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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
194C- Under this section earlier there was same Rate of TDS in respect of Payment to all the class of the Assesses. Now finance minister has changed the rates and provided that that any person shall deduct tax at source at the rate of one per cent,if the payee is an individual or a Hindu undivided family or at the rate of two per cent. in the case of any other person, on payment to a resident contractor for carrying out any work.
Service tax levied on law firm Custom duty on gold re-imposed Customs duty to be reduced on drugs for heart treatment No new tax on edible oil imports 4 per cent excise duty on cotton products restored Customs duty on bio-diesel reduced Life saving devices on heart condition exempted from custom duty Small business exempt […]
Excise duty on fibre for cheaper cloth reduced service tax to be levied on law firms Excise duty on petrol-driven small trucks reduced to 10% Exemption of duty on goods made at construction sites restored Drugs for heart diseases to become cheaper Customs duty on gold and silver import increased Mobile phone accessories to become […]
No hike in passenger fares. No hike in freight rates. Book stores, PCOs to be set up across stations Infotainment services on Rajdhani and Shatabdi trains To take the private-public partnership route to develop stations Priority for food and water on trains Developing multi-functional complexes at stations Priority to passenger amenities Rail projects shouldn’t be […]
The finance ministry is considering a proposal to extend the tax exemption on inter-corporate dividends further down the chain of corporate subsidiaries in the upcoming Union Budget, a long-standing demand from India Inc. “The proposal is under consideration but a final decision has not been taken,” said a senior government official. The move is expected […]
The Union finance ministry is considering an increase in the central excise duty for some of the products that had benefited from the two rounds of reductions announced by the government as part of its fiscal stimulus measures last year. In December 2008, the government had reduced the general rate of central excise duty for […]
The Budget Session of Parliament will commence from July 2 and the General Budget for 2009-10 will be presented to the Lok Sabha on July 6. The schedule for the Budget Session of Parliament was decided at a meeting of the Union Cabinet chaired by Prime Minister Manmohan Singh in New Delhi on Monday. The Railway […]
Corporate Affairs Minister Salman Khursheed has said, contrary to expectation, the Budget will not address the taxation issue related to limited liability partnerships. The issue will be clarified only next year, he added. “It is too short a time for us to sort out the issue, but it is flagged,” Khursheed told. The Ministry of […]
Individuals, who invest their savings in annuity plans offered by insurance firm, could see a drop in their tax burden. Insurance regulator IRDA is in talks with the government to make annuity-plans more tax-efficient. If the proposal is accepted in the coming budget, it will augment returns for retired employees and help insurers market these […]
As Maharashtra braces up for polls and celebrates its golden jubilee year, it tabled a revenue-deficit budget for the year 2009-10 on 4th June 2009 that focuses on infrastructure development and social sector. The major highlights and changes proposed are noted below : Penalty for late returns under MVAT Act reduced to Rs.5,000/- from Rs.10,000/-. Exemption […]
