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, ...
Draft Rule 148 of the Income-tax Rules, 2026 lays down comprehensive procedures, authorisation formats, safeguards, and custody mechanisms for search and seizure under section 247 to ensure transparency and legal compliance.
Draft Rule 149 of the Income-tax Rules, 2026 introduces a structured approval system, prescribed forms, and timelines for requisitioning services and making valuation references under section 247, ensuring transparency and regulatory oversight.
Rule 150 of the Draft Income-tax Rules, 2026 lays down the methodology for determining the fair market value of property under section 247(9). It specifies that the value of immovable property, including land or building or both, shall be based on the value adopted, assessed, or assessable by the Central or State Government authority for […]
Draft Rule 151 of the Income-tax Rules, 2026 prescribes mandatory written authorisation, documentation, sealing, and custody procedures for requisition of books, documents, assets, and digital records under section 248.
Rules 152–156 of the Draft Income-tax Rules, 2026 lay down clear procedures for release of seized assets, distraint and sale, prescribed forms for information, and designation of authorities to ensure transparency and accountability.
Rule 157 of the Draft Income-tax Rules, 2026 exempts specified non-residents and eligible foreign investors from obtaining PAN, subject to TDS compliance and prescribed reporting conditions.
Rule 158 of the Draft Income-tax Rules, 2026 prescribes detailed PAN application forms, timelines, document requirements, and Aadhaar authentication to strengthen compliance and data security.
Draft Rule 159 mandates quoting or applying for PAN in specified high-value banking, securities, property and cash transactions, with limited exemptions and Form 97 declarations to strengthen reporting and compliance.
Draft Rule 160 requires specified persons receiving Form 97 declarations to file electronic statements with the Income-tax Intelligence wing within prescribed deadlines and retain records for six years to enhance oversight and compliance.
Rule 161 mandates quoting and authentication of PAN for large cash deposits, withdrawals and opening of current or cash credit accounts to strengthen tax monitoring and prevent misuse of high-value cash transactions.
