Exemption on interest income under the Motor Vehicles Act, 1988 Exiting section 11 of the Income-tax Act, 2025 inter alia provides for the exemption of income of persons included in Schedule III subject to the fulfilment of conditions specified therein. 2. The provisions of Motor Vehicles Act, 1988 inter alia provides for compensation and interest… Read More »
HIGHLIGHTS OF UNION BUDGET 2026-27 PART-A Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman tabled the Union Budget 2026-27 in the parliament today. The highlights of the budget are as follows: The first Budget prepared in Kartavya Bhawan, is inspired by 3 kartavyas: First kartavya is to accelerate and sustain economic growth, by… Read More »
SUMMARY OF UNION BUDGET 2026-27 YUVA SHAKTI-DRIVEN BUDGET EMPHASIZES ON GOVERNMENT’S ‘SANKALP’ TO FOCUS ON POOR, UNDERPRIVILEGED AND THE DISADVANTAGED FIRST BUDGET PREPARED IN KARTAVYA BHAWAN INSPIRED BY 3 KARTAVYA FIRST KARTAVYA IS TO ACCELERATE AND SUSTAIN ECONOMIC GROWTH SECOND KARTAVYA IS TO FULFIL ASPIRATIONS OF PEOPLE AND BUILD THEIR CAPACITY THIRD KARTAVYA, ALIGNED WITH… Read More »
Rationalising the due date to credit employee contribution by the employer to claim such contribution as deduction Section 29 of the Act provides for deductions related to employee welfare. Clause (e)(i) of sub-section (1) of the said section provides for deduction of any amount of contribution received by the assessee being an employer, from an… Read More »
Memorandum Explaining the Provisions in the Finance Bill, 2026 Memorandum detailing the proposed legislative changes in the Finance Bill, 2026. It covers a wide range of topics, including: Direct Taxes: Proposed amendments to the Income-tax Act, 1961, and the Income-tax Act, 2025, including tax rates, surcharges, and various rationalization measures. Ease of Living: Initiatives like… Read More »
Finance Bill 2026: Key Proposals and Tax Amendments The Finance Bill, 2026, introduced on February 1, 2026, outlines the financial proposals of the Central Government for the fiscal year 2026-2027. It introduces significant structural changes, including the transition to the Income-tax Act, 2025, and new schemes for asset disclosure. download link : Finance_Bill