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 7, prescribed under Rule 30 of the Income-tax Rules, 2026, is a mandatory application for sponsors seeking prior approval of a scientific research programme under section 45(3)(c) of the Income-tax Act, 2025.
Form 6 must be filed to claim deductions under Sections 44 and 51, as it provides audit-certified verification of expenditure. Non-filing can lead to disallowance and compliance risks.
The framework requires taxpayers to file Form 5 to claim deduction for preliminary expenses. Failure to file or incorrect reporting may lead to disallowance and compliance risks.
Form 4 is mandatory for reporting income from assets located in India under the new tax law. It ensures accurate computation and aids tax authorities in verification.
The form requires detailed reporting of investments across multiple tax years. This ensures proper tracking of fund deployment. It strengthens regulatory oversight and reduces misuse risks.
Form 2 filing is compulsory to obtain government notification for Zero Coupon Bonds. Without compliance, issuers risk losing critical tax benefits.
A ll about Income Tax Form No. 1- Monthly Statement to be furnished by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of
Assessments, appeals, rectifications, and search-related proceedings for earlier years remain governed by the old law. This avoids retrospective application of new provisions. It ensures fairness and consistency in adjudication.
The new law preserves existing residency tests and tax benefits for NRIs. It ensures continuity without altering core provisions.
Losses computed under the earlier law can be carried forward under the new Act. However, eligibility depends strictly on compliance with original provisions. Ineligible or belated losses cannot be revived.
