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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Section 234E provides for levy of fees of Rs 200 per day where there is delay in filing of quarterly TDS returns.
In the case Goetze (India) Ltd. v. CIT (2006) 284 ITR 323 (SC) the assessee filed its return of income for the relevant assessment year without claiming a particular deduction. Later on, it sought to claim the deduction by way of a letter addressed to the Assessing Officer.
Minimum Alternate Tax, though on the statute since practically 3 decades now, has always been a subject matter of controversy. Even after all the amendments to it over the years, most recently to align it with the Ind-AS provisions, there is still room for filling in certain gaps. This article seeks to raise certain concerns, which, hopefully, will be addressed by the Union Budget 2018.
Till date all government awareness programmes for education of tax payers adopt the stick approach like making them aware of penalties and prosecution under the Income tax Act, 1961.This approach may not yield the desired results.
It is suggested that a provision may be made whereby all transactions pertaining to TDS provisions are audited by a professional once every quarter before filing of TDS statement which will lead to early detection of errors and maximizing the revenue to the government.
The introduction of section 115BBG vide the Finance Act, 2017 providing for a 10 percent tax on income from transfer of carbon credits is a welcome move. This would go a long way in helping to resolve the uncertainty and litigation over the taxability of income from the transfer of carbon credits going forward.
Currently as per the provisions of section 194LC of the Act, interest paid by an Indian company to a nonresident, in respect of approved borrowings made (during the period 1 July 2012 to 30 June 2015) in foreign currency from sources outside India
The Finance Act, 2017 inserted new section 194-IB to provide that an Individual or a HUF (other than those covered under clause (a) & (b) of section 44AB of the Act), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of month during the previous year, shall deduct an amount equal to five per cent. of such income as income-tax thereon.
There is no ambiguity with regard to the method of computation of tax liability in view of the fact that income tax e-filing return Form ITR 6 allows deduction for credit under Section 115JAA
Every year, the Union Budget provides for the estimated tax collection during the relevant financial year. The said tax collection targets percolate to each and every Assessing Officer in the country by the CBDT.
