Rationalising due dates for filing of return of Income. Section 263 of the Income Tax Act, 2025 (“the Act”) makes the provisions for filing of Income Tax Return by taxpayers. The said section deals with the comprehensive framework that lays down class of persons who are required to file a return, the due dates, and… Read More »
Exemption for Disability Pension to armed force personnel Disability pension is granted to members of the Armed Forces who are invalided out of service on account of a bodily disability that is attributable to, or aggravated by, military, naval or air force service, and comprises a service element and a disability element. The exemption was… Read More »
Exemption of income on compulsory acquisition of any land under the RFCTLARR Act. Existing Section 11 read with Schedule III of the Act provides exemption to certain eligible persons on their total income. The said Schedule inter alia provides exemption to an individual or a Hindu undivided family on any income chargeable under the head… Read More »
Allowing deduction to non-life insurance business when TDS, not deducted earlier is paid later Part B of Schedule XIV of the Act provides for computation of profits and gains from insurance business other than life insurance. Paragraph 4(1)(a) of Schedule XIV provides that while computing the profits and gains of such business, any expenditure, allowance,… Read More »
Application of TDS on supply of manpower Section 393(1) [Table: Sl. No. 6(i)] provides for the tax deduction at source (TDS) in the case of payments made to contractors for carrying out any work. It provides for rate of deduction of 1% when payment is made to individual or HUF and 2% in other cases.… Read More »
Enabling filing of declaration for no deduction to a depository Section 393(6) of the Act provides that tax is not to be deducted at source in certain cases. As per the provisions of the said section, a written declaration is to be filed by the assessee for no deduction of tax at source to the… Read More »
UNION BUDGET 2026-27 OUTLINES THE KARTAVYA OF SAB KA SATH, SAB KA VIKAS TOWARDS A VIKSIT BHARAT TARGETED EFFORTS FOR INCREASING FARMERS’ INCOME, EMPOWERING DIVYANGJAN, EMPOWERING THE VULNERABLE , FOCUS ON THE PURVODAYA STATES AND THE NORTH-EAST REGION COCONUT PROMOTION SCHEME, DEDICATED PROGRAMME FOR INDIAN CASHEW & COCOA, PROMOTING CULTIVATION OF SANDALWOOD AND DEDICATED PROGRAMME… Read More »
EXEMPTION FROM MINIMUM ALTERNATE TAX (MAT) TO ALL NON-RESIDENTS WHO PAY TAX ON PRESUMPTIVE BASIS TAX HOLIDAY TILL 2047 TO ANY FOREIGN COMPANY THAT PROVIDES CLOUD SERVICES TO CUSTOMERS GLOBALLY BY USING DATA CENTRE SERVICES FROM INDIA SAFE HARBOUR OF 15 PERCENT ON COST IN CASE THE COMPANY PROVIDING DATA CENTRE SERVICES FROM INDIA IS… Read More »
Relaxation from requirement to obtain tax deduction and collection account number(TAN) by a resident individual or HUF, where the seller of the immovable property is a non -resident Section 397(1)(a) of the Act provides that every person, deducting or collecting tax shall apply to the Assessing Officer for the allotment of a “tax deduction and… Read More »
EASE OF LIVING BY DIRECT TAX REFORMS : UNION BUDGET 2026-2027 ANY INTEREST AWARDED BY THE MOTOR ACCIDENT CLAIMS TRIBUNAL TO A NATURAL PERSON TO BE EXEMPT FROM INCOME TAX SCHEME FOR SMALL TAXPAYERS TO ENABLE OBTAINING A LOWER OR NIL DEDUCTION CERTIFICATE BY A RULE-BASED AUTOMATED PROCESS TIME AVAILABLE FOR REVISING RETURNS EXTENDED FROM … Read More »