General Anti-Avoidance Rules (GAAR) AY 2026-27 Introduction Chapter X-A of the Income-tax Act contains provisions on GAAR, aimed at curbing aggressive tax avoidance strategies. GAAR applies in addition to or in place of other tax provisions and is effective from Assessment Year 2018-19. Applicability of GAAR Section 95 empowers tax authorities to declare an arrangement as… Read More »
Transfer pricing AY 2026-27 Introduction Transfer Pricing regulations aim to curb profit shifting by multinational enterprises (MNEs) through the manipulation of intra-group prices. Introduced by the Finance Act, 2001, these provisions ensure that income from international or specified domestic transactions is computed at arm’s length price (ALP), thereby safeguarding India’s tax base. From A.Y. 2013-14,… Read More »
Extension of the Assam Tenancy Act 2021 to the Union territory of Chandigarh Rent of Property in Chandigarh New Change from 6th May 2026 Assam Tenancy Act 2021 (as extended to Chandigarh) In the Assam Tenancy Act, 2021 (hereinafter referred to as the Principal Act), is extended to the Union territory of Chandigarh w.e.f 6th… Read More »
Foreign Tax Credit (FTC) What Is FTC? FTC allows a resident person to claim credit for taxes paid abroad on income also taxed in India. Key Points on FTC Year of Credit: FTC is allowed in the year the foreign income is taxed in India. Amount of Credit: FTC is limited to the lower of… Read More »
Double Taxation Avoidance Agreement (DTAA) & Foreign Tax Credit (FTC) Introduction The Double Taxation Avoidance Agreement (DTAA) is an agreement between India and other countries to avoid double taxation, ensure the exchange of tax-related information, and facilitate tax recovery. Scope of DTAA Under Section 90, India can enter into agreements with other countries to: Provide relief… Read More »
Refund of Income Tax AY 2026-27 Introduction A taxpayer can claim an income tax refund by filing an Income Tax return (ITR) if the taxes paid exceed the actual tax liability . Refunds are processed by the Centralised Processing Centre (CPC), Bengaluru. In certain cases, the Assessing Officer (AO) may set off or withhold the… Read More »
TAX OF PENSION INCOME IN NEW INCOME TAX ACT 2025 LATEST UPDATED 2026-27 [Video] TAX OF PENSION INCOME IN NEW INCOME TAX ACT 2025 LATEST UPDATED 2026-27 The Income Tax Act, 2025 replaces the 1961 Act effective from April 1, 2026. For the Tax Year 2026-27 (formerly known as the “Previous Year” 2026-27), the tax… Read More »
TCS Certificate AY 2026-27 A person required to collect tax at source (TCS) must issue a TCS certificate to the collectee, detailing the amount, rate, and other prescribed particulars. These certificates are generated and downloaded from the TRACES website after processing of TCS statement. Form and Due Dates: Form: The TCS certificate is issued inForm… Read More »
Principal Bench of GSTAT as the National Appellate Authority for Advance Ruling (NAAAR) MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 7th May, 2026 No. 18/2024 – Central Tax S.O. 2286(E).— In exercise of the powers conferred by sub-section (1A) of section 101A of the Central Goods and Services Tax Act, 2017 (12… Read More »
Credit of TCS AY 2026-27 Credit for tax collected at source (TCS) is allowed to the person from whom it is collected, provided the collector deposits the tax with the Central Government and files the TCS Statement. Who Can Claim Credit? Collectee: Credit is allowed to the person from whom TCS is collected and deposited.… Read More »