Income Tax : The Income-tax Act, 2025 replaces the dividend-based taxation of buy-backs with capital gains taxation for ordinary shareholders, ...
Income Tax : This guide explains when NRIs should use Form 128 and when payers should use Form 129 to reduce or eliminate excess TDS. It also c...
Income Tax : Sections 356-374 restructure appellate provisions with clearer drafting while retaining the existing appeal hierarchy and taxpayer...
Income Tax : Section 270 of the Income-tax Act, 2025 consolidates return processing and scrutiny assessment into one framework while introducin...
Income Tax : The law permits reassessment only where the Assessing Officer has information indicating escaped income and follows the prescribed...
Finance : The Government has exempted interest and capital gains earned by FPIs on Government securities from income tax with effect from 1 ...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : The updated TDS challan system reportedly displays incorrect interest-related options under the Company Deductee category. Taxpaye...
Income Tax : The issue was complexity in the existing tax law. It was clarified that the new Act simplifies structure by reducing sections and ...
Income Tax : The Supreme Court set aside the NCLAT order for relying on a non-existent quasi-judicial income tax order. The key takeaway is tha...
Income Tax : Rule 81 prescribes dataset construction, weighted averages, and a 35th–65th percentile arm’s length range when multiple compar...
Income Tax : The latest amendment excludes income arising from transfer of pre-2017 investments from GAAR scrutiny. It reinforces the protectio...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Income Tax : The circular introduces mandatory Form I and Form II for SWFs to claim tax exemptions. The ruling ensures structured application a...
Income Tax : The notification requires payers to generate UINs and file quarterly details of declarations even where no tax is deducted. It enh...
Income Tax : CBDT introduced Income-tax Rules, 2026 to operationalize the Income-tax Act, 2025. The rules standardize procedures on valuation, ...
Form 157 is required for individuals leaving India without PAN or taxable income. It ensures proper declaration and documentation, even where no tax liability arises, simplifying compliance for such taxpayers.
Form 156 must be filed by Indian-domiciled persons with PAN when leaving India. The key takeaway is that it is a compulsory compliance requirement linked to travel abroad.
Form 155 is issued by the tax authority only after reviewing Form 154 and verifying tax liability status. It confirms that no dues remain, ensuring compliance before departure from India.
Form 154 links tax clearance to an undertaking by an employer or representative. It ensures that any tax arising from Indian income is paid even after the taxpayer exits India.
Form 153 is issued when tax dues remain unpaid, triggering a 15-day deadline for payment. The key takeaway is that non-compliance can lead to strict recovery actions like property attachment.
Form 152 under the Income-tax Act, 2025 provides a mechanism for taxpayers to intimate the Assessing Officer when an advance tax demand issued under section 289, pursuant to sections 407(2) or 407(5), is considered excessive. It allows the assessee to furnish a revised and lower estimate of income subject to advance tax along with reasons […]
This explains when and why a demand notice for advance tax is issued based on estimated income. It highlights the obligation to pay instalments and the consequences of non-compliance.
Form 150 allows collectors to avoid being treated as assessees in default when tax is not collected but paid by the collectee. It ensures that liability aligns with actual tax payment while preventing double recovery.
The issue concerns failure to deduct TDS by the payer. Relief is granted when the deductee has already paid tax on such income. The key takeaway is that tax payment by deductee protects the deductor from default status.
Form 148 introduces a compulsory quarterly filing requirement for IFSC units reporting all remittances to non-residents. The key takeaway is that compliance is mandatory regardless of taxability.
