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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
The Finance Act, 2012 had inserted the penalty provisions under section 271H providing for penalty ranging from Rs. 10,000 to Rs. 1,00,000 for failure to furnish quarterly statements of TDS and TCS within the time prescribed under the Income-tax law.
The Finance Act 2017 has inserted a new provision by way of section 271J which provides that where the Assessing Officer (AO) or Commissioner (Appeals) {CIT(A)}, in the course of any proceedings under the Income-tax Act 1961, finds that an accountant or a merchant banker or a registered valuer (hereinafter referred to as professional)
Sales and purchases of shares exceeding a specified amount respectively in the case of day traders. This information can be filed by the concerned brokers who are dealing with the day traders.
Under section 276B, the consequence of failure to comply with the provisions of Chapter XVII-B is rigorous imprisonment for a term which shall not be less than three months but which may extend to seven years and with fine.
The Finance Act, 2016 introduced a tax rate of 29% of total income to (domestic) company assessees provided its total turnover or the gross receipts in the previous year 2014-15 does not exceed five crore rupees.
Section 282A provides for issue of any income tax notice or other document without it being signed by the requisite authority. Although, the said section has been provided in the context of computerized generation of notices and other documents
Section 281B empowers Assessing Officer to invoke bank guarantee wholly or in part if demand raised on the assessee is not paid within time limit provided in the demand notice served. Very wide powers are conferred upon Assessing Officer.
The definition of accountant was amended vide the Finance Act, 2015. The reason for introducing the amended definition of an accountant as per the Explanatory Memorandum to Finance Bill 2015 was to avoid conflict of interest and for better governance.
The purpose behind introduction of MAT was to bring all zero tax companies within the tax net and to neutralize the impact of certain benefits/ incentives. The Finance Minister while introducing the Finance Act, 2015 announced to reduce the rates of corporate tax from 30 per cent to 25 per cent in a phased manner.
The Finance Minister while introducing the Finance Bill, 2015, proposed to reduce the rate of corporate tax from 30 per cent to 25 per cent over the next 4 years.
