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, ...
Rule 51 limits Indian resident participation in original funds to 5% for specific AIF transfers, while Rule 52 standardises exchange rates for non-residents computing capital gains under Section 72.
Draft Rule 50 provides a formula-based mechanism to attribute income taxed under Section 67(10) to capital assets retained by a specified entity under Section 72(5). It also restricts depreciation on revalued or self-generated assets and mandates Form 27 compliance.
Draft Rule 49 prescribes a formula-based method to compute capital gains on amounts received from specified ULIPs under Section 67(5), treating them as equity-oriented fund units. The rule ensures proportionate taxation of withdrawals and bonuses after adjusting premiums already considered.
Rule 47 mandates Form 26 for audit reports under Section 63 with provision for revision in specified cases, while Rule 48 specifies approved electronic payment modes including UPI, NEFT, RTGS and CBDC wallets.
Draft Income-tax Rules 2026 Rule 46 mandates detailed books, Form 25 for doctors, ₹1.5 lakh threshold relief, 7-year retention, and India-based electronic storage compliance.
Draft Income-tax Rules 2026 prescribe Form 24 for non-resident audits and define strict eligibility norms for cruise operators and electronics manufacturers under Sections 59(4) and 61(2).
Draft Rule 42 of the Income-tax Rules, 2026 specifies categories of bad and doubtful debts for banks, financial institutions, and housing finance companies. It clarifies when interest income will be governed by Section 56, based on non-performing asset criteria and security erosion thresholds.
Draft Rule 41 of the Income-tax Rules, 2026 defines the meaning of “actually paid” for spectrum fee deductions under Section 52. It distinguishes between upfront and deferred payment options and mandates reassessment if spectrum allocation is terminated due to non-compliance.
Rule 40 of the Draft Income-tax Rules, 2026 sets mandatory audit, reporting, expense restrictions, and employee training limits for skill development projects notified under section 47(1)(b). The key takeaway is that non-compliance can trigger Board action, including revocation of notification.
Rule 39 of the Draft Income-tax Rules, 2026 lays down a detailed approval mechanism involving NCVET, the Commissioner of Income-tax, and CBDT for skill development projects under section 47(1)(b).
