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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Proposal to introduce negative list approach to taxation of services will enhance the share of service tax in the total tax revenue manifolds. The services specified in the negative list shall remain outside the service tax purview. This approach brings almost all the services under the tax net barring 17 heads of service listed in the negative list. Negative list includes most of the services provided by Government for local authority, services provided by Reserve Bank of India, foreign diplomatic missions located in India, cultivation services, trading of goods, betting, gambling, approved vocational educational education, etc.
As per the budget proposal, metered taxis, entry to amusement facilities, second-class rail travel, and betting, gambling and lottery will not attract the 12 per cent Service Tax. The negative list of services, on which the increased Service Tax of 12 per cent will not be levied, include admission to entertainment events, access to amusement facilities and travel by radio taxis and auto rickshaws. Other important services which will not attract the tax include funeral, burial, mutate services and transport of deceased.
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 the right to ask for the admission of additional evidence. If the CIT (A) exercises his powers u/s 250(4) to call for additional evidence, the AO need not be given an opportunity to show-cause. However, if the CIT (A) acts on an application under Rule 46A, then the requirement of giving the AO an opportunity as per Rule 46A(3) is mandatory. The argument that in all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable as it will render Rule 46A redundant.
1. Rate of Service Tax Increased from 10% to 12% across all the services; (effective date 1st April, 2012). 2. Consequent rates changes in the service tax have been made in specific and compounding rates of tax for the following (effective date 1st April, 2012): a) Service in relation to purchase and sale of foreign currency including money changing, existing rates increased proportionately by 20%;b) Service of promotion, marketing, organizing or in any manner assisting in organizing lottery by raising the specified amounts from Rs. 7000/- to Rs. 11000/-; c) Works Contract Services from 4% to 4.8%; and
Changes in the Rates of Duty- a. Central Excise rate for all goods, other than petroleum, called the Standard Rate has been enhanced from 10% to 12% ad valorem. b. The merit rate of excise duty for all non-petroleum goods has been increased from 5% to 6%. c. The concessional rate of duty of 1% imposed on 130 items in the last Budget-2011 has been increased to 2%. However, the following 4 items would attract only 1% duty:-
Shift to Negative List Approach from Positive List: (Applicable date to be notified) Present: A present under positive list approach, only those services are taxable which are specifically prescribed under service tax law (more than 125 services). And other activities which are not specifically mentioned under law are not liable to pay service tax.
Sec 2 , Sec 9 and Sec 195 have been amended and it clarifies “ Property includes any rights in or in relation to an Indian company,including rights of management or control or any other rights whatsoever. This was retrospectively ammended from 01.04.1962. This ll open up VODOFONE case . Sec 10 D and 80 C : any sum received under an insurance policy issued on or after the 1st day of April, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds ten per cent. of the actual capital sum assured
General Anti-Avoidance Rules has been introduced as a result of Ruling in the case of VODAFONE by the Apex Court. The implication of this is that the Income-tax department will have powers to deny tax benefit if a transaction was carried out exclusively for the purpose of avoiding tax.
Under the provisions of section 144C of the Income-tax Act where an eligible assessee files an objection against the draft assessment order before the Dispute Resolution Panel (DRP), then, the time limit for completion of assessments are as provided in section 144C notwithstanding anything in section 153. A similar provision is proposed to be made where assessments are framed as a result of search and seizure to provide that for such assessments, time limit specified in section 144C will apply, notwithstanding anything in section 153B.
Power of the DRP to enhance variations Dispute Resolution Panel (DRP) had been constituted with a view to expeditiously resolve the cases involving transfer pricing issues in the case of any person having international transactions or in case of a foreign company. It has been provided under sub-section (8) of section 144C that DRP may […]
