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 Income-tax Rules and Forms have been released for public feedback before the new law takes effect, with inputs to shape the final notification.
The draft rules cut down the number of rules and forms significantly through consolidation. This signals a move toward simpler compliance and clearer tax administration.
The amendment clarifies that guidelines issued to resolve TDS/TCS difficulties are binding on both tax authorities and deductors. This ensures uniform application and reduces interpretational disputes.
The amendment clarifies that sums allowed as deductions earlier can become taxable in later years even without violation of conditions. This aligns post-repeal taxation with outcomes under the repealed law.
The Finance Bill standardises the meaning of “specified fund” by synchronising Schedule VI with existing provisions. The ruling outcome is clearer eligibility conditions and smoother application of income exemptions.
By adopting the section 10(4D) definition, the amendment ensures consistency across income-exemption provisions. The change enhances legal certainty and eases long-term tax planning for funds.
Section 332 is amended to exclude certain Schedule VII funds from registration requirements. From AY 2026–27, these funds can claim tax exemption without registering as NPOs.
Section 349 is amended to permit belated return filing by NPOs through a reference to section 263(4). The change applies from AY 2026–27, restoring flexibility available under the earlier tax law.
The Finance Bill, 2026 changes the tax treatment of share buy-backs by taxing proceeds as capital gains instead of dividend income. The move simplifies taxation and better reflects the nature of buy-back transactions.
The Bill simplifies filings, eases compliance, and boosts certainty. Key takeaways include revised deadlines, MAT changes, and targeted reliefs.
