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, ...
Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is a significant increase in disclosure obligations and audit work for taxpayers and auditors.
This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exemption under Schedule VII. It highlights that the issue remains unsettled due to differing interpretations of Section 332.
Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide explains tax calculation, exemptions, and planning strategies for investors.
This article examines conflicting judicial views on whether capital gains exemption is available when a new residential house is purchased in the name of a spouse or family member. It explains that while several High Courts have adopted a liberal approach, the issue remains unsettled due to the absence of a Supreme Court ruling.
From April 1, 2026, PAN holders travelling abroad must submit Form 156 under the Income-tax Act, 2025. Learn the filing process and rules.
The article explains how dealings with shell companies, accommodation-entry providers, and fake invoice operators can trigger income tax and GST proceedings. It highlights key legal provisions, penalties, and compliance measures taxpayers should understand.
Taxpayers are facing confusion following the introduction of the Income-tax Act, 2025. The key clarification is that income earned in FY 2025–26 must still be reported under the Income-tax Act, 1961 for AY 2026–27.
The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thresholds still apply. The analysis identifies a drafting anomaly that may require legislative clarification or judicial interpretation.
The Income Tax Act, 2025 introduces a significant structural reform by relocating the exempt income provisions previously contained in Section 10 of the Income-tax Act, 1961, into Section 11 supported by a schedule-based framework. While the legislative architecture has changed, the substantive policy governing exemptions remains largely intact. Key exemptions, including agricultural income, life insurance […]
The article explains how accurate Form 10BD reporting protects donor deduction claims, prevents penalties, and ensures consistency with audit disclosures.
