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 article explains what remains unchanged under the new tax law while highlighting critical compliance checks taxpayers should undertake before paying advance tax.
The article analyses whether declaring profits below presumptive rates automatically triggers tax audit under the Income-tax Act, 2025. It concludes that the law’s ambiguity could support a narrower interpretation limiting audit requirements.
The article argues that the daily backup requirement under Rule 46(8) applies only to books maintained in electronic mode, not merely because accounting software is used on local computers.
The Income-tax Act, 2025 continues the old specified professions framework without addressing longstanding classification issues. The key takeaway is that professionals still face uncertainty over presumptive taxation and audit eligibility.
Budget 2026 has extended the due dates for ITR-3, ITR-4, and revised returns, offering taxpayers greater flexibility. Understanding the updated calendar can help avoid penalties and preserve important tax benefits.
The Income Tax Act, 2025 expressly includes maternal as well as paternal lineal ascendants and descendants in the definition of relative. The key takeaway is that gifts from maternal grandparents and similar relatives now clearly qualify for tax exemption.
Distribution of assets on total or partial partition of an HUF is not regarded as a transfer under the Income-tax Act. The key takeaway is that neither capital gains tax nor gift tax generally arises on such partition.
The new Income Tax Act largely retains existing TDS rules on property transactions but significantly simplifies compliance for buyers, especially in transactions involving non-residents.
Family members actively working in a business without proper remuneration or tax reporting may create inconsistencies in ITRs, AIS, and banking records. Proper documentation and reporting help reduce tax compliance risks.
Sections 334 to 338 prescribe a separate taxation framework for registered NPOs. Specified income arising from violations such as anonymous donations, prohibited investments, and misuse of funds is taxable at 30%.
