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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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 Assessee has to file voluminous objections in form 35A, within 30 days of receipt of the order. There is no rule to file a paper book or raise additional arguments or grounds. 30 days is very short time to compile and file before the DRP. There are many mistakes and further many arguments are also missed out.
Presently, interest paid by the Government to an assessee is chargeable to tax. However, interest paid by the assessee to the Government under various sections is not allowed as deduction while computing the total income.
Form No. 60 are used by persons who do not have a Permanent account number and who have entered into transactions specified under Rule 114B of the Income-tax Rules, 1962.
Under the general arrangement of the provisions in the Act under each head of income, normally the charging provision is accompanied by a set of provisions for computing the income subject to that charge.
Interest payments by banking sector may be reconciled with the TDS returns of Banks submitted with respect to section 194A of the Income-tax Act, 1961. For example, as per the balance sheet of SBI on 31.03.2017, it held Rs. 11,13,000 crores of Term deposits from others. It had paid more than Rs.1,05,000 crores of rupees as Interest.
Section 115JD provides for tax credit in respect of alternate minimum tax. The provisions of section 115JC are applicable to persons other than a company i.e. individual, HUF, Partnership firm including LLPs, AOPs etc.
There is no specific exemptions from tax deduction at source in case of payments of personal nature, in respect of the cases covered in Section 194A (interest), Sec. 194H (brokerage), and Section 194-I (Rent).
Section 194C(6) provides exemption to small good carriage contractor/transporter (owning not more than 10 goods carriage at any time during the previous year) on furnishing of PAN along with the declaration to that effect to deductor from TDS.
In case of partnership firms, Section 40(b)(i) provides that remuneration shall mean any payment of salary, bonus, commission or remuneration by whatever name called. Considering a partner and partnership firm as one entity, the provisions of tax deduction at source
As per the provisions of section 194-I, the tax is to be deducted at source @10% in respect of income by the way of rent for any use of land or building or furniture or fixture etc.
