Income Tax : Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understandin...
Income Tax : The article explains how the Finance Act, 2026 replaced the deemed dividend framework with capital gains taxation. The change allo...
Income Tax : Taxpayers now get three extra months to correct mistakes in originally filed income tax returns. The revised return mechanism rema...
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...
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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Budget 2019: Clarification with regard to provisions of secondary adjustment and giving an option to assessee to make one-time payment In order to align the transfer pricing provisions with international best practices, section 92CE of the Act provides for secondary adjustments in certain cases. It, inter alia, provides that the assessee shall be required to […]
Have you ever thought that if you do not file your Income Tax Return, can you be prosecuted under the Income Tax Act? Let’s try to find out the answer to this scary question under the Income Tax Act. Before you move to the relevant section, let’s understand the provision related to the filing of […]
The Finance Minister with the view of widening and deepening of tax base proposed to bring in new provision for deduction of tax at source by Individuals and HUFs. Extract of the Memorandum of objects and reasoning reads as follows: B. WIDENING AND DEEPENDING OF TAX BASE Tax Deduction at Source (TDS) on payment by […]
Apart from the ongoing World Cup fever, another thing that made headlines was the much-awaited maiden budget of Finance Minister Nirmala Sitharaman. There were huge expectations from the Government to bring in measures to boost mergers and acquisitions (MnA) and restructuring activities in our country. This article summarises the key amendments impacting MnA activity. Let […]
Finance minister, Nirmala Sitharaman became only the Second Indian woman after the former Prime Minister Indira Gandhi, to present a Union Budget. India’s first full-time woman Finance Minister presented the 29th Budget that focused on investment-led growth and reforms, including transforming rural lives, enhancing ease of direct and indirect taxation, harnessing India’s space abilities, strengthening […]
The number of Individuals who file their ITR is very miniscule in the country. Out of around 125 Crores of population the number of Individuals who filed their income tax returns for the financial year ended 31st March 2016 was only 4.67 crores i.e. less than 4% of the population. The government has been taking various […]
AMENDMENTS IN THE IGST ACT, 2017 VIDE BUDGET 2019 A new section 17A is being inserted in the IGST Act so as to bring into the Act, provisions for transfer of amount between Centre and States consequential to amendment in section 49 of the CGST Act allowing transfer of an amount from one head to […]
Rationalisation of provision relating recovery of tax in pursuance of agreements with foreign countries The existing provisions of section 228A of the Act provide inter alia that where an agreement is entered into by the Central Government with the Government of any foreign country for recovery of income-tax under the Income-tax Act and the corresponding […]
The existing provisions of section 239 of the Act provide inter alia that every claim of refund under Chapter XIX of the Act shall be made in the prescribed form and verified in the prescribed manner. In order to simplify the procedure for claim of refund, it is proposed to amend the said section so […]
Section 115QA of the Act provides for the levy of additional Income-tax at the rate of twenty per cent. of the distributed income on account of buy-back of unlisted shares by the company. As additional income-tax has been levied at the level of company, the consequential income arising in the hands of shareholders has been […]
