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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
In order to promote the development of world class financial infrastructure in India, some tax concessions have already been provided in respect of business carried on from an International Financial Services Centre (IFSC). To further promote such development and bring these IFSC at par with similar IFSC in other countries, following additional benefits are proposed: […]
In order to further discourage cash transactions and move towards less cash economy, it is proposed to insert a new section 194N in the Act to provide for levy of TDS at the rate of two per cent on cash payments in excess of one crore rupees in aggregate made during the year, by a […]
Mandating acceptance of payments through prescribed electronic modes In order to achieve the mission of the Government to move towards a less cash economy to reduce generation and circulation of black money and to promote digital economy, it is proposed to insert a new section 269SU in the Act so as to provide that every […]
Consequence of not linking PAN with Aadhaar The existing proviso to the sub-section (2) of section 139AA, provides that the PAN allotted to a person shall be deemed to be invalid, in case the person fails to intimate the Aadhaar number, on or before the notified date. In order to protect validity of transactions previously […]
Existing provisions of section 285BA of the Act, inter alia, provide for furnishing of statement of financial transaction (SFT) or reportable account by person specified therein. In order to enable pre-filling of return of income, it is proposed to obtain information by widening the scope of furnishing of statement of financial transactions by mandating furnishing […]
There are various provisions in the Act which prohibit cash transactions and allow/encourage payment or receipt only through account payee cheque, account payee draft or electronic clearing system through a bank account. Section 13A of the Act requires a political party to receive donation exceeding rupees two thousand only through an account payee cheque or […]
Inter-changeability of PAN & Aadhaar and mandatory quoting in prescribed transactions Existing sub-section (1) of section 139A of the Act, inter alia, provides that every person specified therein, who has not been allotted a PAN, shall apply to the Assessing Officer for allotment of PAN. It has been observed that in many cases persons entering […]
Mandatory furnishing of return of income by certain persons prescribed by Budget 2019 Currently, a person other than a company or a firm is required to furnish the return of income only if his total income exceeds the maximum amount not chargeable to tax, subject to certain exceptions. Therefore, a person entering into certain high […]
Section 9 of the Act relates to Income deemed to accrue or arise in India. Under the Act, non –residents are taxable in India in respect of income that accrues or arises in India or is received in India or is deemed to accrue or arise in India or is deemed to be received in […]
Section 194-IA of the Act relates to payment on transfer of certain immovable property other than agricultural land and provides for levy of TDS at the rate of one per cent. on the amount of consideration paid or credited for transfer of such property. The term ‘consideration for immovable property’ is presently not defined for […]
