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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
The Income Tax Act provides deduction under section 80C against Principal Repayment and exemption under Section 24(b) on Interest payment of Housing Loan. Article explains tax benefit on Housing Loan taken and possession received in the same year and also when possession received in next year.
After Budget 2018 LTCG TAX has raised a lot of question in the minds of an equity investor, an Existing investor who has been able to invest in equities for a long time is still not aware of the actual calculations in LTCG TAX on their investments. Investor assuming that they will have to pay 10% tax on the actual capital gain on sale of stocks or equity mutual funds.
Long Term Capital Gains on transfer of equity shares, units of equity oriented fund and units of business trust to be taxed under Sec 112A, as the exemption u/s 10(38) has been withdrawn with effect from 1st April 2018.
It has been two month ending of Financial Year 2017-18, CA Firms and Tax Consultant has started filing of income tax return and Auditing of their clients. There is many amendment for FY 2017-18 related to Income Tax, I have summarized some important amendments.
With the introduction of the Section 115BBDA in the Income Tax Act, 1961 by the Finance Act, 2016, w.e.f. 1-4-2017 the Government is levying 3 times tax on same source of Income. As per said section, when the shareholder receives the dividend in aggregate of more that Rs. 10 lakhs, then such shareholder have also to pay Income Tax. Therefore, effectively the Government is collecting 50.35% tax on same source of Income. The working of the same is explained in table as Annexed hereunder.
The biggest change implemented this financial year is the reintroduction of the long term capital gains tax on stock market investments. 10% Long Term Capital Gains (LTCG) tax will be imposed on profits exceeding `1 lakh made from the sale of stocks and equity-oriented mutual funds that have been held for over a year.
20 changes in Income Tax applicable from 01-04-2018 and 20 changes applicable from 01-04-2019 All major income tax changes made applicable in Budget 2017 & 2018 are carefully listed. 20 changes applicable from 01-04-2018 (Assessment Year 2018-19 / Financial Year 2017-18) and 20 changes applicable from 01-04-2019 (Assessment Year 2019-20 / Financial Year 2018-19).
New changes in the Income Tax Law by the Finance Act, 2018 have come into the effect from 01/04/2018 and a few provisions are effective from 01/04/2017, which have been mentioned at relevant places.
Tax planning is one of the Key planning in which everyone indulges to get the most out of the benefits available in Income Tax Act. Budget 2018 proposed some key changes in the income tax laws which will become effective from 01.04.2018. Following are New Income Tax Changes affecting Tax planning from 01.04.2018
Fee for delayed filing of Income Tax Return return under Section 234F of Income Tax Act, 1961 (Applicable w.e.f 01.04.2018 i.e for A.Y 2018-19)
