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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Financials for FY 2016-17 will be prepared as per IND AS and the presentation will be done as per Division II of Schedule III as per Companies Act 013. The computation of book profit under MAT depends on accounting profit. The financial have become complex due to initial impact of IND AS and recurring impact due to adoption of IND AS
The Finance Bill 2017 proposes to insert sub-section (5) in existing section 23 to provide that where the house property consisting of any building and land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let during the whole or any part of the previous year
Only such expenditure for acquisition of asset may be disallowed which has been incurred in cash and accordingly, depreciation under section 32 may be permitted for balance portion expended in non-cash mode.
Section 44AB – Increased threshold for presumptive tax cases under section 44AD – Consequential amendments required in section 194A/ 194H/ 194I & 194J
Reduction in corporate tax rate – Reduced corporate tax rate to be applicable for erstwhile firms recently converted into companies and also LLPs and companies which were set up subsequent to P.Y.2015-16
Surcharge @ 10% is proposed in cases where total income of an individual/HUF/AOP/BOI exceeds Rs.50 lakhs but do not exceed Rs. 1 crore. Surcharge of 15% would continue to be applicable where the total income of an individual/HUF/AOP/BOI exceeds Rs 1 crore.
In this memorandum, suggestions on the specific clauses of the Finance Bill, 2017 relating to Income-tax Act have been given in detail.
While presenting budget 2017, there were several amendments proposed by Finance Minister Mr. Arun Jaitley with respect to Taxation of Charitable Trust
This article explains proposed amendment made by Union Budget 2017 in Income Tax, Services Tax and Excise Duty and also compares the amendment with provision before the amendment.
Finance Bill, 2017 has proposed the following amendments in section 206C regarding TCS on Jewellery: 1. Clause (ii) of sub section (1D) shall be omitted (this clause prescribes threshold limit for TCS on Jewellery); and 2. Clause (ab) of Explanation to Sec 206c shall be omitted (this clause defines meaning of the word jewellery); and
