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 16 of the Draft Income-tax Rules, 2026 introduces a structured formula to tax interest and similar income earned on employer contributions exceeding ₹7.5 lakh to specified funds, ensuring clarity and preventing tax-free accumulation.
Rule 15 of the Draft Income-tax Rules, 2026 lays down detailed methods for valuing accommodation, cars, loans, ESOPs, and other benefits, ensuring uniform and transparent taxation of employee perquisites.
Rules 13 and 14 prescribe transaction and user thresholds for significant economic presence of non-residents and limit expenditure disallowance related to exempt income to 1% of average investments, capped at total claimed expenditure.
Rule 12 introduces a formula-based method to compute income attributable to Indian assets in indirect offshore share transfers and mandates accountant-certified reporting to ensure accurate tax apportionment.
Rule 11 introduces detailed valuation rules for listed, unlisted, and controlling shareholdings, partnership interests, and foreign company assets to determine fair market value under section 9(2).
Rule 10 sets out detailed definitions of accountant, management control, observable price, book value, and balance sheet standards to ensure clarity and uniform application under Rules 11 and 12 of the Draft Income-tax Rules, 2026.
Rule 9 authorizes the Assessing Officer to reasonably estimate non-resident income from Indian assets, property, or business connections when the precise taxable amount cannot be ascertained.
Rule 8 clarifies that for Indian seafarers on foreign-bound ships, the period between joining and signing off as recorded in the Continuous Discharge Certificate is excluded from stay in India for tax residency purposes.
Rule 7 mandates strict eligibility, rating, listing, investment, and compliance conditions for zero coupon bonds, empowering the Central Government to approve, reject, or withdraw notification based on adherence to these requirements.
Rule 6 clarifies how the holding period of capital assets is computed in cases of conversion, IDS 2016 declarations, and branch restructuring, and explains how gains under section 67(10) are classified.
