EXEMPTION FROM MINIMUM ALTERNATE TAX (MAT) TO ALL NON-RESIDENTS WHO PAY TAX ON PRESUMPTIVE BASIS TAX HOLIDAY TILL 2047 TO ANY FOREIGN COMPANY THAT PROVIDES CLOUD SERVICES TO CUSTOMERS GLOBALLY BY USING DATA CENTRE SERVICES FROM INDIA SAFE HARBOUR OF 15 PERCENT ON COST IN CASE THE COMPANY PROVIDING DATA CENTRE SERVICES FROM INDIA IS… Read More »
Relaxation from requirement to obtain tax deduction and collection account number(TAN) by a resident individual or HUF, where the seller of the immovable property is a non -resident Section 397(1)(a) of the Act provides that every person, deducting or collecting tax shall apply to the Assessing Officer for the allotment of a “tax deduction and… Read More »
EASE OF LIVING BY DIRECT TAX REFORMS : UNION BUDGET 2026-2027 ANY INTEREST AWARDED BY THE MOTOR ACCIDENT CLAIMS TRIBUNAL TO A NATURAL PERSON TO BE EXEMPT FROM INCOME TAX SCHEME FOR SMALL TAXPAYERS TO ENABLE OBTAINING A LOWER OR NIL DEDUCTION CERTIFICATE BY A RULE-BASED AUTOMATED PROCESS TIME AVAILABLE FOR REVISING RETURNS EXTENDED FROM … 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 »
THE INCOME TAX ACT,2025 TO COME INTO EFFECT FROM 1ST APRIL, 2026 TCS RATE FOR SCRAP AND MINERALS RATIONALIZED TO 2% TCS FOR REMITTANCE UNDER LIBERALISED REMITTANCE SCHEME REDUCED FROM 5% TO 2% FOR EDUCATION AND MEDICAL TREATMENT SHARES BUYBACK TO BE TAXED AS CAPITAL GAINS FOR ALL TYPES OF SHAREHOLDERS Union Budget 2026-27 presented… Read More »
UNION BUDGET 2026-27 ANNOUNCES DIRECT TAX PROPOSALS FOR RATIONALIZING PENALTY AND PROSECUTION ASSESSMENT AND PENALTY PROCEEDINGS TO BE INTEGRATED TO AVOID MULTIPLICITY OF PROCEEDINGS AND FACILITATING EASE OF DOING BUSINESS IMMUNITY FROM PROSECUTION FOR NON-DISCLOSURE OF NON IMMOVABLE FOREIGN ASSETS WITH AGGREGATE VALUE LESS THAN Rs 20 LAKH WITH RETROSPECTIVE EFFECT FROM 01.10.2024 The Union… Read More »
Customs Integrated System will be rolled out in 2 years as a single, integrated and scalable platform Fish catch by an Indian fishing vessel in Exclusive Economic Zone or on the High Seas will be made free of duty The Government will roll out Customs Integrated System (CIS) in 2 years as a single, integrated… Read More »
₹12.2 LAKH CRORE PUBLIC CAPEX PROPOSED IN FY2026-27 7 HIGH-SPEED RAIL CORRIDORS, A DEDICATED FREIGHT CORRIDOR AND 20 NEW NATIONAL WATERWAYS PROPOSED INFRASTRUCTURE RISK GUARANTEE FUND TO BOOST THE CONFIDENCE OF PRIVATE DEVELOPERS SEAPLANE VGF SCHEME TO BE INTRODUCED TO INCENTIVIZE INDIGENOUS MANUFACTURING OF SEAPLANE While presenting the Union Budget 2026-27 in Parliament today, Union… 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 »
THE THRESHOLD FOR AVAILING SAFE HARBOUR FOR IT SERVICES ENHANCED FROM RS 300 CRORE TO Rs 2000 CRORE SAFE HARBOUR FOR IT SERVICES SHALL BE APPROVED BY AN AUTOMATED RULE-DRIVEN PROCESS The Union Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2026-2027 in the Parliament today. Presenting the Budget, the… Read More »