Inclusion of Cooperatives registered under Multi-State Cooperative Societies Act, 2002 in the definition of co-operative society’ A ‘co-operative society’ is defined as a co-operative society registered under the Co operative Societies Act, 1912, or under any other law in force in any State or Union territory for the registration of co-operative societies under the existing… Read More »

Widening scope of deduction under section 149 by including ancilliary activities of cattle feed and cotton seeds The existing provisions under section 149(2)(b) of the Act provide for deduction of whole of the amount of profits and gains of business in the case of a co-operative society, being a primary society engaged in supplying milk,… Read More »

D. COOPERATIVES Deductions in respect of dividends received and distributed by certain cooperative societies The provisions of section 149(2)(d) of the Act provide for deduction on the income of a cooperative society that is received as interest or dividend from any other co-operative society. This deduction is allowed only in the old tax regime. The… Read More »

DRAFT INCOME-TAX RULES, 2026   1. NOTE – DRAFT INCOME-TAX RULES & FORMS, 2026 2. NAVIGATOR – INCOME-TAX RULES, 2026 3. DRAFT – INCOME-TAX RULES, 2026

Expanding the scope of immunity from imposition of penalty or prosecution under section 270AA- Section 270AA of the Act, provides, inter-alia, procedure of granting immunity by the Assessing Officer from imposition of penalty or prosecution, if assessee fulfils the following conditions, namely: – (a) the tax and interest payable as per Assessment order, has been… Read More »

Expanding the scope of immunity from penalty or prosecution under section 440 of the Act- Section 440 of the Act, provides, inter-alia, procedure of granting immunity by the Assessing Officer from imposition of penalty or prosecution, if assessee fulfils the following conditions, namely: – (a) the tax and interest payable as per Assessment order, has… Read More »

Rationalisation of tax rate under section 195 and penalty under section 443 in respect of certain Income: Section 195 of the Income-tax Act, 2025 (hereinafter referred as ‘the Act’) provides for tax on income referred to in section 102 to 106. Section 102 to 106 provides for income on account of, unexplained credits, unexplained investment,… Read More »

Increase in maximum amount of penalty in section 466 of the Act: Section 254 of the Income-tax Act, 2025 (hereinafter referred as ‘the Act’) provides the power to the income-tax authorities to collect information from the premises where business or profession is carried out, by directing the proprietor or employee or any other person, who… Read More »

Imposition of penalty for under-reporting or misreporting of income within Assessment Order: Under the existing provisions of the Income-tax Act, first an assessment order is passed and based on the findings or additions made in it and subject to the status of appellate proceedings, penalty is initiated in the assessment order by the Assessing Officer.… Read More »

Rationalisation of Penalties into Fee Section 446 of the Act, provides penalty for failure to get accounts audited. It further provides that, if any person fails, without reasonable cause, to get his accounts audited in respect of any previous year or years relevant to an assessment year or to obtain a report of such audit… Read More »