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 »
Enabling electronic verification and issuance of certificate for deduction of income-tax at lower rate or no deduction of income-tax Section 395 of the Act pertains to issuance of certificates for deduction of tax at source (TDS) and tax collection at source (TCS) at nil or lower rate. 2. Sub-section (1) of the said section of… Read More »
No tax to be deducted at source in respect of interest on compensation amount awarded by Motor Accidents Claims Tribunal to an individual As per the provisions of section 393(4) [Table: Sl. No. 7, Column C (c)(iv)] of the Act, tax is not required to be deducted in respect of interest on the compensation amount… Read More »
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 »
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
Andhra Pradesh High Court: State Liable for Stolen Seized Goods; Compensation Ordered for Police Negligence 1. The Core Dispute: Theft of Seized Assets in Police Custody The petitioner, a dealer in gold and silver bullion, was transporting 105 kgs of pure silver lumps and ₹2,05,000 in cash from Hyderabad to Salem. The assets were seized… Read More »
Supreme Court Dismisses Revenue’s SLP: Eligibility for Section 80-IA Deduction Confirmed for Road Developers 1. The Legal Dispute: Developer vs. Works Contractor The core issue centered on the interpretation of Section 80-IA(4) of the Income-tax Act. This section provides a deduction for profits derived from “developing, operating, and maintaining” infrastructure facilities like roads and… Read More »
HIGHLIGHTS: ECONOMIC SURVEY 2025-26 Posted On: 29 JAN 2026 2:18PM by PIB Delhi FIRST ADVANCE ESTIMATE PROJECTS REAL GDP GROWTH AND GVA GROWTH FOR FY26 TO 7.4 AND 7.3 PER CENT RESPECTIVELY POTENTIAL GROWTH FOR INDIA ESTIMATED AT AROUND 7 PER CENT, WHILE REAL GDP GROWTH FOR FY27 PROJECTED AT 6.8-7.2 PER CENT CENTRE’S REVENUE… Read More »