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 law permits access to emails, cloud data, and encrypted devices without judicial warrants. A Supreme Court challenge questions its constitutional validity.
This analysis explains how employer-leased cars reduce taxable salary since only a prescribed perquisite value under Rule 3 is taxed instead of full lease cost. It highlights significant tax savings despite minor perquisite additions.
Draft Income-tax Rules 2026 mandate Form 5 for preliminary expense statements under Section 44 and Form 6 for audit reports under Sections 44 and 51. The rules clarify timelines, formats, and filing authorities to ensure compliance.
Rule 26 clarifies when payments exceeding ₹10,000 in cash will not face disallowance under sections 36(4) and 36(5). It outlines specific institutional, agricultural, employee, and banking-related exemptions.
Rule 25 restricts depreciation to 40% WDV for specified taxpayers opting for concessional tax regimes. The rule clarifies computation method and eligibility conditions.
Rule 24 specifies ownership, government agreement, and operational conditions for a public facility to qualify as an infrastructure facility under Section 32(e), ensuring regulated tax benefits.
Rule 23 introduces a calendar month-based formula for computing the pro rata discount on zero coupon bonds, ensuring accurate year-wise taxation under Section 32(d).
Rules 19 and 20 of the Draft Income-tax Rules, 2026 prescribe an ₹8 lakh gross total income threshold and lay down strict eligibility and compensation limits for claiming deduction on voluntary retirement or separation, ensuring controlled tax relief.
Rule 21 defines unrealised rent as unpaid and irrecoverable rent subject to eviction, non-occupation, and recovery conditions, strengthening evidentiary standards. Rule 22 standardizes the computation of aggregate average advances for rural branches by mandating month-end aggregation and systematic averaging.
Rules 17 and 18 of the Draft Income-tax Rules, 2026 prescribe a ₹4 lakh salary benchmark and lay down detailed hospital and disease conditions for claiming medical perquisite exemptions, ensuring regulated and transparent tax benefits.
