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 new law retains the same appellate hierarchy and procedures. Taxpayers can expect consistency without disruption in appeal mechanisms.
The new Act retains existing TDS rates and thresholds while reorganising provisions. It prioritises simplification and clarity without altering tax liability. This ensures continuity in tax treatment despite legislative reform.
The framework mandates show-cause notice, taxpayer response, and approval before reopening assessments. It strengthens procedural fairness while ensuring proper scrutiny of escaped income.
The 2025 Act replaces multiple forms with simplified, category-specific formats. It streamlines compliance while retaining continuity for existing registrations.
The new Act retains the existing return filing framework, including due dates and compliance requirements. Returns for earlier years continue under the old law, ensuring continuity.
The new Act continues the existing tax payment framework without altering compliance obligations. It simplifies presentation while preserving the structure of TDS, advance tax, and self-assessment tax.
The framework confirms that the new law only restructures and simplifies provisions without introducing new taxes. It ensures clarity, ease of compliance, and continuity of taxpayer obligations.
The concept of a Lower Deduction Certificate (LDC) continues under the Income-tax Act, 2025 with no major policy change from the Income-tax Act, 1961. Under Section 395 of the new Act (corresponding to Section 197 of the old Act), a taxpayer can apply to the Assessing Officer for deduction of tax at a lower rate […]
The new Act consolidates TDS provisions into a single section for clarity. Despite structural changes, rates and thresholds remain largely unchanged.
A detailed comparison highlights how old sections are renumbered and reorganized under the new law. It shows that structure changes, but core tax principles remain largely unchanged.
