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, ...
The issue concerns non-filing of Form 137 by government offices. The law mandates timely filing to avoid penalties. The key takeaway is strict compliance with reporting obligations.
Form 136 applies only to government offices making TDS/TCS payments through book adjustment. This ensures targeted compliance and avoids unnecessary registration.
Forms 134 and 135 introduce a revised system for TAN allotment under the Income-tax Act, 2025. The bifurcation ensures category-specific compliance and simplifies the application process.
The issue concerns issuance of TCS certificates by collectors. The law mandates issuing Form 133 after tax collection. The key takeaway is compulsory compliance for valid tax credit.
Form 132 replaces Forms 16B, 16C, 16D, and 16E to simplify TDS certification under the new law. It ensures standardized reporting and valid proof of tax deduction.
Form 131 must be issued for all non-salary TDS deductions and acts as proof of tax deposited. It enables taxpayers to claim credit while filing returns and ensures compliance with updated law.
A free live workshop will discuss the structure and practical implications of the proposed Income-tax Act, 2025 and amendments under Finance Bill, 2026. The session aims to help professionals understand the new framework and compliance changes.
The Income Tax Rules 2026 introduce a completely revamped form numbering system across all compliance categories. The reform consolidates multiple forms and simplifies filing, making it essential for taxpayers and professionals to update systems and processes.
The amendments focus on reassessment timelines, electronic communication, and procedural clarity. The changes aim to reduce litigation and improve efficiency in tax administration.
The provision mandates filing of Form 101 only when directed by the Assessing Officer. The rule ensures independent and accurate valuation of inventory through a Cost Accountant, impacting taxable income.
