Income Tax

1. IntroductionThe issue of whether an assessee can claim deduction for employees’ contributions to Provident Fund (PF), Employees’ State Insurance (ESI), and similar welfare schemes has long been a c...

1. Overview: India’s Growth Prospects and Budgetary ExpectationsIndia, currently the fourth-largest global economy and set to soon surpass others, remains focused on deepening its developmental engine...

Introduction: Navigating a Shifting Global LandscapeIndia is preparing for the Union Budget scheduled on 1st February 2026, amid significant global turbulence. Current international challenges include...

India is currently navigating a period of robust economic momentum and increasing global engagement. However, beneath these positive trends, challenges of procedural complexity, regulatory ambiguity,...

Introduction and Legislative BackgroundSection 292BB, incorporated via the Finance Act, 2008 and effective from April 1, 2008 (applicable from Assessment Year 2008-09), was introduced to address growi...

Background: Transition from Section 79 to Section 119i) Evolution of Anti-Abuse ProvisionsSection 79 of the Income-tax Act, 1961 was introduced to deter assessees from acquiring loss-incurring compani...

Introduction: Understanding Buy-back of Shares and Its Tax EvolutionBuy-back of shares involves a company repurchasing its own shares from existing shareholders at a predetermined price, leading to a...

OverviewThe 2016 overhaul of the Benami Transactions (Prohibition) Act, 1988 by way of the Benami Transactions (Prohibition) Amendment Act, 2016 represented a paradigm shift in India’s fight against u...

Revised Income Tax Rates(i) General Tax Slabs and RatesThe Finance Bill 2026 has not introduced any modifications to existing tax slabs, surcharge, or education cess for both the old and new tax regim...

Overview of Economic Landscape and Budget FocusThe financial year 2025-26 experienced notable turbulence with rapid domestic and international economic shifts. India observed changes in consumer spend...

Overview of Legislative Realignment in Tax PolicyThe Finance Bill, 2026 represents a milestone in Indian tax law, marking a decisive move from judicially interpreted frameworks to a regime firmly root...

Introduction: The 2026 Union Budget introduced a pivotal initiative—the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 ("the Scheme")—to address issues of undisclosed foreign assets and inc...

1. Introduction: A New Approach to Tax AdministrationThe 2026-27 Union Budget marks a significant departure from previous years by focusing on reducing the administrative and procedural complexities t...

OverviewThe Minimum Alternate Tax (MAT) has historically acted as a safeguard in India’s tax system, compelling companies to contribute a minimum level of tax on their book profits, even after leverag...

Overview: Subtle Yet Profound Impact of Budget 2026Budget 2026, announced by Finance Minister Nirmala Sitharaman on February 1, 2026, may not be noted for dramatic tax rate revisions or major fiscal c...

OverviewThe Finance Bill, 2026 introduces pivotal modifications to the Income-tax Act, 2025—specifically impacting Sections 295 and 296 through Clauses 64 and 65. These proposed changes focus on the t...

Income Tax Act, 2025: Core Amendments1.1. Individual Taxationi) Tax Slabs under Section 202 of ITA 2025 (corresponding to Section 115BAC of ITA 1961)No alterations to personal tax rates, surcharges, o...

Introduction to Sovereign Gold Bonds and TaxationSovereign Gold Bonds (SGBs), offered by the Government of India via the Reserve Bank of India, have emerged as a preferred choice for assessees seeking...

Introduction: Budget 2026–27 and Crypto Sector DevelopmentsThe 2026–27 Union Budget did not bring anticipated tax concessions for those dealing in crypto-assets. Assessees had hoped for measures such...

Introduction: Policy Focus and General OverviewThe Finance Minister’s presentation of the Union Budget 2026 continues to underscore the government’s commitment to long-term structural reform, facilita...