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 amendments modify shipping tax provisions to fully integrate inland vessels into the tonnage tax regime. Regulatory references, certification norms, and compliance requirements are aligned with inland waterways law.
The Finance Bill, 2026 introduces a clear definition of “commodity derivative” in the Income-tax Act, 2025. This aligns the new law with existing tax provisions and removes ambiguity.
The Finance Bill corrects an inadvertent drafting error in spouse income provisions. This clarification improves accuracy in applying clubbing rules.
Courts have held that reopening an assessment on identical facts under a different deeming provision is invalid. The key takeaway is that reassessment cannot be based on a mere change of opinion.
The Bill proposes halving the tax rate on unexplained income from 60% to 30%. It signals a shift towards proportionate taxation while retaining strict scrutiny. The change applies prospectively from April 2026.
Taxpayers can now seek immunity even where under-reporting arises from misreporting. This is allowed on payment of additional tax in place of penalty. The move encourages faster dispute settlement.
Taxpayers can now seek immunity even where under-reporting results from misreporting. Payment of full tax, interest, and additional tax replaces penalty and blocks prosecution. The move encourages faster dispute closure.
Federal cooperatives receive a temporary deduction for dividends earned from company investments made before 31 January 2026. This relief applies under both tax regimes but ends after tax year 2028–29.
The Finance Bill, 2026 extends section 149 deductions to profits from cattle feed and cotton seed supply by primary cooperatives. This brings allied agricultural activities at par with existing eligible supplies.
Cooperatives registered under the Multi-State Cooperative Societies Act, 2002 are formally included in the Income-tax Act definition. The change aligns taxation with the existing cooperative regulatory framework.
