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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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 service tax rate is being increased from 12.36% to 14%. The ‘Education Cess’ and ‘Secondary and Higher Education Cess’ shall be subsumed in the new service tax rate. The revised rate shall come into effect from a date to be notified.
Budget 2015 came with many of the amendment covering the exempt field under tax net. With the implementation of the same the penalty under the service tax is streamlined along with some harsh measure. Section 80 has been deleted from the book of Finance Act, now even in the case of reasonable cause of mistake service providers has to pay the penalty.
The relevant date for the purpose of computing the time limit for issuing show cause notice is specified in the Explanation no. 1 for different situations. The clause (i) of the Explanation states that in case where no excise return has been filed by the assessee, the relevant date would be the last date on which such return has been filed.
Also, the Hon ble Finance Minister, Shri Arun Jaitley in the budget for the Financial Year 2015-16 have brought in the New Rule 4C in the Service Tax Rules, 1994 in relation to authentication of Invoices by Digital Signature. The New Rule provides that any Invoice, Bill or Challan may be authenticated by a Digital Signature. Further, Records may also be maintained in electronic forms.
Bipluv Jhingan and Amitav Singh INTRODUCTION Despite the upbeat promises made by the Hon’ble Finance Minister with regards to taxation of foreign investors, Foreign Institutional Investors (now rechristened as Foreign Portfolio Investors) still seem to be stuck in the Minimum Alternate Tax (MAT) conundrum. The new budget seeks to levy MAT on short term capital […]
CA Manish Garg The Hon’ble Finance Minister has announced some drastic changes in the service tax which include the change regarding the procedure of registration under service tax for the single premise. As per the new procedure applicants are required to submit their PAN for the registration and person also registered is required to submit […]
As per the practice and commitment to empower its membership, our Institute (ICAI) has always responsibly disseminated professionally-relevant information among its members. With the help of Direct Taxes Committee, Indirect Taxes Committee, Committee on International Taxation and Committee on Public Finance & Government Accounting, it has prepared an e-flash on the changes proposed by the […]
Prior to 01/07/2012, transportation of goods service was taxable under the categories of transportation of coastal goods, goods transported through nation waterways and inland waterways, transportation of goods by air, transportation of goods by Rail and transportation of goods through pipelined or other conduit service.
There are many bulk sections have been removed in Central Excise and Custom from this Budget, 2015. Reasons behind these bulk amendments are that these sections have become redundant. These sections have already get expired and now government think about these expired section and delete these. These sections are similar in Central Excise and Custom.
The Finance Bill, 2015 has proposed to provide allowance for the balance 50% of additional depreciation which has not been allowed in the year of acquisition, in the immediately succeeding previous year. This will apply from AY 2016-17 and subsequent Assessment Year’s.
