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, ...
The issue concerns issuance of TCS certificates by collectors. The law mandates issuing Form 133 after tax collection. The key takeaway is compulsory compliance for valid tax credit.
The Income Tax Rules 2026 introduce a completely revamped form numbering system across all compliance categories. The reform consolidates multiple forms and simplifies filing, making it essential for taxpayers and professionals to update systems and processes.
The provision mandates filing of Form 101 only when directed by the Assessing Officer. The rule ensures independent and accurate valuation of inventory through a Cost Accountant, impacting taxable income.
Form 130 is essential for claiming TDS credit on salary, pension, and interest income. The ruling mandates issuance through TRACES for validity. This ensures transparency and proper tax credit reporting.
Form 129 allows payers to apply for determination of the taxable portion of payments to non-residents. It ensures TDS is deducted only on the amount actually chargeable to tax, preventing excess deduction.
Form 128 allows taxpayers to apply for reduced or nil tax deduction or collection under the Income-tax Act, 2025. It helps avoid excess tax deduction and improves cash flow management.
The issue concerns exemption from TCS on purchase of specified goods. The rule allows exemption where goods are used for manufacturing and not trading. The key takeaway is proper declaration enables tax relief.
Form 126 replaces Forms 15C and 15D to streamline applications for nil TDS certificates. It applies to eligible non-resident entities operating through branches in India and ensures tax deduction aligns with actual liability.
If a senior citizen earns income beyond pension and interest, the exemption is withdrawn. The ruling mandates return filing in such cases. This prevents misuse of simplified provisions.
Form 124 allows employees to declare tax-saving claims to employers. Filing ensures correct TDS calculation with eligible deductions.
