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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
Measures Introduced to Allow Corporates to Access Lower Cost Funds; Promote Higher Level of Investments in Several Sectors. Rate of Withholding Tax on Interest Payments on ECBs Proposed to be Reduced to 5 Per Cent From 20 Per Cent. Restriction on Venture Capital Funds to Invest in Specified Sectors Removed. Rate of Investment Linked Deduction of Capital Expenditure Proposed to be Enhanced to 150 Per Cent; New Sectors Added
Following is the text of the Prime Minister, Dr. Manmohan Singh’s interview after the Union Budget 2012-13: Question – There was a decline in our GDP growth. It is now 6.9% – that was a wake-up call. Hopefully we’re now awake. What do you see in the budget as a response to the wake-up call?
The Finance Bill 2012 was introduced today, 16.3.2012, in Parliament. Download the Bill dealing with Rates of Income Tax , Income Tax, Wealth Tax , Customs Duty, Excise Duty, Service Tax, Amendments to the FRBM Act, 2003 and others.
The Power Point Presentation (PPT) file highlights Key Features of Budget 2012-13. File Covers Direct and Indirect Tax Provisions in a very crisp manners.
1. Income tax exemption limit raised to Rs.2 lakh to provide relief of relief of Rs.2,000 for assessee in this category; 20 percent tax on income over Rs.10 lakh, up from Rs.8 lakh. 2. No change in corporate tax 3. Deduction of up to Rs.10,000 from interest from savings bank accounts
It is proposed to insert a new section 546B so as to provide rollover relief from long term capital gains tax to an individual or an HUF on sale of a residential property (house or plot of land) in case of re-investment of sale consideration in the equity of a new start-up SME company in the manufacturing sector which is utilized by the company for the purchase of new plant and machinery.
With a view to remove the cascading effect of DDT in multi-tier corporate structure, it is proposed to amend Section 115-O of the Act to provide that in case any company receives, during the year, any dividend from any subsidiary and such subsidiary has paid DDT as payable on such dividend, then, dividend distributed by the holding company in the same year, to that extent, shall not be subject to Dividend Distribution Tax under section 115-O of the Act.This amendment will take effect from 1st July, 2012.
Under the existing provisions of section 44AB, every person carrying on business is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed sixty lakh rupees. Similarly, a person carrying on a profession is required to get his accounts audited if the total sales, turnover or gross receipts in the previous year exceed fifteen lakh rupees.
Provisions of Section 10(23FB) and Section 115U of the Act were intended to ensure a tax pass through status to Securities and Exchange Board of India (SEBI) registered Venture Capital Fund (VCF) or Venture Capital Company (VCC). Section 10(23FB) granted exemption in respect of income of such VCF/VCC.
Section 115BBD of Income Tax Act (the Act) provides for taxation of gross dividends received by an Indian company from a specified foreign company (in which it has shareholding of 26% or more) at the rate of 15% if such dividend is included in the total income for the Financial Year 2011-12 i.e. Assessment Year 2012-13.
