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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Unbelievable change in budget 2019 about tax saving on sale of Residential house property under Section 54 of Income Tax Act, 1961.Inter Budget 2019 has proposed rollover of capital gains under Section 54 of the Income Tax Act from investment in one residential house to two residential houses for a taxpayer having capital gains up […]
No change in tax slab, FM announces full tax rebate on annual income up to Rs 5 lakh – No tax will be there for those whose taxable income is less than Rs 5 lakh. Finance Minister has proposed that individuals with income upto Rs 5 lakh will not be required to pay any income tax for FY2019-20.
The announcement made by the Finance Minister (FM) of no tax liability for income upto Rs. 5 lakhs created euphoria initially. This most beneficial proposal in the budget evinced the maximum interest and as well as also created maximum amount of confusion in the minds of taxpayers till the dust settled down on the proposal […]
Latest Budget amendments: 1. Income tax will be virtually nil for slab between 2.5 to 5 Lakhs tax slab by way rebate not straight. 2. Capital gain against property can be invested into 2 units instead of 1 currently. 3. Deemed rent in self-occupied will be go up from 1 to 2 units hence if […]
Highlights of Budget 2019 1. Within 2 years, Tax assessment will be done electronically 2. IT returns processing in just 24 hours 3. Minimum 14% revenue of GST to states by Central Govt. 4. Custom duty has abolished from 36 Capital Goods 5. Recommendations to GST council for reducing GST rates for home buyers 6. […]
Finance minister CA. Piyush Goyal on Friday presented Budget in Lok Sabha Based on speech of Hon’ble FM on 01.02.18, the following brief compilation; A. DIRECT TAX: (I) Individuals: Tax Slabs remain unchanged as below : Income up to Rs 2.5 lakh : NIL tax Income between Rs 2.5 – 5 lakh : Tax at 5% […]
While the global economy is battling with strong headwinds, India’s economy is seeing a robust growth and is on the path to emerge out as one of the fastest growing economies in the world. The Finance minister Mr. Piyush Goyal has presented the Interim Budget 2019-20. This write-up provides an overview of key announcements and […]
As per current provision of section 87A of Income Tax Act 1961, a resident individual whose net income does not exceed Rs.3,50,000 can avail rebate of tax. It is deducted from income tax before calculating Health and Education cess. The amount of rebate is 100% of income tax or Rs.2500 whichever is less.
COMPARISON OF TAX STRUCTURE FOR INDIVIDUAL FOR F.Y. 2018-19 & F.Y.2019-20 The Interim Budget was announced on 1st Feb, 2019 in Lok Sabha. The comparison of tax structure for individual is as follows: No change in Tax Slab I. In the case of every individual other than individual referred in point (II) and (III): Particulars […]
BUDGET – 2019 INTERIM UNION BUDGET, 2019 INCOME TAX 1.There is no change in Income-Tax Slab Rates. 2. Section 87A ‘Relief to tax payers’ is being amended to provide relief to the individual taxpayers by increasing the maximum amount of tax rebate to Rs. 12500/- from existing Rs. 2500/- for the taxpayers having total income up to […]
