TDS COMPLIANCE (BY DEDUCTOR & BY DEDUCTEE) 2025 & INCOME TAX RULE ,2026 A. OBLIGATION TO DEDUCT — TRANSITION Q6.1 What is the fundamental rule for determining which Act governs TDS obligations during the transition? Ans. The Act governing TDS depends on when the “earlier of the event of credit or payment” occurs. If the… Read More »
Provident fund Taxability in Income Tax Act 2025 and Tax Rules 2026 Under the Income-tax Act, 2025, the taxation of Provident Funds (PF) involves specific rules regarding employee contributions, employer contributions, interest accrued, and final withdrawals. Here is a detailed breakdown of the income tax provisions related to Provident Funds: 1. Tax Benefits on Employee… Read More »
Permanent Establishment Income Tax Act 2025 and tax Rules 2026 Under the Income-tax Act, 2025, a “permanent establishment” is defined as including a fixed place of business through which the business of an enterprise is wholly or partly carried on. This core definition, outlined in Section 173(c), is applied consistently across various provisions of the… Read More »
Gross total Income in New Income tax Act 2025 and Tax Rules 2026 Under the new Income-tax Act, 2025, the relevant section that defines “gross total income” is Section 122(10). According to this section, “gross total income” means the total income computed as per the provisions of the Act, before making any deductions under Chapter… Read More »
INCOME TAX MCQS I SALARY I NEW INCOME TAX ACT 2025 AND RULES 2026 **1. Which of the following is NOT included in the definition of “Salary” under Section 16 of the Income-tax Act, 2025?** A) Wages B) Any advance of salary C) Winnings from lotteries D) Any gratuity **Answer:** C. **2. What is the… Read More »
REASSESSMENT OF INCOME ESCAPING ASSESSMENT 2025 & INCOME TAX RULE ,2026 A. REASSESSMENT FRAMEWORK UNDER THE NEW ACT Q5.1 What are the provisions for reopening of assessment (income escaping assessment) under the Income-tax Act, 2025? Ans. The provisions for assessment or reassessment of income which has escaped assessment are contained in Sections 279 to… Read More »
OTHER FORMS & COMPLIANCE STATEMENTS 2025 & INCOME TAX RULE ,2026 Q4.1 Is there any change in the application forms for applying for a new PAN number? Ans. Yes. The PAN application forms being used in the framework of Income Tax Act, 2025 have been restructured as under: By splitting multi-purpose forms into category-specific forms, each… Read More »
FURNISHING OF INCOME TAX RETURN (ITR) 2025 & INCOME TAX RULE ,2026 A. OVERVIEW — RETURN FILING FRAMEWORK DURING TRANSITION Q3.1 What are the key provisions relating to filing of return of income under the Income-tax Act, 2025? Ans. The provisions relating to filing of return of income are contained in Section 263 of the… Read More »
TAX PAYMENTS, COLLECTION AND REFUNDS UNDER NEW INCOME TAX ACT ,2025 & INCOME TAX RULE ,2026 A. OVERVIEW OF TDS PROVISIONS AND TDS PAYMENTS UNDER THE NEW ACT Q2.1 Does the fundamental obligation to discharge income-tax through TDS/TCS, advance tax, or self-assessment tax continue under the Income-tax Act, 2025? Ans. Yes. The core obligation to pay… Read More »
GENERAL PHILOSOPHY OF TRANSITION UNDER NEW INCOME TAX ACT ,2025 & INCOME TAX RULE ,2026 A. OBJECTIVE AND SCOPE OF THE NEW ACT Q1.1 What is the primary objective of replacing the Income-tax Act 1961 with the Income-tax Act, 2025? Ans: The Income-tax Act, 2025 has been enacted to provide a streamlined, simplified,and modern tax… Read More »