148A Income Tax Notice issued ! Here is the Complete Procedure Procedure for issue of Notice u/s 148a income tax The procedure under Section 148A of the Income Tax Act, 1961, is a mandatory preliminary process that an Assessing Officer (AO) must follow before they can officially reopen a tax case. It ensures you… Read More »
Finance Bill 2026: Government Clarifies 12% Surcharge on Promoter Buybacks The Ministry of Finance has issued a formal clarification regarding the recent amendments to the Finance Bill, 2026. The update specifically addresses the tax implications for company promoters involved in share buybacks under Section 68 of the Companies Act, 2013. The clarification aims to distinguish… Read More »
Finance Bill 2026 Amendments: Easing Reassessments and Retrospective Validation to Curb Tax Litigation Finance Minister Nirmala Sitharaman has moved a series of crucial amendments to the Finance Bill, 2026, in the Lok Sabha. These changes are designed to provide a smoother transition to the new Income-tax Act, 2025 (effective April 1, 2026) while providing immediate… Read More »
New Income Tax Act 2026 from 1 April : What deductions and exemptions you lose under new tax regime Under the New Tax Regime (governed by Section 202 of the Income-tax Act, 2025, which comes into effect on April 1, 2026), taxpayers must compute their total income without claiming a wide range of… Read More »
can we claim refund in updated return in Income Tax can we claim refund in updated return in Income Tax No, you cannot claim a refund or increase an existing refund amount by filing an updated return (Form ITR-U) under Section 139(8A) of the Income Tax Act. The primary purpose of an updated return is… Read More »