Major push to ease of doing business with flexibility enhanced for MSMEs, artisans and start-ups In pursuance of Union Budget 2026-27 announcement, CBIC operationalises comprehensive reforms for e-commerce exports and courier trade to enhance ease of doing business from April 1, 2026 ₹10 lakh cap on courier export consignments removed to boost e-commerce exports Measures… Read More »
Section 296 Income Tax Act 2025 Time-limit for completion of block assessment. 296. (1)(a) Irrespective of the provisions of section 286, the order under section 294 shall be passed within twelve months from the end of the quarter in which the last of the authorisations for search was executed, or requisition was made. (b) Where in pursuance to section 294(1)(a)(v),… Read More »
Section 292 Income Tax Act 2025 B. — Special procedure for assessment of search cases Assessment of total undisclosed income as a result of search. 292. (1) Irrespective of any other provision of this Act, where on or after the commencement of this Act, in the case of any person, a search is initiated or requisition is made,… Read More »
Section 284 Income Tax Act 2025 Sanction for issue of notice. 284. The specified authority for the purposes of sections 280 and 281 shall be the Additional Commissioner or the Additional Director or the Joint Commissioner or the Joint Director.
RULE 40 INCOME-TAX RULES 2026 Conditions subject to which a skill development project is to be notified under section 47(1)(b). 40. (1) The company undertaking a skill development project (herein referred as the project) shall maintain separate books of account for the project notified under section 47(1)(b) and get such books of account audited by an… Read More »
RULE 15 INCOME-TAX RULES 2026 Annual accretion referred to in section 17(1)(i). 16. (1) For the purposes of section 17(1)(i), annual accretion by way of interest, dividend or any other amount of similar nature during the tax year (herein referred to as the current tax year) to the balance of the credit of the fund or… Read More »
RULE 7 INCOME-TAX RULES 2026 RULE 7 INCOME-TAX RULES 2026 Procedure for notification of zero coupon bond. 7. (1) An application by an entity, being an infrastructure capital company or infrastructure capital fund or infrastructure debt fund or a public sector company under section 2(112), for notification of any zero coupon bond proposed to be issued… Read More »
Section 276 Income Tax Act 2025 Method of accounting. 276. (1) Income chargeable under the head “Profits and gains of business or profession” or “Income from other sources” shall, subject to the provisions of sub-section (2), be computed as per either cash or mercantile system of accounting regularly employed by the assessee. (2) The Central Government… Read More »
Section 277 Income Tax Act 2025 Method of accounting in certain cases. 277. (1) For the purposes of determining the income chargeable under the head “Profits and gains of business or profession”,— (i) the valuation of inventory shall be made at lower of actual cost or net realisable value computed as per the income computation… Read More »
Section 2 Income Tax Act 2025 Definitions. 2. In this Act, unless the context otherwise requires,— (1) “accountant” shall have the meaning assigned to it in section 515(3)(b); (2) “Additional Commissioner” means a person appointed to be an Additional Commissioner of Income-tax under section 237(1); (3) “Additional Director” means a person appointed to be an Additional Director of… Read More »