Income Tax

Introduction: Transforming Tax Relief for Individuals and MSMEsWith the passage of the Finance Act, 2025, significant reforms have been incorporated into India’s income tax framework. The legislative...

1. Introduction to Guarantees in Financial TransactionsGuarantees serve as key instruments in lending and commercial dealings by providing assurance to creditors regarding the fulfillment of obligatio...

OverviewThe Income Tax Act, 2025 ushers in a transformative era for Indian taxation, supplanting the long-standing Income Tax Act, 1961. Effective from April 1, 2026, this legislation is crafted to re...

OverviewIssuance of shares via right issues—whereby current shareholders are given the option to purchase additional shares proportional to their holdings—is a common fundraising strategy for Indian c...

A Comprehensive Analysis by TaxCorp Total SolutionNovember 2025 TABLE OF CONTENTS Permanent Establishment MattersBusiness Income AttributionAviation & Maritime OperationsInterest Income TaxationRoyalt...

Introduction: Joint Foreign Trading Accounts & Beneficial Ownership Principles(i) Overview of Joint Holdings in Foreign Trading AccountsMany Indian resident assessees now maintain joint foreign tradin...

1. Introduction i) OverviewIndian residents are increasingly opening joint foreign trading accounts, especially to invest in overseas markets like the US. Often, a spouse is added as a joint holder fo...

Introduction to PANWhat is a Permanent Account Number?PAN, or Permanent Account Number, is a unique ten-character alphanumeric identifier issued by the Indian Income Tax Department. This number is ess...

Introduction to AIS and Its Legal FrameworkThe Annual Information Statement (AIS) represents a consolidated annual summary of an assessee’s financial and tax-related transactions for a particular fina...

Introduction to Section 194P: TDS Relief for Senior CitizensSection 194P of the Income-tax Act, 1961, provides significant relief to resident senior citizens aged 75 years or more by exempting them fr...

Judicial Standpoint on Late Claims and Fresh Claims in Income Tax Returnsi) Supreme Court Precedents and Their Implications(a) The Supreme Court has firmly reiterated in Goetze (India) Ltd. v. CIT [20...

1. Overview of Infosys Share Buyback Announcementi. Background of the BuybackInfosys, on 12th September 2025, initiated its largest-ever buyback proposal to repurchase 10,000 shares, equating to rough...

OverviewJohn Maynard Keynes’ famous observation that “the avoidance of taxes is the only intellectual pursuit that still carries any reward” succinctly expresses the persistent tension between legitim...

Introduction to Presumptive Taxation Schemes(i) Concept and Legislative BackgroundThe Income Tax Act, 1961, under various provisions such as sections 44AD, 44ADA, and 44AE, introduces presumptive taxa...

1. Overview of House Property Income TaxationRental proceeds are taxed under the head "Income from House Property" exclusively in the hands of the legal owner or deemed owner of the property, as speci...

Overview of Salary Income under Indian Tax Laws(i) Definition and Scope of Salary IncomeSection 17 of the Income-tax Act, 1961, outlines what constitutes salary income. In essence, salary includes any...

Introduction to Compounding of Income-tax OffencesCompounding of offences is a legal process through which an assessee who has committed prosecutable violations under the Income-tax Act, 1961, can pay...

1. Overview of Penalty ProvisionsThe Income Tax Act, 1961, contains a detailed framework of penalties to ensure compliance by assessees. These sanctions are triggered by delays, inaccuracies, failures...

Overview of Gift Taxation and ExemptionsSection 56(2)(x) of the Income Tax Act, 1961 introduces measures to prevent tax evasion through the receipt of gifts. This provision generally brings to tax any...

1. Overview The landmark decision by the Supreme Court of India in Hyatt International Southwest Asia Ltd. v. Additional Director of Income Tax [2025 INSC 891] has provided crucial clarity on the dete...