Income Tax : The Income Tax Act 2025 introduces mandatory reporting of high-value gifted immovable properties exceeding ₹45 lakh. The amendme...
Income Tax : Clause 43 in Tax Audit Form No. 26 requires auditors to verify remittances reported in Part-D of Form 145. Incorrect classificatio...
Income Tax : The new Income Tax Act, 2025 significantly reduces the number of statutory sections and reorganises tax compliance procedures effe...
Income Tax : The new law defines strict conditions for reopening assessments using specified information categories. It ensures transparency an...
Income Tax : The reform consolidates TDS provisions into a structured system and introduces digital compliance mechanisms. It enhances clarity,...
Income Tax : Rules 307–311 of the Draft Income-tax Rules, 2026 outline how pension funds must purchase annuities, restrict commutation, preve...
Income Tax : Draft Income-tax Rules 2026 prescribe definitions, trust conditions, investment rules, and limits on employer contributions for ap...
Income Tax : Draft Income-tax Rules 2026 outline procedures for provident fund recognition, penalties for assigning PF interest, and tax treatm...
Income Tax : Draft Income-tax Rules 2026 require provident fund nominations to favour family members and mandate annual account reporting by tr...
Income Tax : Rule 333 mandates electronic tax payments for companies and specified taxpayers, while the draft rules also prescribe detailed dep...
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 : CBDT introduced Income-tax Rules, 2026 to operationalize the Income-tax Act, 2025. The rules standardize procedures on valuation, ...
Form 155 is issued by the tax authority only after reviewing Form 154 and verifying tax liability status. It confirms that no dues remain, ensuring compliance before departure from India.
Form 154 links tax clearance to an undertaking by an employer or representative. It ensures that any tax arising from Indian income is paid even after the taxpayer exits India.
Form 153 is issued when tax dues remain unpaid, triggering a 15-day deadline for payment. The key takeaway is that non-compliance can lead to strict recovery actions like property attachment.
Form 152 under the Income-tax Act, 2025 provides a mechanism for taxpayers to intimate the Assessing Officer when an advance tax demand issued under section 289, pursuant to sections 407(2) or 407(5), is considered excessive. It allows the assessee to furnish a revised and lower estimate of income subject to advance tax along with reasons […]
This explains when and why a demand notice for advance tax is issued based on estimated income. It highlights the obligation to pay instalments and the consequences of non-compliance.
Form 150 allows collectors to avoid being treated as assessees in default when tax is not collected but paid by the collectee. It ensures that liability aligns with actual tax payment while preventing double recovery.
The issue concerns failure to deduct TDS by the payer. Relief is granted when the deductee has already paid tax on such income. The key takeaway is that tax payment by deductee protects the deductor from default status.
Form 148 introduces a compulsory quarterly filing requirement for IFSC units reporting all remittances to non-residents. The key takeaway is that compliance is mandatory regardless of taxability.
Form 147 mandates quarterly reporting of foreign remittances by authorised dealers, with strict compliance requirements and penalties for delays. The updated form enhances transparency through data linkage, enabling better tax verification and risk profiling.
The form ensures taxability of payments to non-residents is properly determined. Filing is required before remittance. The takeaway is pre-condition for lawful foreign payments.
