-Customs dated the 13th July, 1994 to exempt wool, woollen fabrics and apparels received as gifts by the Indian Red Cross Society vide Notification No. 04/2020-Customs dated 2nd February, 2020. Government of India Ministry of Finance (Department of Revenue) Notification No. 04/2020-Customs New Delhi, the 2nd February, 2020 G.S.R. […]
Seeks to further amend notification No. 19/2019-Customs dated the 6th July, 2019 so as to extend the exemption from BCD and IGST on specified military equipment, if imported by DPSUs and PSUs for the defence forces vide Notification No. 03/2020-Customs dated 2nd February, 2020. Government of India Ministry of Finance (Department of Revenue) Notification No. […]
Seeks to further amend notification No. 57/2017-Customs, dated the 30th June, 2017 so as to change the applicable BCD rate on specified parts of Cellular Mobile Phones vide Notification No. 02/2020-Customs dated 2nd February, 2020 Government of India Ministry of Finance (Department of Revenue) Notification No. 02/2020–Customs New Delhi, the 2nd February, 2020. G.S.R. 62(E). […]
Seeks to further amend notification No. 50/2017-Customs dated 30th June, 2017 so as to prescribe effective rate of Basic Customs Duty (BCD) vide Notification No. 01/2020-Customs dated 2nd February, 2020 Government of India Ministry of Finance (Department of Revenue) Notification No. 01/2020-Customs New Delhi, the 2nd February, 2020 G.S.R. 61(E):- In exercise of the powers […]
Tax Harassment will end – assures FM while presenting union Budget 2020 Trusting every citizen, the aspirational youth, the hard-working women, the risk-taking entrepreneur, the ever hopeful and untiring farmer or the wise and old senior citizen. Many among them are taxpayers. Others may not be taxpayers today. Our Prime Minister has laid before us […]
The Hon’ble Finance Minister Smt. Nirmala Sitharaman on Saturday presented Union Budget in Lok Sabha, Based on her speech on 01.02.2020. The prominent themes of Union Budget are Aspirational India, Economic Development and Caring Society. DIRECT & INDIRECT TAX: 1. Individual Slab Rate Tax for Financial Year 2020-21, an option to select either OLD or […]
In the recent past after the launch of Goods & Services Tax (GST), several cases of fraudulent input tax credit (ITC) claim have been caught by the GST authorities. In these cases, fake invoices are obtained by suppliers registered under GST to fraudulently claim ITC and reduce their GST liability. These invoices are found to […]
BUDGET 2020 HIGHLIGHTS 1. To remove Criminal liability from Companies Act, 2013, Govt. is proposed to make certain amendments in Companies Act, 2013. Similarly, other laws would also be examined, where similar provisions exist, and attempts would be made to correct them. 2. Depositor insurance limit proposed to increase from Rs.1 Lac to Rs.5 Lacs. […]
1. In order to simplify income tax system, around 70 out of 100 currently available income tax deductions and exemptions have been removed. 2. Dividend Distribution Tax (DDT) abolished and companies are not required to pay any DDT. However, dividend amount is taxable in the hands of recipients at their applicable rates. 3. Concessional corporate […]
Clause 53 of the Bill seeks to insert new sections 115BAC in the Income-tax Act relating to tax on income of individuals and Hindu undivided family. These amendments will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-2021 and subsequent assessment years. New section 115BAC – Tax on income of […]
