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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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 anomalous position may be rectified by making suitable amendment in section 2(19) defining a Co-operative Society, by including therein a society registered under the Central Act currently applicable.
It was suggested that TDS limit for Bank interest should be raised from the current Rs.10,000/- especially for senior citizens and pensioners given the current scenario. The limit of Rs.10,000/- was last set in the year 1997.
Service Tax 1. Transition provision for tax paid on receipt basis Rule 6 of Service Tax Rules, 1994 provides that in case of such individuals, partnership firms and one-person companies whose aggregate value of taxable services provided from one or more premises is Rs. 50 lakhs or less in the previous financial year, the service […]
Another suggestion was made to lower the Corporate Tax up to 20% by removing all exemptions in order to make it competitive at international level. It was also suggested to tax Long Term Capital Gains to bring equity and raise revenue, reduce MAT (Minimum Alternate Tax), and announce the road map for GST including convergence of rates, extending time for transactions’ matching etc.
Tax free Bond for Telecom; Lowering GST on Telecom services to 12 per cent instead of 18 per cent; BCD on all non ITA-1 products; Depreciation benefits for Make in India; Promote components hub; Keep Electronics Sector out of RCEP and increase import duty on Mobile handsets.
The National Company Law Tribunals (NCLTs) should be empowered by law to grant relief on any tax that may be imposed on any waiver of accrued interest with regard to stressed assets referred for resolution under the Insolvency and Bankruptcy Code, the ASSOCHAM has said in its communication to the Finance Minister Mr Arun Jaitley.
FICCI has suggested Finance Minister Mr. Arun Jaitley to consider across the board tax rate cuts for businesses and individuals in the Budget for 2018-19 to spur domestic investment and demand.
Making out a strong case for slashing of corporate tax to 25 per cent, the ASSOCHAM President Mr Sandeep Jajodia said in his presentation before Finance Minister Mr Arun Jaitley tax exemption limits for senior citizens and salaried employees should be also raised substantially for a demand push to the economy.
Other suggestions include reduction in Dividends Distribution Tax and to bring down the maximum rate of Income Tax to 20% to encourage investment, at par with other development countries. It was also suggested to create Regulations Free Export Zone for setting-up 100% Export Oriented Units both by domestic and foreign investors which in turn would help not only in creating employment opportunities but also in earning foreign exchange for the country.
It was also suggested to give various tax reliefs to the plantation companies for the expenses incurred by them to provide welfare facilities to their workers under the Plantation Labour Act 1951. Similarly, considering the variations in the Agriculture Income Tax (A.I.T.) from State to State, Rules 7A, 7B and 8 and the Income Tax Rules may provide for rebate against the liability of tax under C.I.T. to the extent of additional amount paid on account of higher A.I.T.
