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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
ECONOMIC SURVEY: Economic Survey is an annual document of the finance ministry, which provides comprehensive details about the state of the Indian economy, and reviews the economic progress made and issues faced in the past year. The report highlights the performance of the government’s major developmental schemes, policies along with their impact. It also discusses […]
The ‘Bucket-List’ of a ‘BUSINESS’ from the Union Budget 2020!! Hi Friends!! I am ‘Business’. In India, I exist in different forms and structures. I may be carried out by a proprietory concern, a partnership firm, LLP or a corporate entity. I can act as the critical catalytic who can play a vital and crucial […]
The epic treatise of modern economics, written by Adam Smith in 1776, was interestingly titled ‘An Inquiry into the Nature and Causes of the Wealth of Nations’. With India having become the fifth largest economy in the world in 2019 and aspiring to be the third largest by 2025, it is only befitting to go […]
Affordability of Thalis vis-à-vis a day’s pay of a worker has improved over time, indicating improved welfare of the common person. The Economic Survey 2019-20 presented in Parliament today by the Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman states that affordability of vegetarian Thalis improved 29 per cent from 2006-07 to 2019-20 while that for non-vegetarian Thalis by 18 per cent.
It is often seen that a lot of people, even the ones educated in stream of commerce and finance criticise the government just based on short term benefits impacting him or her. No doubt government is custodian of public money and hence we all think that we should get back our money in some form […]
Tax Bar Association made a Pre Budget Memorandum to Finance Minister and requested for increase in Income Tax Slab Rate, Increase Exemption Limit of Income of Minor, Increase Section 44ADA Thrash-hold limit, Increase Section 80C and Section 80TTA limit etc. Text of the Pre Budget Memorandum is as follows:- Dated: January 18, 2020 To Hon’ble […]
As the countdown for the Union Budget has begun, the atmosphere among India Inc and general public is fraught with anxiety. Apprehensions about the declining growth rate, stagnating domestic demand, tumbling private investment, jobs crisis and rising inflation have set the tone for the present economic discourse. The successive economic disruptions caused by Demonetisation, GST […]
As we all are aware that The Union Budget for 2020-21 will be presented in the Lok Sabha on 1st February, 2020) at 11.00 am by our Finance Minister Nirmala Sitharman. As per every year, this year also Institute of Chartered Accountants of India has submitted its Pre Budget Memorandum to the government. Today we […]
Section 44AD in Income tax act is the presumptive income section under which prescribed percentage of turnover will be deemed as your income. Till AY 2016-17, prescribed percentage was 8%.
Punjab Accountants Association hs requested Honourable Union Finance Minister, Ms. Nirmala Sitharaman to revise Income-tax Slab for the Financial Year 2020-21, Increase Cash transaction in a day to atleast Rs. 20,000 and to increase section 80C deduction limit to Rs. 2,00,000.
